The
global frozen processed food market receives a fragmented demand with
different regions of the world varyingly expressing the need for the
products, finds a report published by Transparency Market Research
(TMR). Since the demand varies from region to region, each
geographical market is observed to have a different key player
topping the market share therewith. For instance, Stouffer’s had
made its presence known in North America, Findus in Europe, Venky’s
in Asia Pacific, and McCain in the Rest of the World in the recent
past. Some of the influential companies profiled in the global market
report for the forecast period 2015–2021 are Tyson Foods Inc.,
Unilever plc, Nestle S.A., BRF S.A, ConAgra Foods, Inc., and General
Mill.
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With
a moderate CAGR of 2.7%, the world frozen processed food market is
predicted to touch US$69.11 bn by 2021, according to the report by
TMR. In 2016, the market was poised at US$60.62 bn. By product type,
the frozen processed fish/sea food segment had accounted for a
massive share of US$9.42 bn in 2016 and is expected to lead the
market by the end of the forecast period. Geographically, North
America had generated a significant revenue in 2016, however, Asia
Pacific is foreseen to steal the glory by 2021 with a mammoth share
of 36.8%.
Top
vendors such as Nestle S.A. are taking to the strategy of
repositioning their brands suffered from the shift in consumer
preference from processed to organic foods. In 2015, the company
announced that it will look to refresh its frozen processed food
portfolio. In this regard, the Lean Cuisine brand is being aligned
with the consumer preference for simple ingredients, high protein,
and gluten-free diet.
Consumers
Happy with Regional Recipes in Frozen Processed Form
Product
innovation is researched to be a major driver in the global
frozen processed food market. For example, low calorie,
cholesterol, and fat products in North America, traditional recipes
in the form of frozen processed foods in Europe, frozen processed
regional foods such as Xinpai Rice in China, and a range of marinated
chicken introduced by National Food Co. in the Rest of the World.
The
idea of having natural, healthy, and fresh foods as opposed to ready
to eat items is also propelling the global market significantly.
Besides this, other drivers such as increasing health awareness, busy
lifestyle, and adoption of easy to cook and convenience foods are
taking precedence in the market.
Obesity
Controlling Low Fat and Calorie Products Benefit Vendors
The
global frozen processed food market could face opposition with the
information gap about chilled and frozen processed food categories
and slightly cheaper per unit price of chilled products in some
countries. The rising incidences of adults having hyper obesity
globally could also act as a restraint. Moreover, the recent meat
adulteration and horse meat incidents may take a toll on the market,
especially in Europe.
Nevertheless,
the augmenting demand for food hygiene and low fat and calorie foods,
owing to obesity issues, is anticipated to stimulate the frozen
processed food market with product innovation. Limited number of
manufacturers of hot dogs and sausages in specific regions of the
global market, such as Asia Pacific, has opened an opportunity to
gain a foothold in the industry. Since most of the frozen and chilled
foods are sold in retails, the growth in the number of retail
outlets, particularly in developing regions, is foretold to emerge as
a great market opportunity.
The
study presented here is based on a report by TMR, titled “Frozen
Processed Food Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2015 - 2021.”
The
global frozen processed food market has been segmented in the
following arrangement.
Global
Frozen Processed Food Market by Product Type
- Frozen Bakery Products
- Frozen Desserts
- Frozen Meat Substitutes
- Frozen Processed Fish/Sea Food
- Frozen Processed Poultry
- Frozen Processed Red Meat
- Others
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