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Cambodia Foodservice Market - Forecast(2023 - 2028)
Cambodia Foodservice Market Overview
Cambodia Foodservice Market size is estimated at $52 million in 2020, growing at a CAGR of 3.5% during the forecast period 2021-2026. Foodservice refers to the catering services that serve food to the customers outside their homes. It includes various services, such as full-service restaurants, cafes/bars, self-service cafeterias, street stalls, fast food, and Others. The rise in the adoption of western lifestyle and exclusion of home-cooking as a part of household activities has propelled the demand for ready-to-eat foods with different tastes in the country. The rise in the availability of luxurious full service restaurants in the country, growing adoption of chained self-service cafeterias in shopping centers, increase in the implementation of various marketing methods to attract young customers, rise in the demand for pizzas among working professionals, and the growing investment by the key players to expand their presence in the country are the factors that are set to drive the growth of the Cambodia Foodservice Market for the period 2021-2026.
Report Coverage
Key Takeaways
- The increase in the availability of chained self-service cafeterias and street stalls in the country is driving the Chained Outlets segment. However, the emergence of the COVID-19 pandemic is one of the major factors that is said to reduce the growth of the Cambodia Foodservice Market.
- Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Cambodia Foodservice Market report.
Cambodia Foodservice Market Size, By Type, 2020-2026 (USD Million)
Cambodia Foodservice Market Segment Analysis - By Type
The Cambodia Foodservice Market based on the Type can be further segmented into Full Service Restaurants, Cafes/Bars, Self Service Cafeterias, Street Stalls, Fast Food, and Others. The Full Service Restaurants segment held the largest share in 2020 owing to the factors such as the increase in the availability of luxurious full service restaurants in the country and the growing advertising campaigns by the key players to attract the young population in the country. The rise in the investments by the key players to develop full service restaurants based on the requirements of the consumers is driving the growth of the Cambodia Foodservice Market. The Cafes/Bars segment is estimated to be the fastest-growing segment with a CAGR of 4.7% over the period 2021-2026. This growth is owing to the factors such as the growing demand for coffee shops among young professionals and the rise in the consumption of alcohol in the country.
Cambodia Foodservice Market Segment Analysis - By Structure Type
The Cambodia Foodservice Market based on the Structure Type can be further segmented into Chained Outlets and Independent Outlets. The Chained Outlets segment held the largest share in 2020 owing to the factors such as the increase in the demand for chained outlets in shopping centers and heavily populated areas and the rise in the availability of chained self service cafeterias and street stalls. The rise in the demand for chained outlets on highways is driving the growth of the Cambodia Foodservice Market. The Independent Outlets segment is estimated to be the fastest-growing segment with a CAGR of 4.3% over the period 2021-2026. This growth is owing to the factors such as the rise in the disposable income of the young population in the country and growing investment by the key players to launch independent outlets in the country.
Cambodia Foodservice Market Drivers
Rise in the Number of Advertisement Campaigns
Full-service restaurants, street stalls, and self service cafeterias are implementing various marketing methods across various media platforms, such as electronic and print media, to boost their sales and strengthen their long-term profitability. These advertising factors are enhancing consumer awareness and expectations about the benefits of the foodservice industry in the country, which is one of the major factors driving the growth of the Cambodia Foodservice Market.
Increase in the Popularity of Pizza in Full Service Restaurants
The working population in the country is increasingly shifting towards convenience foods like pizza owing to their busy lifestyles, the rise in disposable income, and improvement in economic conditions. Moreover, the key players are providing a 30-minute pizza delivery service available to customers in developed areas of the country, which is further propelling the growth of the Cambodia Foodservice Market.
Cambodia Foodservice Market Challenges
The Emergence of the COVID-19 Pandemic
The COVID-19 pandemic has negatively impacted the manufacturing supply chain, restaurant business, and food distribution businesses in the country. The lockdown in the country has stopped workers from operating in full service restaurants, street stalls, and self service cafeterias and had a significant effect on the supply chain, which is one of the major factors that is estimated to reduce the growth of the Cambodia Foodservice Market.
Cambodia Foodservice Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Cambodia Foodservice Market. Key companies of this market are Newrest Group, Papa John's Pizza, Dairy Queen, Swensens, Burger King, Express Food Group Co Ltd, Yum Brands Inc, The Hard Rock Café, BB World, and Domino’s Pizza among others.
Acquisitions/Expansions:
- In April 2021, US-based pizza chain Papa John's International has expanded its services into the Cambodian market to deliver delicious pizza and food to the customers in Cambodia. The company is also planning to launch 15 new restaurants over the next three years in the country.
- In November 2019, Newrest food service company has acquired EM Food Services Pte Ltd to expand its service into Cambodia and to ensure growth and further success for the company by attracting young customers in the country.
- In June 2019, Dairy Queen has launched its foodservice store in Cambodia to offer food to the customers who are looking for a tasty after-school snack and on a lunch break and also to attract a new set of customers in the country.