Frozen
foods offer consumers immense convenience and comfort. These
conspicuously valuable factors have spurred a continuously rising
demand for a variety of frozen products across the globe. Products in
the freezer-aisle of supermarkets have especially seen an impressive
demand, driving high growth in the global market for frozen foods. It
is estimated that more than half of the people buying frozen foods
across the globe are aged 45 years or above.
It
is certain that the factor of convenience plays a big role in the
overall development of the global frozen foods market. The growing
consumer preference towards ready-packed, easy to cook food packages,
and the seamless integration of the technology of freezing food to
address everyday needs have also helped the global frozen foods
market to grow at a swift pace over the past years. However, the
factors that have also given the market a significant push are the
busy modern lifestyles of the global population, rising disposable
incomes of people in developing economies, and changing consumer
dietary preferences. The segment of ready-to-eat frozen foods has
especially grown into a highly lucrative one owing to the numerous
market opportunities in this scenario.
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Busy
Lifestyle and Rising Disposable Incomes Propel Demand for
Ready-to-eat Products
A
recent market research report recently published by Transparency
Market Research (TMR) states that the global market for frozen foods,
with a valuation of US$224.74 bn in 2012, will expand at a 3.90% CAGR
between 2013 and 2019 and reach US$ 293.7 bn by 2019. The
ready-to-eat section of the market is expected to expand at a similar
growth rate over the period between 2013 and 2019. Looking at the
immense and continuously rising popularity of ready-to-eat frozen
foods, major frozen foods manufacturers operating in this niche
section are making their presence felt by innovating different
product types and venturing in other product segments such as frozen
fruits and vegetables, frozen meat, frozen soup, frozen potatoes, and
frozen fish/seafood. Furthermore, due to busy lifestyle and
increasing disposable income, the demand for frozen food is rising
among the present generation.
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Europe
Remains the Largest Market for Frozen Foods
On
a geographic-front, Europe held the dominant position in the global
frozen foods market in 2012 by accounting for over 35% of the global
frozen food market. In terms of revenue, the European market for fast
foods is projected to expand at a 3.8% CAGR between 2013 and 2019. In
Europe, Germany remained the largest consumer of frozen foods and
solely accounted for 15% of the global market in 2012. With rising
disposable incomes and increasingly busy lifestyles of the
population, Asia Pacific is expected to account for over 24% of the
global market by 2019.
Highly
Fragmented Competitive Landscape Driving Innovation
The
global frozen foods market is highly fragmented and the top five
players together accounted for a mere 17% of the overall market in
2012. H.J. Heinz, ConAgra, and Nestle are some of the leading
participants in the market. Over the coming years, market
concentration is expected to rise as key vendors continue to
innovate, adopt advanced technologies for more effective product
quality, and acquire different strategies for increasing their share
in the market. In 2012, nearly 12% of the market was acquired by
private labels, acting as a major restraint for international
players. Many unorganized and local brands had a combined share of
more than 65% in the market in the same year.
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the Artticle
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Us
Transparency
Market Research (TMR) is a global market intelligence company,
providing global business information reports and services. Our
exclusive blend of quantitative forecasting and trends analysis
provides forward-looking insight for thousands of decision makers.
TMR’s experienced team of Analysts, Researchers, and Consultants,
use proprietary data sources and various tools and techniques to
gather and analyze information.
Our
data repository is continuously updated and revised by a team of
research experts, so that it always reflects the latest trends and
information. With a broad research and analysis capability,
Transparency Market Research employs rigorous primary and secondary
research techniques in developing distinctive data sets and research
material for business reports.
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