Deep frozen food products that can be stored and used over a long time period are referred as frozen foods. Extensively used frozen food products include frozen ready-to-eat meals, fruits & vegetables, meat & poultry, sea food, soups and similar others. Global frozen food market comprises of retail as well as business customers. Retail customers of frozen food are individuals and households whereas business customers include hotel chains, fast food outlets, caterers and other business buyers. Retail customers mostly prefer cooked and semi-cooked ready-to-eat food, meat and soups amongst others. While business customers majorly use frozen meat, sea food, frozen pizza crust, bread, frozen dough, potatoes and vegetables as key ingredients for preparing food for end customers. Geographically, Europe is are the largest market, closely followed by North America.
The world frozen food market is expected to grow at a CAGR of 4.1% during 2015 2020. The growth of the frozen food market would primarily be driven by the growing demand and consumption of frozen foods in the developing markets such as India, China, and other Asian countries. Increase in disposable income coupled with change in lifestyle and food habits are major factors boosting the market growth in these regions. Moreover, rapidly increasing number of large retail chains including hypermarkets and supermarkets has bolstered the demand of frozen food in developing Asian countries. However, lack of proper refrigeration facility in retail stores and inadequate distribution facility in semi-urban and rural areas are the major challenges for the industry in developing markets. The developed markets would continue to grow at a moderate pace, majorly driven by the increasing consumers preference for healthy frozen foods.
The market is segmented on the basis of product type, user and geography. The products covered in the report include frozen ready meals, meat & poultry, sea food, vegetables & fruits, potatoes and soup. On the basis of user, the market is segmented into retail users and food service industry (hotel chains, restaurants, caterers and others). To gain a comprehensive understanding, the market is analyzed in key geographic regions namely North America, Europe, Asia-Pacific and LAMEA. North America and Europe are large developed markets of frozen food whereas developing markets including Asia Pacific and LAMEA are fast catching up.
Major companies operating in this market have adopted acquisition and new product development as their key strategies in order to gain a competitive edge. Aryzta is one of the largest suppliers of frozen bakery in North America and Europe. Nestle is a leading player in frozen pizza segment in North America and Europe. Mac. Cain foods launched local food variants in India, developed specifically as per the traditional food habits of customers. Leading players profiled in the report include Aryzta A.G., General Mills Inc., Kraft Foods Group Inc., Ajinomoto Co. Inc., Cargill Incorporated, Europastry S.A., JBS S.A, Kellogg Company, Nestle S.A. and Flower Foods.
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SIMILAR MARKET STUDIES
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