Overview of the frozen food market
Technavios research analyst predicts the global frozen food market to grow steadily at a CAGR of 4% during the forecast period. The rise in disposable income and the growing desire for convenience is driving the growth of this market. Consumers prefer ready to eat meals that can reduce their cooking and clean up time. Moreover, the ease of use associated with the packaging technique and the microwave cooking support for frozen food is also making frozen food a popular choice for consumers. For instance, nearly 8 out of every ten consumers across Europe consider frozen or prepared meals an excellent option when they are too busy to cook from scratch.
The rise in product innovations in this market is also expected to contribute to the market growth during the forecast period. Vendors, globally, are innovating in terms of product formulations and packaging to keep the frozen food fresh. Organic and natural frozen food have also gained momentum in the market among cost and health-conscious consumers. For instance, Atkins Nutritionals launched 20 frozen meals products such as teriyaki beef stir-fry, meatloaf with portobello mushroom gravy, etc. to suit the consumers needs and diet.
Product segmentation and analysis of the frozen food market
Frozen ready meals
Frozen fruits and vegetables
Frozen fish and seafood
Frozen ready meals dominated the market during 2014, with a market share of 34%. The increasing number of older population (50 years and above) and children who favor instant meals rather than a fully cooked meal are the key drivers for the growth of this segment. These meals are also considered to be healthier in comparison to other ready meals as they do not contain preservatives and are free from microbial attacks. The report predicts this segment to retain its leadership and reach a market value of around USD 99 billion by the end of 2019.
Segmentation by distribution channel and analysis of the frozen food market
Hypermarkets and supermarkets accounted for 74% of the market share during 2014. Frozen ready to eat meals and frozen meat were the most popular categories in this distribution channel.
Geographical segmentation and analysis of the frozen food market
Europe dominated the market during 2014 with a market share of around 34%. The frozen processed foods longer shelf-life compared to chilled formats offers greater convenience by maintaining ingredient freshness and nutritional quality, thereby driving the market growth. Germany is the market leader in this region. The report anticipates the market in this region to reach a market value of around USD 95 billion by the end of 2019.
Competitive landscape and key vendors
The global frozen food market is highly fragmented due to the presence of numerous small and large vendors. Vendors in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion.
The leading vendors in the market are -
Maple Leaf Foods
The Schwan Food Company
Other prominent vendors in the market include Greencore, Hormel Foods, Iglo Group, TableMark, The Findus, Simplot Australia, The Hain Celestial Group, Windsor Foods, and 2 Sisters Food.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global frozen food market?
What are the key market trends impacting the growth of the frozen food market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global frozen food market?
Trending factors influencing the market shares of APAC, Europe, North America, and ROW?
What are the key outcomes of the five forces analysis of the frozen food market?
Technavio also offers customization on reports based on specific client requirement.
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