16th December 2019 – The global Frozen
Food Market size is expected to value at USD 360.36 billion by 2024.
The market is subject to witness a substantial growth due to the changing
lifestyle patterns, shifting preferences among consumers towards ready-to-cook
meals, increasing demand for convenience food, and growing focus towards
hygienic food products. Frozen food products are able to retain maximum
vitamins and minerals.
The freezing allows longer shelf life
for the food products and limits any form of microbial growth that leads to
food spoilage. In addition, increasing penetration by e-commerce retail stores
is expected to fuel the growth of frozen food industry in the upcoming years.
Increasing demand form staple food products from developed economies across the
globe is propelling market growth as well, in the recent years. Globally, the
frozen food market is predicted to grow at higher CAGR in the forecast period,
providing numerous opportunities for market players to invest in research and
development of the industry.
Advanced freezing techniques not only
extends life span of the food products but also maintains their nutritional
value. Increasing demand for frozen fruits and vegetables from developed and
developing economies is expected to positively affect market performance of
frozen food industry in the upcoming years. Furthermore, emergence of advanced
refrigeration media for commercial and industrial application is predicted to
boost market growth over the forecast period. Increasing import and export
activities for frozen food products such as chilled beef products, frozen
pizza, frozen fruits & vegetable, and many more, is expected to foster
market growth. Rising import activities the China and India is bolstering
market growth in the upcoming years.
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However, higher quantity of sodium and
preservatives coupled with high-calorie value of the food product are projected
to hamper the market growth to a certain extent. In addition, lack of
availability of proper distribution channels and freezing facilities in rural
areas of both developing and developed economies is limiting market progress, in
the recent years. Yet, recent R&D activities by numerous large-scale
packaged food manufacturers and advancement in freezing are estimated to offer
lucrative growth opportunities for market players in the upcoming years.
Additionally, increasing penetration of
large retail chains, supermarkets, hypermarkets, domestic stores and e-commerce
websites in both developing as well as developed economies across the globe are
expected to boost market demand for frozen food products in the upcoming years.
Changing food patterns is one of the critical factor responsible for the
expansion of frozen food market, in the recent years. Other factors such as
changing lifestyle preferences, growing demand for convenience food, and need
for maximizing limited leisure time, are expected to fuel market growth in
upcoming years.
Frozen ready-to-cook meals is considered
as one of the fastest growing segment in the frozen food industry with
substantial revenue generation in the last couple of years. Growing popularity
of the frozen ready-to-cook meal segment is attributed to growing popularity
based on hygiene and timely preparation. The frozen potato segment has also
witnessed massive growth, in the recent years due to rising demand for gluten
free food products and high nutritional content.
The frozen food market is divided by
region as North America, Europe, Asia-Pacific, Latin America and Africa. North
America has shown major growth in recent years owing to the rise in the
implementation of latest technologies for production & distribution of
frozen food products, and existence of well-established industrial
infrastructure in the region. Asia-Pacific region is predicted to hold major
market share in the frozen food with massive growth in forecast period.
Countries such as India, China, Japan and Singapore are leading the
Asia-Pacific market with shifting trends towards convenience food, improved
living standard, increasing per capita income, and significant investment by
leading industry players considering potential growth opportunities in the
region.
The key players in the frozen food
industry are General Mills, Inc., Ajinomoto Inc., Nestle S.A., Unilever Plc,
Allens, Inc., The H. J. Heinz Company, McCain Foods Ltd., Dole Food Company,
Inc., The Schwan Food Company, Inc., Rich Products Co., and Amy’s Kitchen
Incorporations.
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