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Cambodia Foodservice Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Cambodia Foodservice Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • September 2021
  • 95 pages
  • ID: 6155644
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Cambodian foodservice market was valued at USD 1,711.41 million in 2020 and is projected to register a CAGR of 13.57% during the forecast period (2021-2026).

The nascent e-commerce industry has received a flip with new growth opportunities. As the COVID-19 pandemic is rapidly accelerating the transition to digital commerce, consumers are being asked to practice social distancing, e-commerce orders for foodservice. Many families have started exploring and using digital services. The number of online food and grocery service providers is also increasing in response to the consumer’s inclination toward online delivery systems. Sighting the rising demand for online food delivery services, Cambodia’s leading food delivery companies like Muuve and Nham24 have been seeking expansion initiatives since the pandemic took hold.

Strong economic growth, rapid urbanization, and constant rise in disposable incomes are the key factors that contribute to the development of the Cambodian foodservice market. Sales of consumer foodservice continue to be led by the full-service restaurants segment, which is dominated by independent restaurants.

Key food products, such as rice, meat, fish, and vegetable oil, are available at the provincial, district, and commune markets. Rice is the most important food item in the daily diet of Cambodians, which helps to drives the food services market in Cambodia.

Key Market Trends

Advertising Increases Demand by Capturing Consumers’ Interests

The advertising factor increases consumer awareness and expectations about the benefits of the Cambodian foodservice market, and it increases the number of people, who are willing to buy the product, for the right price, from the right restaurants. Companies use various marketing methods across various media platforms, including electronic and print media, to boost their sales, increase market shares, and strengthen their long-term profitability. National television is the major medium of advertisement in the country. Additionally, television is clearly the dominant media type, which according to the General Manager of CNC, one of the top 10 television stations in Cambodia, is due to the relatively cheap advertising rates that it offers in the country.

Independent Restaurants holds Largest Market Share

Increasing consumer awareness about food safety, health, and food adulteration, such as usage of illegal chemicals and low-quality ingredients in food preparation, has constrained the popularity of independent outlets among other foodservice channels. Independent outlets are gaining popularity for their affordable offerings of foreign cuisines, as compared to those in full-service restaurants. Chained restaurants have adopted different marketing strategies, by claiming the use of ingredients from high-quality brands, coupled with certifications for their outlets from an authorized body in the country, in terms of safety and quality. Such strategies have led to an increase in the share of the chained outlet’s segment in the market studied.

Competitive Landscape

Most prominent companies in this country include, Restaurant Brands International Inc., Starbucks Corporation, Hagar Catering, Domino’s Pizza, and Yum! Brands, among others. In Cambodia, since the 2010s, global food and beverage brands and franchises have entered the country. In addition to product advancement by establishing food and beverage conglomerate like local factories for Coca-Cola and Pepsi, fast food restaurants such as KFC, Burger King, Domino Pizza, The Pizza Company, and Bonchon, and cafes, such as Starbucks and Amazon Cafe, are also actively expanding their foodservice business in the country.

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