Due to the outbreak of COVID-19, consumer demands for frozen ready meals increased, with some consumers stockpiling goods they might need in cases of isolation or long periods of home seclusion. In addition, some consumers were wary that food supplies might be impacted by the outbreak of the virus, choosing to stockpile dried porridge and frozen ready meals as a solution to this concern.
The expansion of modern grocery retailers throughout Vietnam is improving the popularity of ready meals. New types of products, such as frozen pizza, are more easily sold through modern trade channels, where there are chillers and freezers to preserve the items, while allowing them to be easy for consumers to browse.
Vissan is set to maintain its clear lead in 2020, despite losing value share. The player benefits from its long-established position, with knowledge and experience of the local market that helps the player successfully extend its product portfolio.
Following the outbreak of COVID-19 in 2020, value growth in ready meals is expected to continue increasing across the forecast period, driven by frozen ready meals; a popular choice in 2020, due to its non-perishable nature. In addition to frozen ready meals, chilled ready meals will also drive substantial value growth, each benefiting from the rise in modern grocery retailing, while players are also expected to launch more options, with a particular focus on health.
The expansion of modern grocery retailing is set to boost sales of ready meals over the coming years – particularly frozen and chilled ready meals, as modern supermarkets, hypermarkets and convenience stores are usually equipped with freezers. Therefore, frozen ready meals are set to record the highest value growth over the forecast period, with strong penetration of the modern channel in urban areas contributing to this growth.
Ready meals in Vietnam will continue to grow due to the ongoing convenience they provide. In addition, many offer different forms of convenience for different occasions; Chao sen Bat Bao (a lotus congee bowl) in shelf-stable ready meals is consumed as a way to recover from sickness quickly, My Huong chilled mantou (buns) are popular for a quick breakfast, and Cau Tre frozen spring rolls are popular choices for quick meals.
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Understand the latest market trends and future growth opportunities for the Ready Meals industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Ready Meals research and analysis database.
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