The global Frozen Food Market is set to witness a higher CAGR of 6.15% during the period 2017-2021. Frozen foods are in high demand and the market experiences a cumulative growth as the products fall under various flavors with an authentic branding. The frozen food market is highly driven by rise in working population that demand ready-to-eat meals coupled with presence of e-Commerce channels. Availability of refrigeration for commercial and industrial freezing is likely to benefit the market growth in the forecast period. Minimal transportation costs and ease of consumption strengthens the market demand. Apart, manufacturers have now adopted novel policies for product preparation and packaging.
However, cheap substitutes with no standardization and lack of authentic packaging might hinder the market growth in the forecast period. Frozen food market is segmented by products, which include fruit, vegetables, fish & seafood, canned food products, soups, and ready-to-eat meals. Fish & seafood products account for a significant market share owing to increased demands by working population and rise in disposable income. Geographical segmentation for frozen food market comprises North America, South America, Europe, Asia-Pacific, Middle East and Africa. North America and Europe account for significant market share owing to consumer preference for frozen food products with better quality.
In addition, stringent norms and regulation for use of artificial flavors and the other food additives in European regions have accounted for the produce of quality products in the recent years. The trend continues to remain the same during the forecast period. Asia-Pacific regions dominate the global market due to rapid market expansion and rise in urbanization. Rise in food outlets and increase in disposable income are likely to contribute to the regional market growth in the forecast period. The prominent players in the frozen food market include General Mills Inc, Ajinomoto Inc, Nestle, Heinz Inc, Unilever Plc, Amy’s Kitchen Inc and Allens Inc.
Source : prnewswire
Published on: October 3, 2018