Sector Analysis Reporton Frozen Processed Food

Frozen Processed Food - Vietnam
Euromonitor International : Country Sector Briefing
January 2010
Frozen processed food Vietnam
List of Contents and Tables

Headlines ................................................................................................................................................................. 1
Trends ...................................................................................................................................................................... 1
Competitive Landscape .......................................................................................................................................... 2
Prospects .................................................................................................................................................................. 2
Sector Data .............................................................................................................................................................. 2

Table 1 Sales of Frozen Processed Food by Subsector: Volume 2004-2009 .................................. 2
Table 2 Sales of Frozen Processed Food by Subsector: Value 2004-2009 ..................................... 3
Table 3 Sales of Frozen Processed Food by Subsector: % Volume Growth 2004-2009................. 3
Table 4 Sales of Frozen Processed Food by Subsector: % Value Growth 2004-2009 .................... 4
Table 5 Frozen Processed Red Meat by Type: % Value Breakdown 2004-2009 ........................... 4
Table 6 Frozen Processed Poultry by Type: % Value Breakdown 2004-2009 ............................... 5
Table 7 Frozen Processed Fish/Seafood by Type: % Value Breakdown 2004-2009 ...................... 5
Table 8 Frozen Processed Vegetables by Type: % Value Breakdown 2004-2009 ......................... 5
Table 9 Frozen Processed Food Company Shares 2004-2008 ........................................................ 5
Table 10 Frozen Processed Food Brand Shares 2005-2008.............................................................. 6
Table 11 Sales of Frozen Processed Food by Distribution Format: % Analysis 2004-
2009 ................................................................................................................................... 6
Table 12 Forecast Sales of Frozen Processed Food by Subsector: Volume 2009-2014 ................... 7
Table 13 Forecast Sales of Frozen Processed Food by Subsector: Value 2009-2014 ....................... 7
Table 14 Forecast Sales of Frozen Processed Food by Subsector: % Volume Growth
2009-2014.......................................................................................................................... 7
Table 15 Forecast Sales of Frozen Processed Food by Subsector: % Value Growth
2009-2014.......................................................................................................................... 8
 Euromonitor International Page i

FROZEN PROCESSED FOOD IN VIETNAM
HEADLINES
• Frozen processed food recorded retail value growth of 20% and retail volume growth of 11% during 2009
• Frozen processed red meat led growth during 2009, with retail value sales increasing by 21%
• Increased raw material and electricity prices caused frozen processed food unit prices to increase during
2009
• Vissan Import Export Corp (VISSAN) led sales during 2008, recording a retail value share of 21%,
followed by Halong Canned Food Stock Corp on 19%
• Frozen processed food has a projected forecast period constant retail value CAGR of 13%
TRENDS
• Since Vietnam joined the WTO in 2007, there has been a major increase in the availability of imported
frozen processed food products in the country. However, inadequate cold storage warehousing and the fact
that some manufacturers imported large volumes of cheap frozen processed food brands has resulted in an
increase in concerns over the quality of such products.
• Retail value growth in 2009 was slightly higher than the review period average, with sales being fuelled by
rising demand for convenient food solutions and the expansion of supermarkets/hypermarkets and
independent stores throughout Vietnam. In addition, the fact that a growing number of households are now
able to afford larger refrigerators is also helping to fuel demand for such products.
• Frozen processed red meat recorded retail value growth of 21% in 2009. This good performance can be
attributed to the widespread popularity of red meat, which is consumed as a main dish with the majority of
meals in Vietnam and a general increase in demand for convenient food solutions as a result of the
increasingly hectic pace of modern urban life.
• Although frozen processed food is still considered to be less healthy than fresh food by many people, it
continues to grow in popularity amongst increasingly busy higher-income urban consumers. In addition,
manufacturers like Vissan are increasingly focusing on educating retailers on how to store and maintain the
quality of frozen processed food in order to increase food safety.
• Average frozen processed food unit prices increased by 8% during 2009 due to rising raw material costs
and general price inflation. However, thus far price rises have had little impact on demand for frozen
processed food.
• Frozen red meat beef balls led growth within frozen processed red meat during 2009. As consumer
disposable incomes increase, beef ball products are becoming increasingly affordable. In addition, frozen
pork meat, including pork balls, pork rolls, and pork sausages also performed well during 2009.
• Despite a slight decline in volume growth, frozen processed poultry recorded a 20% increase in retail value
sales during 2009. Frozen pate is the most popular type of product in this area and is available in most retail
outlets. Pate continues to increase in popularity amongst consumers due to its convenience and ease of
consumption.
• Frozen processed fish/seafood recorded a decline in retail volume and value growth during 2009. Indeed,
with the exception of fillet products, retail value sales declined within all frozen processed fish/seafood
areas. This poor performance can be attributed to rising consumer price sensitivity because of the economic
downturn. In response to the downturn, consumers have reduced expenditure, especially within areas like
frozen processed fish/seafood, where products are relatively expensive. Nonetheless, frozen processed
fish/seafood still has good potential in Vietnam due to rising consumer health awareness.
• Demand for frozen processed vegetables remained extremely limited in Vietnam during 2009 due to the
wide availability of fresh vegetables, not only in traditional outdoor markets but also within
supermarkets/hypermarkets.
 Euromonitor International Page 1

