Global frozen food market was valued at USD 241.72 billion in 2014 and is projected to witness a significant growth over the forecast period owing to increasing standard of living along with lifestyle shifts of people across the globe.
Consumers are living a fast life with lesser time available for cooking and other time-consuming activities. Instant foods, frozen foods, ready-to-eat meals, have gained popularity over the forecast period, owing to the rapid consumer shifts for meals, as they save precious time, which in turn will propel industry growth over the forecast period.
Various fast food outlets including Pizza Hut, McDonalds, and Burger King maintain frozen food inventories to cater surging consumer demands, thus, ensuring availability of food for a prolonged time. In addition, removal of ban regarding the import of frozen beef from Australia by the Chinese Government is expected to drive the product demand.
Growing demand for the product in emerging economies including South Africa and Brazil are projected to witness growth over the next seven years. However, an unorganized market, especially in the Asian economies is expected to pose a threat to the major players owing to their higher penetration in the global market.
Significant logistics and storage costs associated with storing food at cryogenic temperature is anticipated to hamper the growth over the forecast period. Rising concerns regarding the sugar and fat content in the frozen food are projected to remain a significant challenge in the near future.
Europe frozen foods market estimates and forecast by product, 2012-2020, (USD Billion)
Frozen ready meals were the largest segment valued over USD 84.00 billion in 2014 and is expected to witness high gains over the next seven years on account of their convenience and less time-consuming attributes. Rising working population, increasing expendable income and improved lifestyles of the consumers is expected to drive demand for the product over the forecast period.
Frozen meat products are the second largest product segment and is expected to witness rise owing to increasing beef consumption, especially in the Middle East and Asia Pacific. Exemption of beef consumption bans in China is projected to drive market growth over the forecast period.
Frozen fruits & vegetables are expected to witness significant growth at a CAGR of over 4.0% from 2015 to 2022 over the next seven years owing to the rising demand for confectionery & dairy products.
Europe captured the largest share, valued over USD 92.00 billion in 2014 and is projected to witness moderate growth over the forecast period owing to the high adoption of packaged foods by the consumers. Stringent government regulations by the European Food Safety Authority (EFSA)s on food additives, flavorings, contaminants and food contact materials used in frozen foods are projected to augment the demand in Europe over the forecast period.
Asia Pacific is anticipated to witness the highest growth at an estimated CAGR of 4.9% from 2015 to 2022, owing to the rising manpower coupled with increasing disposable incomes in the emerging economies including China and India. Growing food & beverage sector in China, India, and Australia will stimulate industry expansion over the forecast period.
Rapid urbanization coupled with industrialization in these economies have led to an increase in the number of women entrepreneurs and working females. However, the absence of an unorganized market, cultural barriers, lower acceptance of frozen foods as compared to fresh foods, particularly by the geriatric population, and comparatively less population of working women is expected to hinder industry growth.
The global market is extensively fragmented with the top four companies capturing over 15% of the overall market share. Major competitors include The Schwan Food Company, Nestle, Unilever Plc, McCain Foods, Iceland Foods Ltd., General Mills Inc., Birds Eye Foods, Inc., ConAgra Foods, Inc., Allens, Inc., Tyson Foods, Inc., Amy’s Kitchen, Inc., and Heinz. Nestle is one of the leading companies in the frozen foods market capturing prominent market share owing to its widespread presence across the globe.
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