Rampant pace of lifestyle and dealing with work leaves lesser time to indulge in delicacies. The fact remain concurrent in every part of the consumers’ society, which is why frozen foods are set to gain substantial importance. Easier and speedier procedure to cook and eat these products has promoted their use to almost every other consumer. In 2013, the global market for frozen foods attained the market value of US$ 122,084 million. According to the research report compiled by Persistence Market Research, the global frozen foods market will expand at a CAGR of 3.6% and reach market value of US$ 156.4 billion by the end of forecast period 2014-2020.
Key Market Dynamics
The most crucial factor driving the consumption of frozen foods comes from the kitchen itself. A majority of women in the western regions continue to opt for ready-to-eat foods instead of wasting a lot of time on cooking meals. In such scenarios, dependents continue to buy frozen foods and furnish the demands of the housewives. Homecooks, chef and other culinary professionals, on the other hand, might not promote the use of frozen foods and will continue catering to intricately cooked cuisines. Another driver for the growth of frozen foods market globally includes the busy lifestyles of the working class. Proactive lifestyle has urged people to consumer frozen food products whenever they have spare time. Easier availability of frozen foods has influenced the purchasing patterns of consumer regarding dietary products, rendering a firm place for frozen foods in their list of daily consumables.
Besides the geographical classification, the growth of global frozen foods market can be fragmented on the basis the type of products. Frozen pizza, frozen bakery products & confectionary items, frozen fish or seafood, frozen potatoes, frozen ready-to-eat meals, and frozen meat are the categorical types of products. On the long run, the frozen ready meals shall be the largest product segment. In 2013, this product-type segmented sold over 6,200 million kilograms worth of volumes, globally. The revenues reaped helped the frozen ready meals segment to attain market value of US$ 29,361.3 million in 2013, which is anticipated to grow robustly by 2020-end.
The global market for frozen foods continue to expand variably across several regions in the world. Europe, North America, Asia-Pacific, and Rest of the World (RoW) are the primary four regions segmented in the report. Europe recorded impressive growth and became the largest frozen foods market in 2013, reaching market value of US$ 44,683 million. North America is slated to be next in the line as a lucrative region for the growth of frozen foods market. Asia-Pacific, on the other hand, will endure the highest CAGR through 2020. With significant rise in its urbanization, the Asia-Pacific frozen foods market is more likely to dominate the global market during this period, and replace Europe as the largest frozen foods market.
Key Market Players
Growing consumption of frozen foods is urging companies to produce sustainable and durable food products. Leading companies in the global food & beverages industry are slated to participate in the growth of global frozen foods market by dedicating a division towards the production of such food products. So much so, that the contribution of top four companies in the global frozen foods market is anticipated to be 19% collectively. While Nestle and H.J. Heinz Company are among these four, other key companies include, ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills, BRF SA (Brazil), Tyson Foods Inc., Mother Dairy Fruit & Vegetable Pvt. Ltd. (India), Pinnacle Foods Inc., Ajinomoto Co. Inc., Kraft Foods Group Inc., and Unilever PLC, among others.
Availing the research developed by Persistence Market Research on the global frozen foods market, industrialists and market strategists can deduce the key factors driving the market’s growth and use the risk assessment information for directing the growth of their frozen foods businesses. The report illustrates how the busy lifestyle of consumers from across the world has changed their diets drastically. With nearly no time & talent to spare on cooking raw food materials, consumers are opting for ready-to-eat food products. The global market for frozen foods continues to be driven by such consumption preferences. A key aspect that promotes the consumption of frozen foods is the freezing or refrigeration of such products that makes them suitable to eat in any season. Preservation, wide range or products, and favorable purchase patterns of consumers contribute towards higher sales of frozen foods.
Among such factors, the demanding work culture exhibited by urban consumers will be a significant reason underlying the extensive demand for frozen foods. Hectic lifestyles and greater time required for cooking and food preparation have catapulted the consumption of frozen food products in cities. Frozen food products are also being preferred as they can be readied to eat at any temperatures and after variable time span. The report includes a segmentation based on which types of frozen food products are prominent in the global market. Segmentation on the basis of product-types helps to assess the specific growth of a particular product in the growth of the global frozen foods market.
The global frozen foods market is further segmented on the basis of key regions in the world. According to the report, Europe will continue to procure the largest market share in the global frozen foods market. North America and Asia-Pacific will be emerging regions with respect to the growth of global frozen foods market. Economic developments and rising urbanization, coupled with the growing disposable incomes, in Asia-Pacific region will supplement its presence in the expansion of the global frozen foods market over the forecast period of 2014-2020.
The report further profiles the leading companies in the global frozen foods market on the basis of their strengths, weakness, trends and opportunities. The competitive landscape in the global frozen foods market includes leading manufacturers of frozen foods products, distributors, as well as global F&B players instating a dedicated division for frozen foods.
To deduce the global frozen food market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type, vehicle type, and distribution channel; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global frozen food market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global frozen food market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global frozen food market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global frozen food market. Further, to understand key segments in terms of their growth and overall global frozen food market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global frozen food market.
Some of the major players in the Frozen Food market:
The company profiles include attributes such as company overview, products and services, financial performance and recent developments.