The report “Frozen Food Market by Product (Fruits & Vegetables, Dairy, Meat & Seafood), Type (Raw Material, Half Cooked), Consumption, Distribution Channel, and Region (North America, Europe, Asia Pacific, South America, and MEA) – Global Forecast to 2023″ The frozen food market is estimated to account for about USD 219.9 billion in 2018 and is projected to reach a value of nearly USD 282.5 billion by 2023, growing at a CAGR of 5.1% from 2018. The retail food industry has witnessed significant growth over the past few years, globally. The development of retail channels in the form of supermarkets, hypermarkets, and convenience stores has driven the growth of the frozen food market. These large food chains form an important growing outlet for frozen food products, owing to the latest trend of on-the-go consumption. The rising per capita income and increasing number of working women, globally, have further accelerated the market growth.
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Developments in retail landscape
The retail food industry has witnessed significant growth over the past few years, globally. The growth in the Asian market can be attributed to Foreign Direct Investment, domestic conglomerates, and government investments. According to India Brand Equity Foundation (IBEF), the Indian retail industry is one of the fastest growing in the world. The industry here is expected to grow to USD 1,200 billion by 2021 from USD 795 billion in 2017. The relationship between retail, the food processing industry, and the logistics sector has grown stronger, which facilitates easy availability of a wide range of products to rural towns.
The development of retail channels in the form of supermarkets, hypermarkets, and convenience stores has driven the growth of the frozen food market. These large food chains form a significant growing outlet for frozen food products, owing to the latest trend of on-the-go consumption. With this, supermarkets are also able to capture their share in the frozen food market, with an increasing demand for exotic vegetables and fruits and in-house bakers. This trend is driving the frozen food market, especially the frozen bread market.
Rising preference for fresh and natural food products
To some consumers, frozen food is thought of a product that is an inferior substitute for fresh food, which is one of the major restraints for this market. There is a notion that food processed a year or more before it is consumed could not be nutritious. However, statements such as “frozen produce can be just as good as the fresh stuff in terms of nutrition” from the US Food and Drug Administration (FDA) and the International Food Information Council (IFIC) about the nutrient content of frozen food are changing the consumer perception. Nutrients such as vitamin C and folate can change with the change in temperature while food items stored at varying temperatures can lose their nutrients. Since frozen foods are stored at a constant low temperature, they do not lose such essential nutrients.
Increasing trade of processed food
Globalization and increasing international trade are the main factors for the development of the food industry, globally. With economic development and increasing PPP, consumers can afford premium products with improved nutritional value and shelf life. Consumers now prefer a variety of food products such as premium and exotic fruits & vegetables. This drives the trade of various food products between regions. According to Agriculture Marketing Resource Centre (AGMRC), the US is the world’s largest producer of strawberries. In 2014, it produced 3 billion pounds of strawberries, valued at USD 2.9 billion of which 63.4 million pounds of frozen strawberries were exported, valued at USD 45 million.
The global seafood market is also witnessing immense growth due to the health benefits offered by these products. According to the FAO, an estimated 2.3% hike in global fish production combined with good market conditions around the world led to a significant boost to trade revenues in 2017. India, Peru, Ecuador, Chile, and Norway were the top exporters of seafood in 2017. As these products are highly perishable, seafood is majorly traded in frozen form. Increasing export and import of such products boosts the overall frozen food market growth.
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The convenient & ready meals segment is estimated to dominate the global market in 2018.
By product, the convenient & ready meals segment is estimated to dominate the global market in 2018. This is due to the changing and busy lifestyles of people, globally, which has increased the consumption of frozen foods, globally. Frozen foods are easy to prepare and take less time for preparation. They are healthy and have high nutritional value. Frozen food export business has also increased in recent times due to the high acceptance of these products among consumers and brand awareness among developing countries.
Europe is estimated to dominate the frozen food market in 2018
Europe is estimated to account for the largest market share in the frozen food market in 2018. The region is projected to offer huge growth potential to the frozen food market. The market in Germany is estimated to be the major contributor to the growth in the region. The European market is driven by the robust growth of the food industry, which has supported the ready-to-eat snack food industry to gain acceleration in this market.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies in the frozen food market. It includes the profiles of the leading companies such as General Mills Inc (US), Conagra Brands, Inc. (US), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Unilever (Netherlands), Kellogg Company (US), McCain Foods Limited (Canada), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), Lantmannen Unibake International (Denmark).
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