COMPETITIVE LANDSCAPE
• Vissan retained its leading position within frozen processed food during 2008, recording a retail value share
of 21%. The company’s success can be partly attributed to its establishment of a number of cattle farms and
its investment in increasing the capacity and modernity of its manufacturing plants. In addition, the
company’s strong presence in the south of Vietnam, which is the fishing heartland of the country, and the
fact that it operates a large number of its own retail stores also helps to explain Vissan’s dominance.
• An Giang Fisheries Import Export (Agifish) was the best performing company during 2008, recording a one
percentage point increase in retail value share. Agifish is a leading tra and basa fish processor and the
company’s success can mainly be attributed to its investment in expanding its distribution network and
strengthening its partnership with large supermarkets like Metro Cash & Carry, Big C, and Coop Mart. In
addition, the company has also boosted sales by offering a wide of range of promotional offers.
• Halong Canned Food Stock Corp (Halong Canfoco) recorded a further decline in value share during 2008
due to its lack of investment in developing new innovative products. The fact that the company only
introduced a small number of frozen processed products such as spring rolls and sausages resulted in an
overall decline in consumer awareness of Halong’s brands.
• In addition to focusing on their operations in Vietnam, many leading players such as VISSAN, Halong
Canfoco, and Agifish are also trying to increase their presence abroad. Most producers are investing in
expanding their distribution networks in order to reach out to more consumers and to increase their market
shares. In addition, manufacturers are also looking to launch new products, open their own supermarkets,
and sponsor cooking events and programmes.
• Local producers dominate frozen processed food because such companies have the advantage of having
good relationships with farmers and operate their own farms in order to supply raw materials like red meat,
poultry, and fish/seafood.
• As frozen processed food products require cold storage, they are mainly distributed through modern
channels such as supermarkets/hypermarkets. However, manufacturers are also looking to increase
distribution through the growing number of convenience stores in the country.
PROSPECTS
• Frozen processed food has a projected forecast period retail value CAGR of 13%, with sales being fuelled
by increasing consumer sophistication, especially within cities like Hanoi and Ho Chi Minh City. In
addition, demand will also be boosted by the expansion of producer owned retail outlets into suburban and
rural areas over the coming years.
• Frozen processed poultry will continue to lead retail value and volume growth over the forecast period, with
sales being fuelled by the fact that such products are becoming increasingly affordable amongst middle- and
lower-income consumers. Although frozen processed red meat and fish/seafood will also perform well over
the coming years, retail volume growth will be lower than that recorded over the review period due to the
impact of increasing maturity and rising prices on demand.
• Constant value unit prices are expected to increase during the forecast period due to rising raw material and
transportation costs. The fact that frozen food storage and display areas are costly to run means that rising
fuel and electricity costs will have a significant impact on overall prices. However, producers will look to
keep price increases to a minimum in order to avoid alienating increasingly price sensitive consumers.
• Over the forecast period, manufacturers will try to diversify their product ranges in response to rising
consumer sophistication and increasing demand for healthy, convenient, and affordable food. Marketing
activities will remain limited with the exception of the offering of price promotions in order to attract new
consumers.
SECTOR DATA
Table 1 Sales of Frozen Processed Food by Subsector: Volume 2004-2009

