Transparency Market Research has published the latest research report about the global frozen processed food market and its overall dynamics. According to the research report, the frozen processed food market is estimated to reach an overall valuation of US$69.11 bn by the fall of 2021. This is a substantial increase from the initial valuation of US$57.50 bn back in 2014. This growth of the market is expected to be achieved with the help of a modest CAGR of 2.7% over the course of the given forecast period of 2015 to 2021.
North America to Continue its Global Dominance
According to the research report, the global frozen processed food market is geographically divided into five key regions. These regions are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these regions, the global market is currently dominated by the North America market and is expected to lead until the end of the given forecast period. The research report states that North America frozen processed food market will reach a valuation worth US$23.60 bn by fall 2021. The market will grow at a CAGR of 0.9% during the forecast period. The increasing demand for frozen processed poultry food products has thus resulted in the domination of the segment across the globe. This segment is estimated to reach a valuation worth US$9.91 bn by the end of the forecast period.
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The global frozen processed food market is projected to experience a modest development over the course of the given forecast period. The key players in the market are concentrating more on aligning their product development process to cater to the increasing demands from the growing health-conscious population across the globe. The established companies in the market are now turning towards developing strategic partnerships and collaborations in order to maintain their status and brand identity. They are also focusing on bringing more visibility, communication, and develop a strong relationship with their retailers and with customers as well. Some of the key players in the global frozen processed food market include names such as Zhengzhou Sanquan Food Co. Ltd., Stouffer’s, McCain, and Bofrost among others.
Changing Food Habits Across the Globe are Driving Market Growth
The constantly evolving lifestyles across the globe have been the main driving factor for the growth of the global frozen processed food market. People are getting increasingly busy and need food products that do not require much preparation. However, a key point in such demand is to retain the nutritious value of the food product. This has thus helped in pushing the demand for frozen processed food products across the globe. This pattern is particularly popular in countries such as the Philippines, China, and the US. In addition to this, considerable growth in the disposable income of the global populace has also played a key role in the development of frozen processed food market.
Frozen processed food needs no special cooking ability. They are prewashed, precut, and are frozen so they are ready to use. They also offer higher shelf life and longer usability. Such benefits are helping to drive the popularity of frozen processed food market. Technological advancements, constant product innovations, and keenly planned retail supply chains are also helping in the development of the global frozen processed food market. The changing food habits of people across the globe to perceive frozen process food product as sound dietary alternatives instead of just convenience food has also pushed the growth of the global market.
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