Changing lifestyle marked with busy schedules, preference for low fat and low-calorie food products, and growing awareness regarding health paves the way for the frozen processed food market growth globally. With reduced time to cook elaborate meals, large number of consumers are opting for frozen processed food. This trend can positively impact the revenues of the frozen processed food market.
MRFR states that increasing number of households with refrigerators in developing economies can also help fuel the demand for frozen processed food items. The market is also driven by its vast product portfolio and health benefits associated with frozen processed food. The market yields various opportunities such as growth in the retail sector in developing countries, new product development, and technological innovation. There have been consistent efforts by manufacturers in terms of product innovation, as manufacturers have started developing frozen processed food with low-calorie content, fat, and cholesterol due to changing consumer preference. This has sparked the demand for frozen processed food among the health conscious population base.
However, growing obesity cases worldwide and increasing awareness of the ill effects of frozen processed food on weight have the potential to hamper the market growth. On the other hand, large number of consumers are becoming aware of the benefits of frozen processed foods.
Current trends in the frozen processed food market are the development of new freezing and processing technologies. These trends lead to an increase in higher-quality ingredients and a more culinary approach resulting in bigger selection of premium frozen processed food ranges in supermarkets and stores.
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The key players in the global frozen processed food market report are BRF S.A., Unilever Plc., General Mill, Nestle S.A., ConAgra Foods, Inc., and Tyson Foods Inc.
Conagra is set to buy Pinnacle for USD 8.1 Bn, to acquire a more significant share of the fast-growing frozen processed food market amid fierce competition in the packaged food industry. Recently, Conagra and Pinnacle Foods have constantly been investing to become the two fastest-growing frozen food companies, with the merger aimed at being able to reach out to more customers interested in frozen foods and derive cost-saving schemes.
The market for global frozen processed food market is segmented on the basis of product, and packaging.
On the basis of product, the global frozen processed food market is segmented into dried fruit, frozen seafood, and frozen vegetables. Advancements in refrigeration techniques along with increasing number of working women have led to the growing demand for frozen seafood. Owing to their long shelf life, the demand for frozen seafood has expanded globally. Whereas, the market for frozen vegetables has elevated due to rising awareness about the health benefits offered by frozen vegetables coupled with rise in sedentary population.
Based on packaging, the global frozen processed food market is segmented into bag, box, can, and others. Frozen processed foods packed in bags are in high demand by supermarkets and stores as these bag helps protect, promote the product, and further boosts the shelf-life and productivity of the content. These bags can withstand extremely low temperatures during transportation and storage, and also extremely high temperatures during re-heating in its packaging. These factors drive the need for frozen processed food bag packaging.
The frozen processed food market is geographically segmented into North America, Asia Pacific, and the Rest-of-the-World (RoW).
Among all regions, North America has led the frozen processed food market holding the maximum market share and estimated to grow significantly during the forecast period. This can be attributed to increasing consumer interest in healthy and nutritional foods. Moreover, companies in the market are striving to increase awareness amongst consumers about the health benefits of frozen foods by social media and other mediums. For instance, National Frozen & Refrigerated Foods Association (NFRA) in the United States (U.S) in 2013 launched a contemporary communications program called Real Food that was designed to change the perceptions and stigma surrounding frozen foods and also increase frozen food sales among shoppers.
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With the growth in the economy and changing lifestyles, demand for frozen processed foods in Asia Pacific has surged significantly. Advancement in freezing and processing technology along with innovative packaging options have widened the food choices available in the market in the region, further boosting the market growth. Moreover, increased urbanization, growing youth population, growing practice of singles living away from home, and increasing working women population has led to high demand for frozen processed food. In addition to that, constant product innovation and product launch by manufacturers to entice customers also help fuel the market in the region. For instance, in 2017, Mother Dairy Fruits and Vegetables Private Limited (India) launched frozen jackfruit for consumers in Delhi region in a 300-gram packet with a shelf-life of one year. This launch took place in a bid to take away the hassle of peeling and save cooking time.
In RoW, regions such as the Middle East and Africa have also witnessed staggering growth in frozen processed food market due to customers’ high focus on organic ingredients and frozen food with high shelf-life which is likely to uplift the market further during the forecast period.
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