Shift in consumer preference towards ready to eat meals is expected to drive the global frozen food market
San Francisco, California (PRWEB) November 18, 2014
The global frozen food market is expected to reach USD 307.33 billion by 2020, according to a new study by Grand View Research, Inc. Consumer shift towards adoption of frozen food on account of less time required to cook them is expected to spur growth over the next several years. Frozen food provides convenience along with variety to the consumer which has also played an important role in the development of the frozen food market. Growth of the meat industry, particularly in a BRIC nation on account of increasing population and disposable income level is also expected to drive the global frozen food market over the next six years.
The presence of a large unorganized market in Asian countries is expected to remain challenging for existing market participants. Unbranded frozen food poses threat to big brands in terms of their quality and price offerings. Cultural barriers to adopt frozen food in parts of Asia Pacific are also expected to inhibit the market growth. The elderly population in Asia Pacific still prefer farm fresh food over frozen food and to penetrate this market is expected to remain a key challenge for market participants. High logistics cost and health issues regarding presence of high sugar content and far preservatives in frozen food are also expected to hinder the market growth.
Browse full report with TOC at http://www.grandviewresearch.com/industry-analysis/frozen-food-market
Further key findings from the study suggest:
- Ready meals emerged as the leading frozen food product consumed worldwide and accounted for over 35% of total market revenue in 2013. Change in consumer lifestyle is considered to be directly proportional to the ready meals market growth. Lack of cooking time among consumers on account of increasing involvement in professional life is expected to drive the demand for frozen ready meals. Frozen potatoes are expected to witness highest growth over the next six years. The segment is expected to grow at an estimated CAGR of 4.6% from 2012 to 2020.
- Europe was the largest regional frozen food market and accounted for 38.9% of total market revenue in 2013. Increasing adoption of hygienic packaged food is expected to drive the regional demand for frozen food. Asia Pacific is expected to witness highest growth rate over the next six years. The region is expected to grow at an estimated CAGR of 4.8% from 2014 to 2020. Growing population coupled with increasing disposable income levels in countries such as China and India has amplified the fast food industry in these countries which further had a positive impact on the overall frozen food market.
- Global frozen food market is highly fragmented as top four companies accounted for less than 20% of the overall market, resulting in improved techniques used by small scale manufacturers to capture market share. The large multinational companies face intense competition from local companies in terms of their price offerings. Some of the leading companies operating in the global frozen food market include Nestle, ConAgra Foods, Inc., The Schwen Food Company, H.J. Heinz, Maple Leaf Foods Inc., McCain, Unilever Plc, and Amy’s Kitchen Inc.
More Details on Gobal Frozen Food Market Trends at http://www.grandviewresearch.com/industry-analysis/frozen-food-market
For the purpose of this study, Grand View Research has segmented the frozen food market on the basis of product and region:
Global Frozen Food Product Outlook (Revenue, USD Million, 2012 - 2020)
- Frozen fruits & vegetables
- Frozen potatoes
- Frozen ready meals
- Frozen meat
- Frozen fish/seafood
- Frozen soup
Global Frozen Food Regional Outlook (Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
Browse Press Release of this report at http://www.grandviewresearch.com/press-release/global-frozen-food-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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