Global Frozen Food Market to reach US$293.7 Bn by 2019 End, Expansion to ride on back of Changing Food Consumption Patterns GloballyApril 9, 2021
The global frozen food market characterizes a high degree of fragmentation as the leading five players presently account for a lean share in the global market, finds a report by Transparency Market Research (TMR). Various local markets have significant presence of regional players who don’t have to bear the high cost of cold chains in long-range logistics. However, TMR notes that over the years, top players will make every effort to gain a competitive edge over their rivals and increase their clout in various regional markets. In order to consolidate their shares they are likely to opt for acquisitions and bring constant technological advancement in their solutions. In 2012, TMR observed that leading companies such as McCain Foods Limited and Schwan’s Company along with some indigenous and unorganized players held over 65.0% share in the global market in 2012.
The global frozen food market is projected to reach a worth US$293.7 billion by 2019 end. The market is expected to garner a moderate CAGR of 3.9% during the forecast period of 2013–2019.
The various frozen food products comprise vegetables and fruits, potatoes, ready-to-eat meals, meat, fish/seafood, and soups. Of these, frozen ready-to-eat meals held the leading share in 2012 and is projected to expand at 3.9% CAGR during the forecast period. The segment that is expected to show a marked rise in market share is frozen vegetables and fruits, which capitalizes on advances in food freezing technologies.
On the regional front, Europe led the pack in 2012 and since then has been rising at an attractive pace. However, Asia Pacific and regions under Rest of the World are expected to witness potentially promising avenues over the assessment period. The growth of these regional markets is attributed to the presence of large untapped avenues across them.
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The demand for frozen food is driven primarily by the changing consumer preferences and taste in response to changing lifestyle. The adoption of hectic lifestyle of working professional has propelled the substantial demand for frozen food products. The rising inclination of ready-to-eat foods among this population in various parts of the world, most notably in urban spaces, is boosting the global frozen food market.
Prominent manufacturers of frozen food are increasingly benefitting from the supply of raw materials for meeting their needs in compliance with the food quality and safety standards put in place. This is imparting a substantial momentum to the market growth. In various emerging economies, rapid improvements in per capita incomes of people, coupled with constant changes in food habits, is bolstering the demand for frozen food. The rising share of women in workforce, especially in emerging and developed nations, is a notable factor accentuating the growth of the market.
Technological advancements and constant improvements in cold chain logistics are creating new, promising avenues in the frozen food market. In this regard, the adoption of automation in food production-distribution processes is providing a robust catalyst. The adoption of automated technologies in packaging food in recent years has helped in the market to expand rapidly.
Manufacturers of frozen foods are introducing innovations in taste, texture, and flavor of frozen foods, thus boosting the market. Furthermore, the advent of visually appealing packaging augurs well for the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Frozen Food Market (Product – Vegetables & Fruits, Potatoes, Ready-to-eat Meals, Meat, Fish/Seafood, and Soups) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”