DEVELOPMENT POTENTIAL OF CAMBODIA FOOD MARKET

Overview of the Cambodian food market

A fact that in the past, the food industry in Cambodia was not highly appreciated and few people were interested in doing business or working in this field. The reason came from the lack of diversity in choices, when this industry mainly focused on local cuisine. However, in the recent decade, the rapid urbanization process, thanks to which the food industry in Cambodia has started to change and develop.

NGÀNH CÔNG NGHIỆP THỰC PHẨM TẠI CAMPUCHIA

The forecast from 2022 to 2027 for the food industry market in Cambodia on the compound annual growth rate (CAGR) is estimated at 14.5%. In the same period, the online food delivery market is also expected to reach a CAGR of 9.75%. Which, for restaurants, delivery from restaurants directly to consumers is considered the most important segment.

Although the preferences and needs of consumers are changing, this also creates opportunities for the growth of the food industry in Cambodia. Businesses in the food industry can comfortably explore new experiences and potential development paths to meet the increasing needs of customers.

The main trends in the food industry in Cambodia

The Cambodian economy is one of the fastest-growing economies in Asia, with GDP reaching an average growth rate of 7.7% from 1998 to 2019. Disposable income is increasing, Cambodian consumers are increasingly aware of safe food products and health.

The entry of foreign brands and their impact on the food industry in Cambodia

In the past decade, foreign brands from famous multinational companies (MNCs) have taken advantage of the country’s open economy to expand their business operations and create a competitive advantage in the market. Fast food chains such as Pizza Hut, Burger King, KFC, Swensen’s, Dairy Queen can be easily found in urban areas.

Xu hướng ngành CNTP tại Campuchia

Foreign brands are gradually gaining a leading edge in the food market of Cambodia as it bring diversity to the types of food, which has stimulated competition and improved quality standards in the food industry in Cambodia.

The continuous development of local businesses

Local businesses have had to improve the quality of their products to compete with foreign brands. They prioritize using fresh ingredients to create high-quality products, meeting the increasing demand of consumers who are conscious of food. In addition, street food carts are still a popular choice for people, because of the affordable price and convenience that it brings.

Nguyên liệu tươi sống trong CNTP

In general, the food industry in Cambodia is still very competitive and foreign brands still face many challenges when entering this market. On the other hand, this is an opportunity for businesses to turn weaknesses into strengths and take advantage of the urbanization process taking place in Cambodia to develop strongly.

Opportunities for the development of the food industry in the Cambodian market

In the years when the COVID-19 pandemic appeared, the food industry in Cambodia had to rely heavily on e-commerce to be able to maintain its business operations. And after the pandemic passed, the online food delivery market in Cambodia continued to grow strongly.

According to a report by Statista, the number of users in the food delivery sector is expected to reach 1.2 million by 2027. This poses a big challenge for business owners, requiring them to have the ability to provide delivery services or fall behind on this developing market.

Lĩnh vực giao đồ ăn tại Campuchia

In the era of globalization as today, the use of smart technology to optimize inventory management and predict consumer behavior will help businesses operate better in the industry.

Using cloud computing and data analysis allows businesses to predict inventory demand and adjust their services to enhance or stop production of specific products.

Using customer data also helps improve customer relationships, by providing incentives such as discounts, membership card programs. As the food industry in Cambodia continues to expand, businesses must be able to keep up with consumer tastes to ensure sustainable growth in the market.

Hopefully, through this article, FoodEx Cambodia has helped you have an overview of the food industry market in Cambodia. With the potential for continuous development, it is opening up new opportunities for those who are looking for success and development in this field.

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