The analysts forecast the global frozen food market to grow at a CAGR of 6.15% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global frozen food market for 2017-2021. To calculate the market size, the report considers the revenue generated through the sales of frozen foods sold to individual customers as well as to foodservice customers through various retail outlets, which include, but are not limited to, hypermarkets, supermarkets, convenience stores, independent retailers, discount stores, warehouse clubs, and online channel. The report also includes a discussion of the key vendors operating in this market.
One trend in market is continuous product innovation. Frozen food companies invest in R&D and keep modifying and innovating existing and new products. An array of products is offered by these companies under one type of frozen food. Companies are looking for new ways to differentiate their brands by producing disruptive brands and products to increase their revenues. The widening of the product portfolio aims at expanding customer base across the globe.
According to the report, one driver in market is growing desire for convenience. The demand for ready-to-eat or convenience food has risen over time due to busy schedules and change in eating habits. Due to hectic lifestyles, consumers prefer frozen foods that reduce the preparation or cooking time and clean-up time. Further, the tendency to have more leisure time among consumers is increasing, which, in turn, is leading to the increase in demand for convenience food products such as frozen foods. Preparing freshly cooked food requires many pre- as well as post-cooking requirements. Frozen food provides convenient solutions during meal time by offering meal kits like frozen canned soup or frozen ready-to-eat meal box. Frozen food is available in a wide range, from entrees to full meal kits, from American style breakfast to Asian cuisines. In the UK, children's frozen ready meals are also seeing consistent growth due to busy lifestyles of parents. Kiddyum, a UK-based brand, specializes in frozen foods for children.
Further, the report states that one challenges in market is increase in consumer preference for fresh food. The growing health consciousness and demand for fresh food are constant threats to the frozen food industry. The adoption of fresh foods is high among young consumers. Consumers consider frozen food to be stale whereas fresh food offers better nutrition value - a factor that is causing a shift in the consumption pattern. In recent years, there has been a drastic rise in the occurrence of health problems such as diabetes, digestive disorders, allergies, and obesity in the global population.
Hence, people have increasingly become health conscious and are following a healthy diet, which is fueling the demand for fresh foods to prevent or reduce the occurrence of health problems. The health-conscious population segment demands foods with fewer calories and essential nutrients. Hence, healthy eating habits have increased the demand for fresh foods as they are unprocessed and contain vitamins, fibers, and naturally occurring minerals.
Other prominent vendors
Nomad Foods Europe
The Hain Celestial
The Schwan Food Company
2 Sisters Food
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market segmentation by product type
Part 06: Geographical segmentation
Part 07: Market segmentation by distribution channel