Market size of food technology industry in Cambodia

FOOD TECHNOLOGY INDUSTRY MARKET IN CAMBODIA

During the period 2024-2029, the Cambodian Food Services Market Size is forecast to grow at a CAGR of 13.57%, estimated to reach 2.51 billion USD in 2024 and 4.74 billion USD in 5 the following year.

The food technology industry market in Cambodia has grasped the advantages to promote development, typically economic growth, positive urbanization process and constantly increasing income. In particular, the restaurant segment with food service leads the sales, dominated by independent restaurants.

Along with the development potential of the Cambodian food market, this is a great opportunity for business owners to take advantage of to expand their business scale in this fertile market.

COVID-19 – a world pandemic but great development potential for the then-young e-commerce industry

At this stage, the emergence of social distancing means that people’s shopping and dining needs are converted to digital commerce, more specifically, online food and grocery services.

The amount of demand gradually increases, thereby creating motivation for the increase of suppliers. Muuve and Nham24 are two leading companies in the food delivery service industry. Not stopping there, the two businesses continue with large-scale development plans. A typical example is the expansion of operations in Battambang, Preah Sihanouk and Kampong Cham provinces in December 2021, to bring people a variety of choices and fast, free delivery services.

Highlights and development trends of the food technology market in Cambodia

The growing influence of online food delivery apps

It is the simplicity of ordering and payment that has made this service grow continuously. Statistics show that no less than 12 companies operating in the field of online food delivery services have appeared across major cities, from the capital Phnom Penh gradually expanding to other cities such as Kampot, Kep and Siem Reap.

FOOD TECHNOLOGY INDUSTRY MARKET IN CAMBODIA

In addition, this service also receives many benefits from the increase in the number of Internet and mobile users. According to data from the Telecommunications Regulatory Authority of Cambodia (TRC), the number of Internet subscribers has surpassed the country’s total population of 16 million.

Not only that, the tourism and food service industries have found a parallel direction and brought development to both sides. The increase in the number of tourists means an increase in food demand, from which domestic brands related to this field find high profit opportunities.

However, the tourism industry also suffered many impacts from the Covid-19 pandemic, but is gradually recovering after the pandemic thanks to the government’s policies to boost tourism rates. For example, in April 2022, by focusing on tourism and agriculture, Mondulkiri province – Cambodia’s largest but also least populated province – was master-planned by the National Government to create so the attraction for this place is greater.

The entry of international brands and their impact on consumers

Businesses from other countries are also merging and cooperating with this fertile market. A typical example is the international food delivery app Food Panda, which joined in March 2020 with the promise of providing fast and convenient food delivery services, and is gradually increasing its choice of stores. goods for consumers.

In addition, in August 2022, after 4 months of successful beta testing, Grab officially put the Grabfood super app into operation with a service similar to Food Panda.

FOOD TECHNOLOGY INDUSTRY MARKET IN CAMBODIA

Besides, there are many prominent companies including Restaurant Brands International Inc., Starbucks Corporation, Domino’s Pizza, Yum!; Coca-Cola and Pepsi factories; and fast food restaurants such as KFC, Burger King, Domino Pizza, The Pizza Company and Bonchon, as well as cafes such as Starbucks and Amazon Cafe are also actively expanding their food service businesses in the country.

The food technology market in Cambodia is being strongly boosted by rising incomes, increased visitor arrivals, improving urban lifestyles and changing consumer preferences here.

Market opportunities and future trends

FOOD TECHNOLOGY INDUSTRY MARKET IN CAMBODIA

The popularity of food delivery platforms creates a huge opportunity for food service establishments to expand their reach and serve a large number of customers. At the same time, providing takeout or delivery services increases convenience for customers and creates additional revenue sources.

Demands for sustainable and healthy food choices are increasing in consumer purchasing behavior in Cambodia. Businesses can tap into this trend by sourcing local, organic ingredients and adopting healthier cooking techniques.

The application of technology in everyday life is increasingly popular, including online trading platforms, mobile applications and digital marketing, which have completely changed the way consumers interact with businesses.

Hopefully through this article FoodEx Cambodia has helped you better understand the food industry market in Cambodia as well as the highlights and future development trends. From there, take advantage of opportunities for businesses to develop sustainably in this fertile market.

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