Frozen Processed Food Market
Frozen Processed Food Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Press Release :
Changing Lifestyles Spur Demand for Frozen Processed Food Items
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.
Furthermore, increasing disposable incomes are also contributing toward the growth of this market. Transparency Market Research states that growing number of households with refrigerators in developing countries will also help fuel the demand for frozen processed food items in the near future.
According to the report, the global frozen processed food market will be worth US$69.11 bn by 2021 as compared to US$57.50 bn in 2014, exhibiting a modest CAGR of 2.7% in terms of revenue. The market will also receive an impetus from the introduction of innovative frozen processed food items that cater to the unique needs of the fitness- and health-conscious consumers. Additionally, a thrust on marketing products as healthy and natural will be a game-changing trend for frozen processed food brands.
Cost-effective Products Make Asia Pacific the Leading Regional Segment
The key segments of the global frozen processed food market, by geography, are Europe, North America, Asia Pacific, and Rest of the World. Of these, North America held the leading share in the global market as of 2014 and is expected to be the fastest-growing region in the forecast period. High consumer preference for frozen foods and growing awareness about health frozen food options is driving the North America frozen processed food market.
Asia Pacific is also anticipated to emerging a significant region in the overall market as it is poised to expand at a CAGR of 7.5% between 2015 and 2021. Technological advancements and development of new products within cost-effective price ranges will fuel this regional market in the coming years.
Frozen Processed Poultry Segment to Flourish as Consumers Prefer Lean Meat
The steady demand for frozen processed poultry is expected to keep this segment in the lead in the global market. The consistent demand for various types of frozen chicken sausages, nuggets, shredded chicken, and chicken popcorn will keep the make the frozen processed poultry segment the leading segment during the forecast period. With these drivers, the majority of the consumers are expected to opt for lean meat instead of red meat, enabling the frozen processed poultry segment contribute revenue earnings worth US$9.91 bn by 2021. Introduction of a variety of flavors in lean meats and a wide range of products will also keep the growth of segment positive in the near future.
Some of the leading players in the global frozen processed food market are Tyson Foods Inc., Unilever plc, Nestle S.A., ConAgra Foods, Inc., General Mill, and BRF S.A. These players are focusing on product innovation to deliver items that will suit myriad palates and dietary needs. Companies are also expected to strengthen their retail networks to reach out to a larger audience in the near future.
Frozen processed food comprises of a vast array of products which includes frozen desserts, frozen bakery products, frozen meat substitutes, frozen processed fish/seafood, frozen processed poultry, frozen processed red meat and others. The demand for frozen processed food varies from region to region. The global frozen processed food market is anticipated to witness a dramatic growth during the forecast period due to increased consumer preference for frozen processed food products.
Since, frozen processed food items are perceived as a healthy and natural food item among the consumers across the world, more consumers are gradually shifting towards the consumption of frozen processed food in order to maintain a healthier lifestyle. This factor is one of the major drivers for the frozen processed food market. In addition, due to the rising health awareness among the consumers, they are looking to reduce the consumption of ready to eat food items, and are shifting towards the consumption of frozen processed food as they are perceived to be much healthier than their counterpart. In addition, vast product portfolio of frozen processed food products owing to product innovation undertaken by the manufacturers operating in the global frozen processed foods market is another factor driving the market. Moreover, due to the busy lifestyle of the consumers in the developing regions including Asia Pacific and Middle East, they are looking toward the consumption of food items which would address their health requirements and are convenient at the same time. This factor is also fuelling the demand for the global processed food market.
Availability of chilled processed food is one of the major factors impeding the demand for the global frozen processed food market. The information gap among the consumers regarding chilled and frozen processed foods along with the low per unit price of chilled processed food is a major hindrance to the global frozen processed food market. In addition, the rising incidence of adults suffering from hyper obesity worldwide is another restraint to the global frozen processed food market. The U.S. is the leading country with almost 33% of the population suffering from obesity which is followed by New Zealand and Australia.
Growth of the retail sector in the developing countries which includes India, China, Philippines and UAE is an opportunity for the frozen processed food market. In addition, the growing demand for hygienic food which contains low calorie and low fat percentage is another major opportunity for the global frozen processed food market. Rising consumer awareness for health and wellness and the increasing obesity issues worldwide is increasing the demand for low fat calorie frozen processed food items.
In terms of revenue, the frozen processed poultry held the largest market share in 2014 followed by the frozen processed sea food segment. However, the frozen processed sea food segment is expected to surpass the frozen processed poultry segment in terms of revenue share by 2021. In terms of volume, the frozen processed red meat segment held the largest market share in 2014 and is expected to remain the market leader during the forecast period. Also, in terms of volume, the frozen processed poultry segment held the second largest market share in 2014.
North America dominated the global frozen processed foods market in 2014. Asia Pacific held the second largest market share in the global frozen processed food market right after North America in 2014 but is expected to dominate the global processed food market in the future.
The global frozen processed food market is dominated by some of the major players operating in this market. ConAgra Foods, Inc, Nestle S.A., Tyson Foods Inc., Unilever plc, BRF S.A., General Mills are some of the major players operating in global processed food market.
The report has been segmented by product type, and by geography and it includes drivers, restraints and opportunities (DRO’s), cause and effect analysis of the frozen processed food market. The study highlights current market trends and provides forecast from 2015 to 2021. We have featured the current market scenario for the global frozen processed food market and identified future trends that will impact demand for frozen processed food during the forecast period.
The global frozen processed food market has been segmented by product types into frozen bakery products, frozen desserts, frozen meat substitutes, frozen processed sea food, frozen processed poultry, frozen processed red meat and others
The report also analyzes factors driving and inhibiting growth of the frozen processed food market. The report will help manufacturers, suppliers, and distributors to understand the present and future trends in this market and formulate strategies accordingly.
The frozen processed food market has been segmented as:
Global Frozen Processed Food Market by Product Type
- Frozen Bakery Products
- Frozen Desserts
- Frozen Meat Substitutes
- Frozen Processed Fish/Sea Food
- Frozen Processed Poultry
- Frozen Processed Red Meat
Global Frozen Processed Food Market by Geography/ Country
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- Middle East
- Latin America