In
a highly fragmented frozen foods market, top five players
collectively hold a meagre share in the overall market, according to
a business intelligence study by Transparency Market Research (TMR).
In this scenario, regional and local markets are largely served by
regional players due to cost-intensive nature of long cold chains. In
the coming years, however, the share of top players is likely to up
as they continue to expand through advanced technology and
acquisitions. Despite the fragmented business landscape, top brands
such as The Schwan Food Company and McCains along with some local and
unorganized players collectively held more than 65% share in the
frozen food market in 2012.
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As
per the TMR report, the global frozen food market is predicted to be
worth US$293.7 bn by the end of 2019 expanding at a CAGR of 3.9%
between 2013 and 2019. The demand in the market translated into a
revenue of US$224.7 bn in 2012. Among the various product type,
frozen ready-to-eat meals holds the leading share in the overall
market. Frozen potatoes is anticipated to expand at the leading
growth rate over the forecast period. Geography-wise, Europe leads
the frozen food market; the region held more than 35% share of the
market in 2012. The growth of the region is predominantly driven by
demand for frozen food in Germany. Asia Pacific, however, is
anticipated to emerge as the most promising market for frozen food in
the future.
Rising
Purchasing Power and Changing Lifestyle Stokes Demand
Rise
in per capita income and changing purchasing behavior especially in
emerging economies are primarily fuelling the frozen
food market. Economic development and equal opportunity of
higher education for women in emerging economies have led women to
get into the workforce over the recent past. Long hours of work along
with several other professional and personal commitments have led to
changing eating habits. Individuals, families in urban areas are
increasingly opting for ready-to-eat meals that simply requires
heating before it can be consumed.
Frozen
food serves to meet the changing food habits of urban consumers as it
can be stocked in the freezer for few days. Frozen foods are
available for several food needs such as main course, entrée, snack,
and desserts. Frozen foods are available using a wide range of
ingredients such as chicken, fish, vegetables, beans, etc.
Technological
Advances in Cold Chains Benefits Market
Technological
advances in the manufacture and transport of frozen food is also
propelling the frozen food market. Modern food manufacturing
facilities are equipped with state-of-the-art equipment wherein most
part of the cooking process is automated to maintain a high degree of
hygiene. The packaging and transport of food is also automated with
minimal human contact to minimize risk of contamination. Frozen food
are maintained at subzero temperature after preparation that prevents
solid from liquefying.
Frozen
food is considered as the next generation of convenient ready foods.
Frozen fruits and vegetables are considered as food for the next
generation due to advances in freezing technologies that helps extend
their shelf life. Product innovation and attractive packaging have
also been aiding the uptake of frozen foods.
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