Investing
in product innovation and manufacturing frozen processed food items
that have no or minimal synthetic flavors and preservatives is a key
strategy being adopted by leading players in the global frozen
processed food market, reports Transparency Market Research in a new
study. Furthermore, aligning product development to cater to the
growing class of fitness-conscious consumers will also see companies
introducing organic and healthy items in the market.
The
leading players in global frozen processed food market are
Stouffer’s, Bofrost, Zhengzhou Sanquan Food Co, Ltd., and McCain.
“Collaborating with regional players to enhance product portfolio
and reaching out a larger number of consumers are expected to be key
strategies of players in the near future,” reports the lead author
of this research report. Establishing integrated marketing
communication strategies, improving point of visibility, and building
a stronger relationship with retailers will also form the basis of
successful businesses in the coming years.
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Innovation
to Tangibly Augment Sales of Frozen Processed Foods
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.
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.
Food
Adulteration Scandals, Low Awareness Levels Hurting Growth of Frozen
Processed Food Market
Low
levels of consumer awareness about the difference between chilled and
frozen food items is restraining the growth of the global frozen
processed food market. Furthermore, much-publicized cases of
meat adulteration in the recent past have created a negative
perception about frozen processed food amongst consumers.
Additionally, the growing concerns pertaining to obesity and
unhealthy lifestyles that are associated with the regular consumption
of frozen processed food are also impeding sales and, consequently,
revenue.
North
America to Remain Frontrunner with 0.9% CAGR between 2015 and 2021
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.
This
review is based on Transparency Market Research’s report, titled
“Frozen Processed Food Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2015 - 2021.”
Key
Takeaways:
- Global frozen processed food market to represent an opportunity worth US$69.11 bn by 2021
- North America to be the key regional segment with 0.9% CAGR between 2015 and 2021
- Demand for processed poultry food items to reach all-time high as the segment is expected to reach US$9.91 bn by 2021
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