(Food-Beverage-News.Com, February 24, 2018 ) Asia-Pacific Frozen Foods market has been estimated at USD 50.60 Billion in 2017 and is projected to reach USD 74.07 Billion by 2022, at a CAGR of 7.92% during the forecast period from 2017 to 2022. Frozen food products are the food products like ready-to-eat meals, fruits & vegetables, meat & poultry, sea food, soups and similar others, which requires subzero temperature level preservation, for quality preservation and also for a longer shelf life. With shifting preferences among consumers towards ready to cook meals owing to conveniences and hygiene, the market for Frozen foods is witnessing huge potential profits.
The market for frozen foods in Asia-Pacific region is mainly driven due to factors like rising demand from emerging economies, constant product innovation, and attractive packaging that are helping the frozen food market attain a high growth rate. The market growth can be restricted due to issues like inadequate distribution facility in semi-urban and rural areas, along with lack of proper refrigeration facility in retail stores.
Asia-Pacific market for Frozen Foods is segmented based on product type and end- user. By product type, the market is further sub-segmented into frozen ready-to-eat meals, frozen meat & poultry, frozen sea food, frozen vegetables & fruits, frozen potatoes and frozen soup. Frozen ready-to-eat meals segment leads the market, accounting for 35% of the total market, due to increased popularity on account of hygiene and timely preparation. Frozen potatoes segment is anticipated to be the fastest growing segment in the forecast period, with these products having high nutritional value and delicious nature.
Geographically, Asia-Pacific market for Frozen Foods is segmented into China, India, Japan, South Korea and Australia. Asia-Pacific market is the fastest growing market in the world market. Economic developments paired with increasing urbanization and disposable income are encouraging the firms involved in this sector to establish their manufacturing and consumer bases in the emerging economies of Asia-Pacific region.
Kraft Foods Group Inc., Kellogg Company, Nestle S.A., Ajinomoto Co. Inc., Cargill Incorporated, Ralcorp Frozen Bakery Products Inc., Amy’s Kitchen Inc., Unilever plc, The Schwan Food Company, ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills Inc, Heinz, are the major players of Asia-Pacific Frozen Foods market.
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