Market Overview:
Frozen Food Market is expected to grow at the CAGR of 4.21%. Frozen food involves basic food chemistry under which food is conserved by a freezing process and kept in a freezer before cooking. Frozen food can be of various types such as ready meals, meat & poultry, vegetables & fruits, soup, sea food and others. Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Numerous research studies and analysis have been done in this field which was conducted by various regulatory bodies or authorities such as USDA. USDA has conducted comprehensive scientific and technological study of all the practices of the frozen food industry with an objective to determine the safety of frozen food. These factors are supporting the growth of this market.
Technological innovation is one of the major factors in measuring growth of frozen food market. Advancement in freezing technologies, innovative refrigerator displays in supermarkets, and better and faster supply chain solutions have resulted in increasing demand of frozen food. Regions with cold climates had been relying on natural food freezing such as using winter frosts to prepare frozen food whereas regions with temperate climates where preservation of ice and snow was difficult, such regions had adopted artificial cooling methods. Over the decades, freezing techniques had improved and had become efficient and more cost-effective. Use of mechanical freezers, cryogenic or (flash freezing) of food, and other technologies have developed and used by key industrial players all over the world.
Key players in the global frozen food market are emphasizing to enhance their investment in product development in order to extend the product line. Also, the companies are also inclined to increase their footprint across the world by acquiring local and regional players. Apart from that, the companies are introducing their products in the developing economies in order to penetrate in the untapped market.
Europe is projected to grow at the fastest rate in the coming years owing to increasing demand for frozen food from the paper industry, and textiles. Due to the cheap raw materials & low production costs as well as less stringent environment regulations Asia-Pacific region is in a better position to produce starch at more competitive prices than developed countries in European and North American region.
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Key Players:
This report includes a study of strategies used in the market, mergers and acquisitions, multiple product launch by frozen food market players. It further includes product portfolios and developments of leading major players which includes
- Aryzta AG (Switzerland)
- General Mills Inc. (U.S.)
- Ajinomoto Co. Inc., (Japan)
- Nestle S.A. (Switzerland)
- Kraft Foods Group Inc. (U.S.)
- Cargill Incorporated (US)
- Kellogg Company (US)
Frozen food market is dominated by key manufacturers and very few new players are entering in frozen food market due to high investment cost require for, frozen food planting and frozen food processing. The global frozen food industry is expected to witness increase in mergers, acquisition and strategic alliance in upcoming years.
Market Segments:
Frozen food has been segmented on the basis of end user which includes food service, retail customers. Food service segment will witness higher growth rate than the retail customers over the forecast period.
Frozen food market has been segmented on the basis of product type which comprises of ready-to-eat products, meat & poultry, vegetable & fruits, potatoes, soup, sea food and others. Among all the segments, ready-to-eat food accounts the highest market proportion over the past few years and it is projected to dominate the frozen food market during the forecast period. However, sea food segment will be expanded at a high growth rate over the forecast period.
Frozen food has been segmented on the basis of distribution channel which comprises of hyper markets & super markets, specialty retailers, convenience stores, independent stores.
Target Audience:
- Retailers and wholesalers
- E-commerce companies
- Traders, importers and exporters
- Frozen food manufacturers
- Raw material suppliers
- End users (food industry)
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Key Findings:
- The sea food segment is projected to register the higher growth rate (4.52%) during the forecast period of 2017 to 2023.
- In European region Germany dominates the market, followed by U.K.
Store based segment is anticipated to account the maximum market share in the Global frozen food market throughout the forecast period of 2017-2023.
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