The benefits of frozen food are one of the primary factors that are driving the expansion of the industry. Since the food products can be safely consumed over a long period of time, frozen foods are highly demanded by the working population who are looking out for quick fix options in terms of food preparations. The convenience factor of these products will sustain the industry’s growth through the forecast period.
Frozen Food Market has seen a significant uptick in the recent years owing to rising consumer preferences. Market reports linked to the food, beverage & nutrition sector along with published reports on other sectors have been lately made available by Market Research Future, which has also published a report on this market. The industry for frozen foods is projected to expand at a CAGR of about 4.21 per cent in the forecast period.
The products that are being focused on to capitalize the vigorous pace of technological discoveries have led to extensive changes. This particular trend has amplified the affinity for diversification in the sector, which has indirectly enabled the players to use the beneficial state of dealings obtainable in this market. The utilization of these opportunities by contenders, who are trying to nurture their industry share by intensive development can inspire the growth of this business sector.
The companies are also additionally trying to capture and create economic worth together in a proper manner. This has raised the potential for the approaching growth period considerably. This state has also been known to be productive for companies so they can fix goals that can keep up their enterprise's liquidity viable enough to take effective choices in terms of strategy designing and implementation.
The significant players included in the Frozen Food Market are Cargill Incorporated (US), Ajinomoto Co. Inc., (Japan), Aryzta AG (Switzerland), General Mills Inc. (US), Kraft Foods Group Inc. (US), Kellogg Company (US) and Nestle S.A. (Switzerland) to list a few.
Industry Updates:
Mar 2018 Riviana Foods which is a Texas-based company and German rice and pasta manufacturer Ebrofrost Holding GmbH who had partnered about a year ago on plans for a multimillion-dollar facility to distribute and process frozen pasta, rice and grain products are expanding their production facility again. The plans comprised of Ebrofrost renovating and leasing part of Riviana’s facility. The two companies have just recently have filed a $3.1 million building permit application for site to further enhance their capabilities in the region to a great extent.
Segments:
The industry for frozen food products has been segmented into various segments. The segmentation on the basis of type covers vegetable & fruits, ready-to-eat products, sea food, potatoes, meat & poultry, soup among others. The ready-to-eat food segment has captured majority of the market share in the past few years and is anticipated to lead the market in the forecast period. The sea food segment on the other hand is expected to grow at a brilliant growth rate over the period of the forecast. The market segmentation on the basis of end users includes food service and retail customers. The food service segment will witness a better growth rate than the retail customers through the forecast period. The distribution channel category includes specialty retailers, super markets & hyper markets, independent stores and convenience stores
Frozen Food Market is segmented into regions such as Europe, Asia Pacific, North America and Rest of the World (ROW). The European region is estimated to continue its strong hold on the market throughout the forecast period and will develop at a CAGR of 4.03 percent. The Asia-pacific region will also be the rapidly growing region in the industry with the market value rising at a CAGR of 4.81 percent. With high growth observed in emerging economies such as China, Japan, India and ASEAN countries, the APAC region is bound to show promising growth. The Latin American countries have made available abundant occasions of growth to the major players in the industry. The amplified consumption of convenience and processed food items in emergent economies of Latin America and Asia-Pacific along with the mounting demand for ready meals and sea food especially in Chinese and Indian region will uphold the industry expansion during the forecast period.
