Market Scenario:
The global frozen processed food market is presumed to demonstrate 5% CAGR during the forecast period (2017-2023) owing to the rising demand for sweetened bakery products, asserts Market Research Future (MRFR). There are several methods used to process food products, among which freezing is the most popular techniques being used across the globe. Frozen foods are referred to as food items stored beneath zero-degree temperature to maintain their moisture content at a solidified state. Frozen food products are available in wide range which attracts the consumers to experiment within the provided range of frozen bakery products.
Drivers and Constraints Impacting the Market
With the development and implementation of latest technologies in order to meet the growing demands of the consumers for convenience products, the global market for frozen processed food is likely to boost during the appraisal period. In recent years, the consumers are shifting towards healthy and natural food products, thereby increasing the demand for frozen food products with organic, non-preservatives, and natural ingredients. Moreover, growing focus on research and development has resulted in enhancing the shelf-life of the food products for a long time. Innovation in flavors is attracting a huge population of consumers for experimenting with new and unique flavors available in the global market, thereby stimulating the demand for frozen processed food market during the estimated period. Also, the rising demand for frozen and sweetened bakery products from the younger population is contributing to the growth of the market.
On the flip side, strict mandates associated with food safety have been posed by several food safety organizations as there can be product recall in case of illness. This can hinder the market growth during the estimated period. The Europe horsemeat scandal back in 2013, where it was sold as beef meat, coupled with recent meat adulteration cases have highly affected the global frozen processed food market. Moreover, the prevailing competition with chilled processed food is hindering the market growth.
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Industry Updates:
December 07, 2018: Baba Ramdev’s FMCG behemoth Patanjali is likely to set up a mega food park in Chinnaraopalli village, Andhra Pradesh. The Patanjali Food and Herbal Park will be spread across 172.84 acres and is expected to offer an employment opportunity to 33,400 people. The plant will also own a juice extraction unit with a capacity of 1,500 MT per day. The processing unit of biscuits, juice, frozen vegetables, noodles, and spices will be set up.
Competitive Dashboard:
The prominent players operating The Global Frozen Processed Food Market are JBS S.A. (Brazil), Nestlé SA (Switzerland), Mars Inc. (U.S.), Kellogg’s (U.S.), Tyson Foods Inc. (U.S.), Smithfield Food Inc. (U.S.)., Frito-Lay Inc. (U.S.), General Mills Inc. (U.S.), ConAgra Foods Inc. (U.S.), and Kraft Foods Group Inc. (U.S.).
Segment Analysis:
The global frozen processed food market has been segmented on the basis of type, distribution channel, and region.
By mode of type, the global frozen processed food market has been segmented into frozen meat & seafood, frozen fruits & vegetable, frozen dairy products & desserts, frozen bakery products, and others. Among these, the frozen meat & seafood segment is likely to project high CAGR during the appraisal period owing to the huge investments made in this segment in the past few years. Moreover, the popularity of frozen meat products is augmenting in the North American and the Asia Pacific region, thereby driving the global market.
By mode of distribution channel, the global frozen processed food market has been segmented into stored non-store based. Among these, the store-based channel accounts for the major share owing to the consumer’s convenient and one-stop shopping experience.
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Regional Insights:
Geographically, the frozen processed food market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the North America region is projected to dominate the global market. The growth is attributed to the high consumer inclination towards convenience foods. The ever-rising population and hectic lifestyle of the working women, particularly in the U.S. has a positive impact on the market. Moreover, the growing investments by the key players in the R&D sector are also presumed to contribute to the market growth.
The Asia Pacific region is considered to register a healthy growth rate as the busy lifestyle of the working population has shifted their preference towards ready-to-eat and convenient food items in countries such as China and India. Moreover, growing focus on preservative-free frozen food products and organic ingredients with high shelf-life is presumed to contribute to the growth of the market in this region.
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