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.
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.”
- 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
The frozen processed food market has been segmented as:
- Frozen Bakery Products
- Frozen Desserts
- Frozen Meat Substitutes
- Frozen Processed Fish/Sea Food
- Frozen Processed Poultry
- Frozen Processed Red Meat
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- Middle East
- Latin America
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