Frozen food implies to those food products that are kept at a certain temperature with all the moisture in them stored in a solid form. Growing number of working professionals, busier lifestyles, changing food consumption patterns, availability of large variety of frozen food products in different food categories, and changing purchasing patterns are some of the factors that has helped in directing the growth of the global market in these years. Moreover, with the growing millennial population, there is an emerging trend of consuming ready to eat and convenient food products. This too has helped in putting great lime light over the global frozen foods market.
The global market for frozen foods has a highly fragmented vendor landscape. The top five companies in the global market account for a meagre share in the global market. It is expected that in the coming few years of the forecast period the leading companies will continue to develop with the help of technological advancements and developments, strategical acquisitions, mergers, and other aggressive marketing tactics. The companies are expected to develop even more because of their ability to bypass the wholesalers and get in touch directly with the consumers via retailers.
The domestic players in the key regional segment are expected to pose a key challenge in front of established and international players who are trying to gain entry in those regional markets. Some of the key names in the global frozen foods market are H J Heinz, Nestle, ConAgra, McCains, and The Schwan Food Company among others.
There are several factors, which are helping to drive the development of the global frozen foods market. One of the key driving factor for the growth of the global market has been the evolving customer tastes and preferences as a response to changing lifestyles. Because of the hectic and busier work schedules, people are increasingly giving preference to frozen food products. The growing popularity of ready to eat food products is also key factor driving the growth of the global frozen foods market. Urban and developed regional segments in particular have played a key role in popularizing this trend.
Another important driving factor for the growth of the global frozen foods market is the increasing adoption of safety and regulatory measure adopted by the leading manufacturers. With improving per capita income and changing food habits of people across the globe, the demand for frozen foods market is expected to increase even more in the coming years of the forecast period.
The global market for frozen foods has five major regional segments. These regional segments are Europe, Asia Pacific, North America, Rest of the World. Currently, the global market is being dominated the regional segment of Europe and is expected to continue its domination over the course of the given period of forecast. In the region, Germany has emerged to be the largest consumer of frozen foods and accounted for a hefty share of the overall regional market.
On the other hand, the regional segment of Asia Pacific is projected to witness a highly promising rate of growth in the coming years of the forecast period. The market is expected to account for a considerable chunk of the market in the near future. Emerging economies such as China and India are expected to be the chief contributors for the overall development of the Asia Pacific market for frozen foods.