tonnes
2004 2005 2006 2007 2008 2009
Frozen processed red meat 4,588.1 5,184.5 5,754.8 6,416.6 7,122.4 7,834.7
Frozen processed poultry 426.3 464.7 529.7 611.8 697.5 781.2
Frozen processed fish/ 4,647.1 5,576.5 6,636.0 7,830.5 8,926.8 9,998.0
seafood
Frozen processed - - - - - -
vegetables
Frozen meat substitutes - - - - - -
Frozen processed potatoes - - - - - -
- Oven baked potato chips - - - - - -
- Other oven baked - - - - - -
potato products
- Non-oven frozen - - - - - -
potatoes
Frozen bakery products - - - - - -
Frozen desserts - - - - - -
Frozen ready meals - - - - - -
Frozen pizza - - - - - -
Frozen soup - - - - - -
Frozen noodles - - - - - -
Other frozen processed - - - - - -
food
Frozen processed food 9,661.4 11,225.6 12,920.5 14,858.9 16,746.7 18,613.8
Source: Official statistics, trade associations, trade press, company research, trade interviews, Euromonitor International
estimates
Table 2 Sales of Frozen Processed Food by Subsector: Value 2004-2009
VND billion
2004 2005 2006 2007 2008 2009
Frozen processed red meat 165.7 180.7 202.3 230.7 279.1 336.3
Frozen processed fish/ 299.3 365.1 449.1 556.9 685.0 822.0
seafood
vegetables
potato products
potatoes
food
Frozen processed food 491.5 574.1 684.3 826.0 1,010.6 1,214.1
estimates
Table 3 Sales of Frozen Processed Food by Subsector: % Volume Growth 2004-2009
% volume growth

2008/09 2004-09 CAGR 2004/09 TOTAL
Frozen processed red meat 10.0 11.3 70.8

Frozen processed poultry 12.0 12.9 83.2
Frozen processed fish/seafood 12.0 16.6 115.1
Frozen processed vegetables - - -
Frozen meat substitutes - - -
Frozen processed potatoes - - -
- Oven baked potato chips - - -
- Other oven baked potato products - - -
- Non-oven frozen potatoes - - -
Frozen bakery products - - -
Frozen desserts - - -
Frozen ready meals - - -
Frozen pizza - - -
Frozen soup - - -
Frozen noodles - - -
Other frozen processed food - - -
Frozen processed food 11.1 14.0 92.7
estimates
Table 4 Sales of Frozen Processed Food by Subsector: % Value Growth 2004-2009
% current value growth

2008/09 2004-09 CAGR 2004/09 TOTAL

Frozen pizza - - -
Frozen soup - - -
estimates
Table 5 Frozen Processed Red Meat by Type: % Value Breakdown 2004-2009
% retail value rsp

2004 2005 2006 2007 2008 2009
Beef balls 25.0 25.0 30.0 31.0 32.0 32.5

Pork balls 20.0 20.0 20.0 19.0 18.0 17.5
Pork rolls 20.0 20.0 20.0 19.0 18.0 17.5
Pork sausages 10.0 10.0 15.0 16.0 17.0 17.0
Others 25.0 25.0 15.0 15.0 15.0 15.5
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: Official statistics, trade associations, trade press, company research, store checks, trade interviews,
Euromonitor International estimates

Table 6 Frozen Processed Poultry by Type: % Value Breakdown 2004-2009
% retail value rsp

2004 2005 2006 2007 2008 2009
Chicken meatballs 22.5 23.5 23.5 24.0 24.5 25.5

Chicken sausages 41.0 40.0 39.5 39.0 37.0 35.0
Chicken sticks 7.0 7.5 8.0 8.5 9.0 10.0
Frozen Pate 20.0 20.0 20.5 21.0 22.0 22.5
Others 9.5 9.0 8.5 7.5 7.5 7.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 7 Frozen Processed Fish/Seafood by Type: % Value Breakdown 2004-2009
% retail value rsp

