The global frozen processed food market receives a fragmented demand with different regions of the world varyingly expressing the need for the products, finds a report published by Transparency Market Research (TMR). Since the demand varies from region to region, each geographical market is observed to have a different key player topping the market share therewith. For instance, Stouffer’s had made its presence known in North America, Findus in Europe, Venky’s in Asia Pacific, and McCain in the Rest of the World in the recent past. Some of the influential companies profiled in the global market report for the forecast period 2015–2021 are Tyson Foods Inc., Unilever plc, Nestle S.A., BRF S.A, ConAgra Foods, Inc., and General Mill.
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With a moderate CAGR of 2.7%, the world frozen processed food market is predicted to touch US$69.11 bn by 2021, according to the report by TMR. In 2016, the market was poised at US$60.62 bn. By product type, the frozen processed fish/sea food segment had accounted for a massive share of US$9.42 bn in 2016 and is expected to lead the market by the end of the forecast period. Geographically, North America had generated a significant revenue in 2016, however, Asia Pacific is foreseen to steal the glory by 2021 with a mammoth share of 36.8%.
Top vendors such as Nestle S.A. are taking to the strategy of repositioning their brands suffered from the shift in consumer preference from processed to organic foods. In 2015, the company announced that it will look to refresh its frozen processed food portfolio. In this regard, the Lean Cuisine brand is being aligned with the consumer preference for simple ingredients, high protein, and gluten-free diet.
Consumers Happy with Regional Recipes in Frozen Processed Form
Product innovation is researched to be a major driver in the global frozen processed food market. For example, low calorie, cholesterol, and fat products in North America, traditional recipes in the form of frozen processed foods in Europe, frozen processed regional foods such as Xinpai Rice in China, and a range of marinated chicken introduced by National Food Co. in the Rest of the World.
The idea of having natural, healthy, and fresh foods as opposed to ready to eat items is also propelling the global market significantly. Besides this, other drivers such as increasing health awareness, busy lifestyle, and adoption of easy to cook and convenience foods are taking precedence in the market.
Obesity Controlling Low Fat and Calorie Products Benefit Vendors
The global frozen processed food market could face opposition with the information gap about chilled and frozen processed food categories and slightly cheaper per unit price of chilled products in some countries. The rising incidences of adults having hyper obesity globally could also act as a restraint. Moreover, the recent meat adulteration and horse meat incidents may take a toll on the market, especially in Europe.
Nevertheless, the augmenting demand for food hygiene and low fat and calorie foods, owing to obesity issues, is anticipated to stimulate the frozen processed food market with product innovation. Limited number of manufacturers of hot dogs and sausages in specific regions of the global market, such as Asia Pacific, has opened an opportunity to gain a foothold in the industry. Since most of the frozen and chilled foods are sold in retails, the growth in the number of retail outlets, particularly in developing regions, is foretold to emerge as a great market opportunity.
The study presented here is based on a report by TMR, titled “Frozen Processed Food Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
The global frozen processed food market has been segmented in the following arrangement.
Global Frozen Processed Food Market by Product Type
- Frozen Bakery Products
- Frozen Desserts
- Frozen Meat Substitutes
- Frozen Processed Fish/Sea Food
- Frozen Processed Poultry
- Frozen Processed Red Meat
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