Improved standard of living and changing lifestyles of
people across the globe are major driving factors for the significant growth of
global frozen food market. Today, consumers are living a fast paced life with
lesser time available for cooking and other time consuming activities. Also,
they are more focused on their goals which occupy them with work load, in turn
leading to growth in demand for frozen foods worldwide.
Frozen foods, ready-to-eat meals, instant foods have gained
popularity over the past few years due to the consumer shift towards meals that
could be cooked in minutes and thus save their precious time. Another factor
driving the frozen foods market is rising population of working women and
female entrepreneurs across the globe. Working women tend to be busy and have a
hectic lifestyle which makes them opt for frozen foods as they can be
maintained at a definite temperature or frozen to prevent them from spoiling.
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The idea of storing food at a fixed temperature, or a
sub-zero temperature, which is responsible for ensuring that the moisture
content of the food stored stays intact and hence enables the preservation of
food longer than the regular food items. The intactness of freshness of food
items in frozen foods category makes them an ideal choice for the working-class
section of the population which enables them to get a quick bite as and when
possible. Not only does frozen food save time but it is also used as a break or
variety in consumers’ regular or monotonous eating menu. The growth of the
global foods market can also be attributed to the disposable income and the
altering lifestyle of consumers. Introduction of staple frozen foods and availability
of industrial and commercial freezing techniques are other factors which are
expected to have a significant impact on the growth of the global frozen foods
market. The global frozen foods market is anticipated to be worth USD 307.33
billion by the end of 2020.
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The global frozen foods market is segmented on the basis of
regions into various locations including Europe, North America, South Africa,
and Asia Pacific. Europe has reported highest revenue of about 38.9% of the
total frozen food market in 2013. European consumers highly depend on packaged
foods considering it to be hygienic, which is a major reason for its remarkable
growth in this region. The frozen food market is expected to grow slowly in the
Asia Pacific region owing to the absence of an organized market, cultural
barriers, non-acceptance of frozen foods over fresh foods by the elderly
population, and comparatively less population of working women. However, this
region is anticipated to encounter the highest growth in the next few years with
an estimated CAGR of 4.8% due to emerging economies like China and India, which
have a rising manpower along with their increasing disposable incomes. Also,
urbanization and globalization in these economies have led to an increase in
the number of working females and women entrepreneurs. Emerging economies like
Brazil and South Africa are expected to witness a growth in the global frozen
food market due to increasing hygiene concerns with surging trend of super
markets.
On the basis of different types of frozen food products, the
global frozen food market is segmented into a wide range of products including
frozen vegetables & fruits, fish & sea foods, potatoes and soups. Other
ready meal products include pasta, pizza, instant noodles, nuggets, cheese,
jams, confectionery and dairy products.
Prominent players in the market include Birds Eye Foods,
Inc., Iceland Foods Ltd., General Mills Inc., Ajinomoto Co., Inc., The Schwan
Food Company, Nestle, Maple Leaf Foods, Inc., Unilever Plc, McCain Foods,
Allens, Inc., ConAgra Foods, Inc., Tyson Foods, Inc., Heinz and Amy’s Kitchen,
Inc.
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