2004 2005 2006 2007 2008 2009
Breaded catfish 16.0 16.0 18.0 18.0 19.0 19.0

Crabsticks 21.0 22.0 23.0 23.0 24.0 23.5
Cuttlefish balls 13.0 14.0 15.0 15.0 16.0 16.0
Fish balls 20.0 20.0 15.0 14.0 13.0 13.0
Fish processed fillets 11.0 11.0 12.0 12.0 13.0 14.0
Shrimp balls 10.0 10.0 10.0 11.0 11.0 10.5
Others 9.0 7.0 7.0 7.0 4.0 4.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 8 Frozen Processed Vegetables by Type: % Value Breakdown 2004-2009
2004 2005 2006 2007 2008 2009
Table 9 Frozen Processed Food Company Shares 2004-2008
% retail value rsp

Company 2004 2005 2006 2007 2008
Vissan Import Export 21.4 20.5 20.4 20.9 21.1

Corp (VISSAN)
Halong Canned Food 20.2 20.3 20.3 19.2 18.9
Stock Corp
An Giang Fisheries 9.1 9.5 10.5 11.5 12.2
Import Export Co
(Agifish)
Cau Tre Enterprise 11.1 11.7 11.7 11.5 11.9
Cholon Investment & 10.5 11.3 10.9 10.8 10.7
Import-Export Co
(CHOLIMEX)
Special Aquatic Joint- 8.9 8.6 8.3 8.3 8.4
stock Co (SEASPIMEX-
VIETNAM)
Saigon Export 5.3 5.4 5.1 4.7 4.6
Foodstuffs and
Agricultural Products JSC
Vietnam National 4.8 3.2 2.4 0.9 0.9

Seaproducts Corp
(Seaprodex Vietnam)
Others 8.7 9.5 10.6 12.2 11.2
Total 100.0 100.0 100.0 100.0 100.0
Table 10 Frozen Processed Food Brand Shares 2005-2008
% retail value rsp

Brand Company 2005 2006 2007 2008
Vissan Vissan Import Export 20.5 20.4 20.9 21.1

Corp (VISSAN)
Ha Long Halong Canned Food 20.3 20.3 19.2 18.9
Stock Corp
Agifish An Giang Fisheries 9.5 10.5 11.5 12.2
Import Export Co (Agifish)
Cau Tre Cau Tre Enterprise 11.7 11.7 11.5 11.9
Cholimex Cholon Investment & 11.3 10.9 10.8 10.7
Import-Export Co
(CHOLIMEX)
Seaspimex Special Aquatic Joint- 8.6 8.3 8.3 8.4
stock Co (SEASPIMEX-
VIETNAM)
Agrex SaiGon Saigon Export 5.4 5.1 4.7 4.6
Foodstuffs and
Agricultural Products JSC
Seaprodex Vietnam National 3.2 2.4 0.9 0.9
Seaproducts Corp
(Seaprodex Vietnam)
Others 9.5 10.6 12.2 11.2
Total 100.0 100.0 100.0 100.0
Table 11 Sales of Frozen Processed Food by Distribution Format: % Analysis 2004-2009
% retail value rsp

2004 2005 2006 2007 2008 2009
Store-Based Retailing 100.0 100.0 100.0 100.0 100.0 100.0

Grocery Retailers 100.0 100.0 100.0 100.0 100.0 100.0
Supermarkets/Hypermarkets 19.7 20.7 21.6 23.0 24.0 25.0
Discounters - - - - - -
Small Grocery Retailers 80.3 79.3 78.4 77.0 76.0 75.0
Convenience Stores 0.3 0.3 0.4 0.5 1.0 1.0
Independent Small Grocers 80.0 79.0 78.0 76.5 75.0 74.0
Forecourt Retailers - - - - - -
Other Grocery Retailers - - - - - -
Non-Grocery Retailers - - - - - -
Health & Beauty Retailers - - - - - -
Other Non-Grocery - - - - - -
Retailers
Non-Store Retailing - - - - - -
Vending - - - - - -
Homeshopping - - - - - -
Internet Retailing - - - - - -
Direct Selling - - - - - -
Total 100.0 100.0 100.0 100.0 100.0 100.0
estimates

