Changing
Lifestyles Spur Demand for Frozen Processed Food Items
The
changing lifestyles of the global population marked with busy
schedules are driving the consumption of frozen processed food
worldwide. With less time to cook elaborate and nutritious meals, an
increasingly high number of consumers are opting for convenient meal
options. This trend is especially making a pronounced impact on the
revenues of the frozen processed food market in countries such as
India, the U.S., China, and the Philippines.
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Furthermore,
increasing disposable incomes are also contributing toward the growth
of this market. Transparency Market Research states that growing
number of households with refrigerators in developing countries will
also help fuel the demand for frozen processed food items in the near
future.
According
to the report, the global frozen processed food market will be worth
US$69.11 bn by 2021 as compared to US$57.50 bn in 2014, exhibiting a
modest CAGR of 2.7% in terms of revenue. The market will also receive
an impetus from the introduction of innovative frozen processed food
items that cater to the unique needs of the fitness- and
health-conscious consumers. Additionally, a thrust on marketing
products as healthy and natural will be a game-changing trend for
frozen processed food brands.
Cost-effective
Products Make Asia Pacific the Leading Regional Segment
The
key segments of the global frozen processed food market, by
geography, are Europe, North America, Asia Pacific, and Rest of the
World. Of these, North America held the leading share in the global
market as of 2014 and is expected to be the fastest-growing region in
the forecast period. High consumer preference for frozen foods and
growing awareness about health frozen food options is driving the
North America frozen
processed food market.
Asia
Pacific is also anticipated to emerging a significant region in the
overall market as it is poised to expand at a CAGR of 7.5% between
2015 and 2021. Technological advancements and development of new
products within cost-effective price ranges will fuel this regional
market in the coming years.
Frozen
Processed Poultry Segment to Flourish as Consumers Prefer Lean Meat
The
steady demand for frozen processed poultry is expected to keep this
segment in the lead in the global market. The consistent demand for
various types of frozen chicken sausages, nuggets, shredded chicken,
and chicken popcorn will keep the make the frozen processed poultry
segment the leading segment during the forecast period. With these
drivers, the majority of the consumers are expected to opt for lean
meat instead of red meat, enabling the frozen processed poultry
segment contribute revenue earnings worth US$9.91 bn by 2021.
Introduction of a variety of flavors in lean meats and a wide range
of products will also keep the growth of segment positive in the near
future.
Some
of the leading players in the global frozen processed food market are
Tyson Foods Inc., Unilever plc, Nestle S.A., ConAgra Foods, Inc.,
General Mill, and BRF S.A. These players are focusing on product
innovation to deliver items that will suit myriad palates and dietary
needs. Companies are also expected to strengthen their retail
networks to reach out to a larger audience in the near future.
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