The high inclination towards convenience food among the increasing working population is driving the growth of frozen food market.
Frozen food is a basic phenomenal under which food is conserved by a freezing process. Frozen food is kept in a freezer till it is used for cooking. There are various types of frozen food including ready-to-eat, meat & poultry, vegetables & fruits, soup, sea food and others. Owing to changing lifestyle and busy work schedule among the working population, convenience food is at the center of consumers demand. The trend of consuming convenience food started in western world and is now widely spread across the globe. Frozen food has an increased shelf life which is majorly grabbing the attention of the consumers.
Due to ease in use and availability of wide product range in frozen food, the frozen food market is witnessed to grow at a tremendous rate. Frozen food saves a lot of time and efforts of the consumers in preparing food which is highly contributing to the growth of the market. Moreover, marketing efforts taken by the key players is majorly assisting in creating awareness among the consumers and increasing the growth of the market.
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Top Key Players Review:
The key players involved in this market are highly focused into new product launches and expanding their product offerings. Also, there are new entrants in the market based on tremendous growth witnessed in the frozen food market. Due to growing demand for the frozen food, the manufacturers are also undergoing expansion in their production capacity. Moreover, the key players have strongly emphasized on acquisitions and partnerships to grow and expand their geographical presence in the market. To compete in the market, the manufacturers are coming up with various marketing strategies and increasing the overall revenue of frozen food market.
The key players profiled in the frozen food market are Aryzta AG (Switzerland), General Mills Inc. (US), Kraft Foods Group Inc. (US), Ajinomoto Co. Inc., (Japan), Nestle S.A. (Switzerland), Cargill Incorporated (US), and Kellogg Company (US)., among many others.
Latest Industry Updates:
July-2018 Patanjali has expanded its product portfolio through launch of dairy and frozen food segment. In frozen food, Patanjali has launched frozen peas for now.
July 2018 Southeast Asia’s Grab has launched an open platform strategy in its bid to become a super app in the region, alongside an on-demand grocery delivery. The company has launched an on-demand grocery delivery service called Grab Fresh as part of its Grab Platform open platform strategy. The new service aims to delivery fresh produce and frozen food.
July 2018 Nomad Foods Ltd. Has completed the acquisition of UK-based frozen food company Aunt Bessie’s Ltd.
June 2018 Conagra acquired Pinnacle for $10.9 billion in cash and debt to form a frozen food powerhouse. This acquisition would create a company with $11 billion in annual net sales
The global frozen food market has been divided into product type, end-user, distribution channel and region.
On the Basis of Product Type: Ready-to-Eat, Meat & Poultry, Vegetable & Fruits, Potatoes, Soup, Seafood and others
On the Basis of End User: Food Service, Retail Customers
On the Basis of Distribution Channel: Hyper Markets, Specialty Retailers, Convenience Stores, Independent Stores
On the Basis of Region: North America, Europe, Asia Pacific and ROW.
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The global frozen food market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is witnessed to dominate the market and is expected to retain its dominance throughout the forecast period with a substantial growth rate. Asia-pacific will be the fastest growing region in the frozen food market, through high growth in emerging economies such as China, India, Japan and ASEAN countries.
Moreover, Latin American countries offer ample opportunities for expansion to major players. Growing demand for ready meals and sea food in emerging economies will majorly contribute to the growth of frozen food market in Asia Pacific in the coming years. China and India will support the market growth during the review period.
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