Table 12 Forecast Sales of Frozen Processed Food by Subsector: Volume 2009-2014
tonnes
2009 2010 2011 2012 2013 2014
Frozen processed red meat 7,834.7 8,539.8 9,351.1 10,286.2 11,366.2 12,616.5
Frozen processed poultry 781.2 859.3 949.5 1,053.9 1,175.2 1,316.2
Frozen processed fish/ 9,998.0 10,897.8 11,933.1 13,126.4 14,570.3 16,318.7
seafood
vegetables
potato products
potatoes
food
estimates
Table 13 Forecast Sales of Frozen Processed Food by Subsector: Value 2009-2014
VND billion
2009 2010 2011 2012 2013 2014
Frozen processed red meat 336.3 369.9 414.3 466.1 526.7 597.8
Frozen processed fish/ 822.0 904.2 1,021.7 1,159.7 1,322.0 1,513.7
seafood
vegetables
potato products
potatoes
food
estimates
Table 14 Forecast Sales of Frozen Processed Food by Subsector: % Volume Growth 2009-2014

% volume growth
2013/14 2009-14 CAGR 2009/14 TOTAL

Frozen pizza - - -
Frozen soup - - -
estimates
Table 15 Forecast Sales of Frozen Processed Food by Subsector: % Value Growth 2009-2014
% constant value growth

2009-14 CAGR 2009/14 TOTAL
Frozen processed red meat 12.2 77.8

Frozen processed poultry 13.3 86.6
Frozen processed fish/seafood 13.0 84.2
Frozen processed vegetables - -
Frozen meat substitutes - -
Frozen processed potatoes - -
- Oven baked potato chips - -
- Other oven baked potato products - -
- Non-oven frozen potatoes - -
Frozen bakery products - -
Frozen desserts - -
Frozen ready meals - -
Frozen pizza - -
Frozen soup - -
Frozen noodles - -
Other frozen processed food - -
Frozen processed food 12.8 82.5
estimates

Sector Analysis Reporton Frozen Processed Food

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Frozen Processed Food - Vietnam

Euromonitor International : Country Sector Briefing

List of Contents and Tables

Competitive Landscape .......................................................................................................................................... 2

Sector Data .............................................................................................................................................................. 2

 Euromonitor International Page i

FROZEN PROCESSED FOOD IN VIETNAM

 Euromonitor International Page 1

 Euromonitor International Page 2

Table 2 Sales of Frozen Processed Food by Subsector: Value 2004-2009

Table 3 Sales of Frozen Processed Food by Subsector: % Volume Growth 2004-2009

 Euromonitor International Page 3

2008/09 2004-09 CAGR 2004/09 TOTAL

Frozen processed red meat 10.0 11.3 70.8

Table 4 Sales of Frozen Processed Food by Subsector: % Value Growth 2004-2009

% current value growth

Frozen processed red meat 20.5 15.2 102.9

Table 5 Frozen Processed Red Meat by Type: % Value Breakdown 2004-2009

% retail value rsp

Beef balls 25.0 25.0 30.0 31.0 32.0 32.5

 Euromonitor International Page 4

Table 6 Frozen Processed Poultry by Type: % Value Breakdown 2004-2009

% retail value rsp

Chicken meatballs 22.5 23.5 23.5 24.0 24.5 25.5

Table 7 Frozen Processed Fish/Seafood by Type: % Value Breakdown 2004-2009

% retail value rsp

Breaded catfish 16.0 16.0 18.0 18.0 19.0 19.0

Table 8 Frozen Processed Vegetables by Type: % Value Breakdown 2004-2009

2004 2005 2006 2007 2008 2009

Table 9 Frozen Processed Food Company Shares 2004-2008

% retail value rsp

Vissan Import Export 21.4 20.5 20.4 20.9 21.1

 Euromonitor International Page 5

Table 10 Frozen Processed Food Brand Shares 2005-2008

% retail value rsp

Vissan Vissan Import Export 20.5 20.4 20.9 21.1

Table 11 Sales of Frozen Processed Food by Distribution Format: % Analysis 2004-2009

% retail value rsp

Store-Based Retailing 100.0 100.0 100.0 100.0 100.0 100.0

 Euromonitor International Page 6

Table 12 Forecast Sales of Frozen Processed Food by Subsector: Volume 2009-2014

Table 13 Forecast Sales of Frozen Processed Food by Subsector: Value 2009-2014

 Euromonitor International Page 7

Frozen processed red meat 11.0 10.0 61.0

% constant value growth

Frozen processed red meat 12.2 77.8

 Euromonitor International Page 8

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