Improved standard of living and changing lifestyles of people across the globe are major driving factors for the significant growth of global frozen food market. Today, consumers are living a fast paced life with lesser time available for cooking and other time consuming activities. Also, they are more focused on their goals which occupy them with work load, in turn leading to growth in demand for frozen foods worldwide.
Frozen foods, ready-to-eat meals, instant foods have gained popularity over the past few years due to the consumer shift towards meals that could be cooked in minutes and thus save their precious time. Another factor driving the frozen foods market is rising population of working women and female entrepreneurs across the globe. Working women tend to be busy and have a hectic lifestyle which makes them opt for frozen foods as they can be maintained at a definite temperature or frozen to prevent them from spoiling.
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The idea of storing food at a fixed temperature, or a sub-zero temperature, which is responsible for ensuring that the moisture content of the food stored stays intact and hence enables the preservation of food longer than the regular food items. The intactness of freshness of food items in frozen foods category makes them an ideal choice for the working-class section of the population which enables them to get a quick bite as and when possible. Not only does frozen food save time but it is also used as a break or variety in consumers’ regular or monotonous eating menu. The growth of the global foods market can also be attributed to the disposable income and the altering lifestyle of consumers. Introduction of staple frozen foods and availability of industrial and commercial freezing techniques are other factors which are expected to have a significant impact on the growth of the global frozen foods market. The global frozen foods market is anticipated to be worth USD 307.33 billion by the end of 2020.
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The global frozen foods market is segmented on the basis of regions into various locations including Europe, North America, South Africa, and Asia Pacific. Europe has reported highest revenue of about 38.9% of the total frozen food market in 2013. European consumers highly depend on packaged foods considering it to be hygienic, which is a major reason for its remarkable growth in this region. The frozen food market is expected to grow slowly in the Asia Pacific region owing to the absence of an organized market, cultural barriers, non-acceptance of frozen foods over fresh foods by the elderly population, and comparatively less population of working women. However, this region is anticipated to encounter the highest growth in the next few years with an estimated CAGR of 4.8% due to emerging economies like China and India, which have a rising manpower along with their increasing disposable incomes. Also, urbanization and globalization in these economies have led to an increase in the number of working females and women entrepreneurs. Emerging economies like Brazil and South Africa are expected to witness a growth in the global frozen food market due to increasing hygiene concerns with surging trend of super markets.
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On the basis of different types of frozen food products, the global frozen food market is segmented into a wide range of products including frozen vegetables & fruits, fish & sea foods, potatoes and soups. Other ready meal products include pasta, pizza, instant noodles, nuggets, cheese, jams, confectionery and dairy products.
Prominent players in the market include Birds Eye Foods, Inc., Iceland Foods Ltd., General Mills Inc., Ajinomoto Co., Inc., The Schwan Food Company, Nestle, Maple Leaf Foods, Inc., Unilever Plc, McCain Foods, Allens, Inc., ConAgra Foods, Inc., Tyson Foods, Inc., Heinz and Amy’s Kitchen, Inc.
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