Frozen
food means foods which are maintained at a temperature at which all
moisture therein is in a solid state. Increasing number of working
women, change in consumer purchasing patterns, busy lifestyles,
availability of wide range of frozen food products in different
categories I are the factors leading to greater indulgence of frozen
food. It is also considered as the next generation of convenient
ready foods. The basic raw materials used in the production of frozen
food include chicken, fish, pizza, beans and others. Raw material
distributors and suppliers such as Cargill Inc., Ingredion Inc. and
others supply various raw materials and ingredients according to the
precise need to the manufacturers of frozen food according to the
standard they have establish during their product testing. The global
frozen food market in terms of revenue was valued at USD 224.74
billion in 2012.
The
product segment covers various frozen food categories such as frozen
ready meals, frozen fish/seafood, frozen potatoes, frozen fruits and
vegetables and frozen soup. The frozen ready meal segment includes
wide range of products such as frozen pizza, desserts, entrees and
snacks etc. The frozen ready meals market is estimated to grow at a
CAGR of 3.9% from 2013 to 2019. Frozen potatoes occupied a very small
share in the market and are expected to increase their market share
in future due to expanding range of applications for frozen potatoes.
Frozen vegetables and fruits are considered the product for the next
generation due to advancement in freezing technologies which provide
products with an extended shelf life; therefore it is expected to
increase its market share by 2019.
In
2012, Europe was the market leader in the frozen food market and
accounted for more than 35% of the share. The Europe frozen food
market in terms of revenue is expected to grow at a CAGR of 3.8% from
2013 to 2019. In Europe, Germany is the biggest consumer of frozen
food and accounted for more than 15% share in the market. In the
future, Asia Pacific is expected to be the most promising market
occupying 24.8% of the market with economies such as India and China
being the chief contributors. But, RoW is expected to witness the
highest growth rate due to emergence of Brazil and Argentina as the
new market for frozen food. While, the North America market is
expected to grow at moderate growth rate in the future.
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The
global market for frozen food is highly fragmented with the top five
players accounting for around 17% share in the total market. Nestle,
ConAgra, H.J. Heinz are some of the leading industry participants in
this market. Over the next five years the market concentration is
expected to increase as the major players continue to grow through
advanced technology, acquisition and different strategies to increase
their market share and mainly due to their ability to bypass the
wholesalers and sell directly to the retailers. In addition 12.5% of
the market was occupied by private label which also acts as a major
challenge for the international players to enter and establish
themselves in the regional markets. Other which also includes
companies such as The Schwan Food Company, McCains and also many
local and unorganized brands occupied a combined share of more than
65% in the global frozen food market in 2012.
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