The
global frozen food market characterizes a high degree of
fragmentation as the leading five players presently account for a
lean share in the global market, finds a report by Transparency
Market Research (TMR). Various local markets have significant
presence of regional players who don’t have to bear the high cost
of cold chains in long-range logistics. However, TMR notes that over
the years, top players will make every effort to gain a competitive
edge over their rivals and increase their clout in various regional
markets. In order to consolidate their shares they are likely to opt
for acquisitions and bring constant technological advancement in
their solutions. In 2012, TMR observed that leading companies such as
McCain Foods Limited and Schwan's Company along with some indigenous
and unorganized players held over 65.0% share in the global market in
2012.
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The
global frozen food market is projected to reach a worth US$293.7
billion by 2019 end. The market is expected to garner a moderate CAGR
of 3.9% during the forecast period of 2013–2019.
The
various frozen food products comprise vegetables and fruits,
potatoes, ready-to-eat meals, meat, fish/seafood, and soups. Of
these, frozen ready-to-eat meals held the leading share in 2012 and
is projected to expand at 3.9% CAGR during the forecast period. The
segment that is expected to show a marked rise in market share is
frozen vegetables and fruits, which capitalizes on advances in food
freezing technologies.
On
the regional front, Europe led the pack in 2012 and since then has
been rising at an attractive pace. However, Asia Pacific and regions
under Rest of the World are expected to witness potentially promising
avenues over the assessment period. The growth of these regional
markets is attributed to the presence of large untapped avenues
across them.
Rising
Affinity toward Ready-to-eat Meals fortify Demand for Frozen Foods
The
demand for frozen food is driven primarily by the changing consumer
preferences and taste in response to changing lifestyle. The adoption
of hectic lifestyle of working professional has propelled the
substantial demand for frozen food products. The rising inclination
of ready-to-eat foods among this population in various parts of the
world, most notably in urban spaces, is boosting the global
frozen food market.
Prominent
manufacturers of frozen food are increasingly benefitting from the
supply of raw materials for meeting their needs in compliance with
the food quality and safety standards put in place. This is imparting
a substantial momentum to the market growth. In various emerging
economies, rapid improvements in per capita incomes of people,
coupled with constant changes in food habits, is bolstering the
demand for frozen food. The rising share of women in workforce,
especially in emerging and developed nations, is a notable factor
accentuating the growth of the market.
Automation
in Food Production-Distribution Processes unlocks Promising Prospects
Technological
advancements and constant improvements in cold chain logistics are
creating new, promising avenues in the frozen food market. In this
regard, the adoption of automation in food production-distribution
processes is providing a robust catalyst. The adoption of automated
technologies in packaging food in recent years has helped in the
market to expand rapidly.
Manufacturers
of frozen foods are introducing innovations in taste, texture, and
flavor of frozen foods, thus boosting the market. Furthermore, the
advent of visually appealing packaging augurs well for the market.
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more Information:
https://globenewswire.com/news-release/2015/07/24/754843/10143051/en/Global-Frozen-Food-Market-Poised-to-Register-Growth-at-3-9-CAGR-from-2013-to-2019-Transparency-Market-Research.html
