The Global Frozen Food Market is anticipated to grow and reach USD 363.90 billion by 2024, according to the report published by Report Bazzar. Changing consumer preferences, growing population and rapid urbanization has led to positive growth for the overall frozen food industry. Increasing population of women workforce is also anticipated to be a driving factor for the total market. Frozen foods are easy and convenient option as they require less time for preparation.
Frozen produce are picked at its peak and are possibly more nutritious compared to fresh one’s.
The frozen products maintains its flavour and nutrients as it is. Frozen goods keep longer compared to fresh refrigerated foods owing to the freezing process that suspends the enzyme activity and causes the food to rot. Manufacturers have refined storage, preparation and reheating techniques to create healthy, flavourful and gourmet-quality meals. Traditional or ethnic food varieties that longer preparation time drives the market for frozen foods.
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Consumers also recognise frozen foods as effective home meal solutions. In the U.S., the frozen food market was valued at USD 46.08 billion in 2015 and is expected to reach over 60 billion over the forecast period. There has been special promotional strategies that have led to effective sales in the U.S. supermarkets and frozen food departments. Government is prone to relax custom and excise duties on transport and machinery equipment that are associated with frozen processed foods, the cost related to supply chain operations would come down and this would entertain the national and international brands to enter various product varieties. Popular food varieties such as frozen vegetables and poultry that are consumed daily would be competing on the basis of quality and variety.
Frozen potatoes is expected to witness the highest CAGR of 5.5% over the next seven years. French fries are the highest saleable potato products. These have a lot more varieties added to it such as wedges, lattice cut, curly, seasoned, batter-dipped and straight cut. Including French fries in the menu card is one the most profitable options for the companies to increase their sales and profit.
Frozen ready-meals category is projected to grow at a rate of 4.8% over the forecast period. Consumers demand for natural ready-meals with no or few additives has increased in the recent past. Convenience factor remains paramount in Germany with consumers demanding quick and easy preparation. High convenience level coupled with growing demand for natural products is expected to aid the trend for frozen products.
However, large unorganized companies, from China and South East Asian countries face challenges regarding their product quality and price offerings than large multinational companies. High logistics cost at a cryogenic temperature for these foods are expected to critically affect the market participants over the forecast period.
European region has the largest penetration in the frozen foods market as the geriatric population or older population are trying to adopt healthier lifestyle by using fresh ingredients in their cooking. Frequent price promotions and online retail shopping has also assisted the demand for the particular region.
Market participants include Nestle, McCain Foods, Taj Frozen Foods India Ltd., Tasty Bite, Unilever Group, General Mills Inc., Private Label, Ice-line GmbH, Allens, Amy’s Kitchen Inc and Ajinomoto Co., Inc. There is a presence of both domestic companies as well as multinational corporations. In recent past, frozen food manufacturer has adopted new freezing technologies to preserve the nutritional content and prevent any material loss.
Product Outlook (Revenue, USD Billion; 2014 – 2024)
- Frozen fruits & vegetables
- Frozen desserts
- Frozen ready meals
- Frozen potato
- Frozen soup
- Frozen meat, fish & sea food
Distributors Outlook (Revenue, USD Billion; 2014 – 2024)
- Natural supermarkets
- Specialty food stores
- Conventional supermarkets
- Mass merchandise
- Online retail
- Food service
Regional Outlook (Revenue, USD Billion; 2014 – 2024)
- North America
- Asia Pacific
- Central & South America
Middle East & Africa.
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