The
global frozen foods market is displaying moderate, yet constant
expansion. The increasing consumption of frozen food lies in its
convenience quotient, hence the areas that are heading towards
urbanization will display continued adoption of these foods. In urban
areas, hectic lifestyles and an increasing number of women in the
workforce are leading to increased consumption of convenient foods,
which include ready-to-eat meals or frozen foods, points out a new
market study by Transparency Market Research.
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Q.
How are emerging economies contributing to the growth of the global
frozen food market?
A.
Significantly. The newly acquired economic prosperity in emerging
economies is changing the lifestyle of consumers in several ways. Due
to the rising purchasing power, individuals are spending a
considerable amount of money on convenience foods or eating out.
Moreover, adoption of Western living practices, wherein both the
partners are working does not leave adequate time to prepare fresh
meals on a daily basis. This is leading to an increased demand for
convenience foods, which includes frozen foods.
Q.
Are there factors that are challenging the growth of the frozen food
market?
A.
Yes. First and foremost, the dependence on third-party distributors
to reach end-use consumers is a major challenge for manufacturers of
frozen foods. As such, product manufacturers need to rely on cold
chains and logistics of distributors and plan production accordingly.
In the event of a disruption in distributor services or temperature
control anomaly at the time of distribution, product manufacturers
have to bear the loss of food spoilage and losing customer loyalty as
well. To address this, product manufacturers are focused on
partnering with retailers so as to reach consumers directly and
reduce dependency on distributors and wholesalers.
The
need to maintain impeccable hygiene and perfect temperatures right
from production to retail shelves is also challenging the market’s
growth.
Q.
Which product category accounts for the highest demand in the frozen
foods market?
A.
Frozen meals account for the highest demand among several categories
of frozen
food. Frozen ready meals comprise a wide range of products such
as frozen desserts, pizzas, entrees, and snacks. The market for
frozen ready meals is expected to rise at a CAGR of 3.9% from 2013 to
2019. Other than this, frozen fruits and vegetables are expected to
display considerable demand from the young generation due to their
convenience quotient. This will lead to their increased market share
in the coming years.
Frozen
potatoes currently occupy the smallest market share, but the segment
is expected to display an increased market share in the future due to
an increasing product range of frozen potatoes.
Q.
What is the regional growth scenario of the frozen food market?
A.
Europe stood as the dominant market with more than 35% of the overall
frozen foods market in 2012. In Europe, Germany accounts for the
highest consumption of frozen foods and held more than 15% of the
Europe market in the same year. However, Asia Pacific is expected to
be the most promising market for frozen foods in the future with
China and India being the chief contributors.
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