Global Frozen food Market – Overview
The significant factor driving the growth of the frozen food market is the increasing demand of ready to eat food both in developed and developing economies as well as development of freezing technology. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on global frozen food Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
The changing lifestyle leading to evolving dietary patterns and spending habits of consumers which led to the surge in sale of convenience food. Also, increasing number of working female population in developing economies is also one of the major factor to fuel the sales of frozen food. Rising number of nuclear families in developed countries coupled with the mounting migration of people from rural areas to metropolitan cities is anticipated to drive the demand of frozen food in the upcoming decade. In 2013, Germany has spent maximum money for the frozen food in order to keep the very smooth supply of the product to cater the rising demand of frozen food.
The frozen food market offers a lucrative opportunity in the retail industry. Retail industry is observing a substantial growth over the last decade which in turn positively impacting the overall demand of frozen food. The successful retail marketing resulted in consumer inclination to buy the products from the super markets & hyper markets instead of the normal grocery shop or mom and pop shops. In the retail store various frozen food is displayed properly in order to attract the customers properly within a short span of time. The display marketing method conveys the commercial message to the target consumers, thereby increase the sales of the product.
Apart from that, strong performance of food service industry is also considered the most significant source for frozen food sales projections and trends. All the factors provide ample opportunity for the frozen food manufacturers who can make a tie up with the food service company in order to enhance the overall customer base. It is one of relevant strategies that will augment the frozen food sales performance in the light of the highly competitive industry.
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Latest Industry Updates
Jan 2017 Kraft Heinz Foods Company launched two new frozen ready to eat food products under the brand name of Velveeta. Velveeta is having a convenient frozen option. Velveeta is stuffed grilled cheese and the product is microwavable in one minute.
Dec 2016 Cargill Incorporated opened two new research & development facilities in Minnesota and China especially for the frozen ready to eat food products.
Oct 2016 Dole food Company Inc. acquires TucFrut- has acquired TcFrut farms and packing facilities in the Molina and Linares areas of Chile, Consists of five different farms and currently produces apples, blueberries and kiwifruit. This acquisition will expand the fruit portfolio of the company.
Jun 2016 Cargill Incorporated entered into a collaboration with Jollibee Foods Corporation to launch a frozen poultry business in Philippines
Global Frozen food Market – Competitive Analysis
The major key players are highly focused on R&D activities to launch new products. Also, companies are more inclined to launch new products especially in the frozen bakery & confectionery products owing to the rising demand of ready to eat food products. Also, the demand of frozen bakery & confectionery is expected to be driven by the busy lifestyles of the consumer coupled with the increasing disposable income. Major Key players in this market are looking towards acquisitions and mergers this will allow the companies to come up with specialized products.
The key players profiled in frozen food are as Aryzta AG (Switzerland), General Mills Inc. (US), Kraft Foods Group Inc. (US), Ajinomoto Co. Inc., (Japan), Nestle S.A. (Switzerland), Cargill Incorporated (US), Kellogg Company (US).
Global Frozen Food Market – Segments
The global frozen food market has been divided into product type, end user and distribution channel and region
On the Basis of product type: Ready to eat, meat & poultry, vegetables & fruits, potatoes, soup, sea food and others
On the Basis of End User: Food service, retail customers
On the Basis of Distribution Channel: Store based and non- store based
On the Basis of Region: North America, Europe, Asia Pacific and ROW.
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Global Frozen food Market – Regional Analysis
The global frozen food market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Europe is estimated to retain its dominance throughout the forecast period of 2017-2023. The growth of the Europe is anticipated to be driven by the increasing busy life schedules of the consumers coupled with the increasing launch of new products by the key players in Europe. Among the, European countries, Germany is accounting for significant market share in the year of 2017 and the trend is expected to continue in the near future. However, Asia Pacific region is expected to witness highest growth as compare to the other region. The growth of the frozen food in Asia Pacific region is attributed to the growing demand and consumption of frozen food especially in the developing nation. China and India are the major consumer of frozen food in Asia Pacific region.
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