There
is currently a horde of food products that belong in the global
frozen food market. So much has changed over the past two decades
that we now have foods that last for years longer than their actual
shelf life, as long as they are frozen in the right condition.
From
a statistical perspective, the global
frozen food market is exhibiting a CAGR of 3.90% between 2013 and
2019. The market was valued at US$224.7 bn in 2012. Owing to the
major factors of growth that are influencing this market currently,
it is expected to reach US$293.7 bn before the end of 2019. This
market growth will benefit the top players in the global frozen food
market: General Mills, Inc., Ajinomoto Co., Inc., Heinz, Maple Leaf
Foods, Inc., Nestle, Kraft Foods Group Inc., ConAgra Foods Inc., The
Schwan Food Company, Amy’s Kitchen Inc., Unilever PLC, Birds Eye
Foods Inc., and Ralcorp Frozen Bakery Products Inc.
Frozen
Food Fumbles in Scandals but Recovers
It
has not been all sunny weather for the global frozen food market with
all the consumer complaints and major scandals that have enveloped
the food and beverage industry in recent years. One of the most
common issues with frozen foods is their overall appeal. Previously,
frozen foods were considered rather bland in taste and appearance in
comparison to freshly cooked foods. But that is changing fast, as
modern freezing and heating techniques can allow long-term storage of
perishable foods without compromising on taste and appeal.
Perhaps
one of the biggest food scandals recently was the use of horsemeat in
lieu of beef and other meats. The latest product to lose its
spotlight and sales is the highly popular Findus Crispy Pancakes. The
company has decided to ditch its iconic product after nearly 50 years
of successful business. Young’s had previously taken its frozen
lasagna off the shelves around the peak of the horsemeat scandal in
the U.K. in 2013, but has plans to reintroduce a similar product into
the market soon. Findus is expected to go through similar
transformations.
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Although
authorities are now showing a much higher level of attention to food
crimes, consumers are still theoretically at risk, as it is
impossible to police every food item that ends up on store shelves.
There is the additional risk of major brands unwittingly using less
than acceptable supply chains that provide sub-standard food products
and raw materials. Frozen food is now listed as one of the most
common food products that can suffer from adulteration, including
chorizo, guacamole, and infant formula.
Lifestyle
Changes Boost Global Frozen Food Market
Despite
the multiple issues related to the manufacture, supply, and
distribution of frozen foods, this market is growing positively on a
global scale. This is owed to the high number of working-class
individuals that have little to no time to prepare fresh food for
consumption. Conventionally, the women of the household would cook
for the house. With social changes that allow women to work as equals
to men, the number of people who opt for fresh ingredients to cook
food has gone down considerably.
Europe
held the largest share in the global frozen food market in 2012 and
is expected to maintain a relatively high growth rate in the near
future. On the other hand, the rapidly developing Asia Pacific frozen
food market is expected to be the dominant force in the global
perspective.
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