Frozen Processed Foods Market: Changing Lifestyles Spur Demand for Frozen Processed Food Items

Frozen food products are considered nearly as healthy as compared to fresh food items by many consumers, which is driving their demand. Another factor driving their demand is the efforts by manufacturers in terms of product innovation. Keeping in mind the changing consumer preference, manufacturers have started developing frozen processed food that are low in calories, fats, and cholesterol. This has widened the reach of frozen processed food to include the health conscious population base, as they are encouraged and attracted towards healthy food with low calories, fats, and cholesterol.

The demand for frozen processed food is also high owing to the convenience it offers. With increasingly busy lifestyle and rising number of working women, there is a need for easy-to-cook convenience food, which is driving the demand for frozen processed food.

According to the research report, the opportunity in the global frozen processed food market is expected to reach US$69.11 bn by 2021 as against US$57.50 bn in 2014. During the report’s forecast period of 2015 to 2021, the global market is expected to rise at a CAGR of 2.7% in terms of revenue. The demand for frozen processed poultry food items is expected to be highest, as the revenue of this segment is projected to reach US$9.91 bn by 2021. North America will be the key regional segment in the overall market and is expected to generate revenue worth US$23.60 bn by the end of 2021, exhibiting a CAGR of 0.9% from 2015 to 2021.

By geography, North America led the frozen processed food market in 2014, representing a share of 38.2% in the global market. Rising consumer demand for frozen processed food as opposed to their canned alternatives was the major reason driving the growth of the region in the market. Asia Pacific followed North America and accounted for 30.4% of the market in 2014.

In terms of volume however, the growth in the Rest of the World was highest, accounting for 55.2% of the global frozen processed food market. “The Rest of the World is expected to lead in the market in the future and is anticipated to account for 84.1% of the global market by 2021”, predicts a TMR analyst.

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By product, the frozen processed poultry segment led the market in terms of revenue, by accounting for 15.58% of the global frozen processed food market in 2014. In terms of volume, the red meat segment accounted for 17.5% of the market in 2014.

The leading players in global frozen processed food market are Stouffer’s, Bofrost, Zhengzhou Sanquan Food Co, Ltd., and McCain. “Collaborating with regional players to enhance product portfolio and reaching out a larger number of consumers are expected to be key strategies of players in the near future,” reports the lead author of this research report. Establishing integrated marketing communication strategies, improving point of visibility, and building a stronger relationship with retailers will also form the basis of successful businesses in the coming years.