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 growth of the global frozen food market is propelled by the rising demand for ready-to-eat meals among worldwide populations.
• Technological advancements and constant improvements in food production-distribution processes create lucrative prospects for market players.
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.
Rising Affinity toward Ready-to-eat Meals fortify Demand for Frozen Foods
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.
Automation in Food Production-Distribution Processes unlocks Promising Prospects
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.
Source : factmrblog.com
Published on: December 19, 2018