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.
Leading
manufacturers in the global
frozen processed food market are shifting their focus from
processed to organic foods in order to align with the changing
consumer perceptions of health, finds Transparency Market Research
(TMR) in a new report. To do this, they are continuously striving to
develop innovative products that satisfy the needs of consumers
opting for high protein, gluten-free diet, with simple ingredients.
The
key players in the market are Stouffer’s, McCain, Schneider, and
DiGiorno. These four players collectively accounted for 27.6% of the
global frozen processed food market in 2014. Overall, the new few
years will see companies concentrating on preservative-free food and
products with no synthetic flavors, TMR predicts
The
changing consumer perceptions about frozen processed food items from
being convenient solutions to being healthy dietary options have
accelerated the demand for the global frozen processed food items.
The market is also benefitting from ongoing product innovations and
the strong distribution networks established by retail chains.
Introduction of a wide range of healthy, natural, organic, and food
items with less or no preservatives and additives is also boosting
the demand frozen processed food items.
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The
lack of time to cook elaborate meals and increasing number of working
women have also made a significant contribution to the revenues of
the global frozen processed food. The report also indicates that the
rising disposable incomes and increasing number of households that
own refrigerators especially in the emerging economies of China and
India are also expected to propel this market in the forecast period.
According
to the research report, the opportunity in the global frozen
processed food market is expected to reach US$69.11 bn by 2021 as
against US$57.50 bn in 2014. During the report’s forecast period of
2015 to 2021, the global market is expected to rise at a CAGR of 2.7%
in terms of revenue. The demand for frozen processed poultry food
items is expected to be highest, as the revenue of this segment is
projected to reach US$9.91 bn by 2021. North America will be the key
regional segment in the overall market and is expected to generate
revenue worth US$23.60 bn by the end of 2021, exhibiting a CAGR of
0.9% from 2015 to 2021.
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