Frozen food involves basic food chemistry under which food is conserved by a freezing process and kept in a freezer before cooking. Frozen food category offers a greater variety along with better availability of food available all year round. Frozen food offers better stock control, overcome the problem of seasonality and offers longer shelf life which allows advanced purchase and longer-term storage.
The significant factor driving the growth of the Frozen Meat Industry is the increasing demand of high protein food among the consumer. Consumers are inclined to adopt meat to fulfil their health nutrients. Furthermore, the development of the food technology is providing the extra space for the frozen food manufacturers. Apart from that, the hectic lifestyles of the people coupled with the changing dietary patterns of the consumer is further propelling the demand of frozen meat market in the upcoming decade. Food service industry is witnessing a healthy growth over the couple of years both in developed and developing economies which in turn offers a lucrative opportunity in the frozen meat market over the forecast period. Generally, food service companies purchase the product in a bulk quantity which is positively influencing the demand of frozen meat. In addition, mounting growth of organized retail industry is also anticipated to be one of the important factors for increasing growth of frozen meat market during the forecast period. Consumers are interested to buy the products from the supermarkets & hyper markets instead of the normal grocery shop.
These factors will play a key role in the growth of frozen meat market at the CAGR of 4.36% during 2017-2023.
By Downstream Analysis
Among the product type, frozen processed meat segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register the healthy CAGR of 4.44% during the forecast period. Among the end user, retail customer segment is estimated to account maximum market proportion during the forecast period of 2017-2023. Food service segment is estimated to observe a substantial growth of 4.70% during the review period.
This report includes a study of strategies used in the market, mergers and acquisitions in frozen meat, multiple product launch by frozen meat market players. It further includes product portfolios and developments of leading major players which includes
- Marfrig Group. (Brazil)
- Kerry Group Plc. (Ireland)
- BRF S.A. (Brazil)
- Associated British Foods Plc. (U.K.)
- Pilgrim’s Pride Corporation (U.S.)
- Tyson Foods, Inc. (U.S.)
- Cargill Incorporated (U.S.)
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The global Frozen Meat market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is expected to retain its dominance throughout the forecast period. Europe is estimated to reach USD 31.47 Billion by the end of 2023. Asia-pacific will be the fastest growing region in the frozen meat market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Asia Pacific region is estimated to reach USD 18.83 Billion by the end of forecast period of 2023. Latin American countries offers ample opportunities for expansion to major players. Middle East region is projected to be one of the lucrative place to enhance the business of frozen meat.