Frozen Food Market Revenue | Players Review and Forecast to 2023
Market Overview
Frozen foods are an important trend in the food industry and as a result they have been very successful. Market Research Future which specializes in market reports related to the food, beverage and nutrition sector amongst others lately published a report on this industry. The market for frozen foods is expected to grow at a CAGR rate of about 4.21% in the forecast period.
The convenience offered by frozen food has created a certain appeal for the working population which has favourably added to its demand. Since all the items of the dish or ingredients are fully prepared, they have a very limited preparation time and this factor has increased the market size exceedingly well. Since consumption of frozen foods can be done in a significantly long period of time the consumer demand for the market has risen incomparably.
Global Competitive Analysis
Global Frozen Food Market Revenue key players profiled are Kraft Foods Group Inc. (US), Aryzta AG (Switzerland), General Mills Inc. (US), Ajinomoto Co. Inc., (Japan).
The segment players are targeting to gain a considerable share of the market segment by the effective employment of their prime resources to initiate growth changes which are long lasting. This sentiment has set off trends which are related to expansion which is notably volume driven. This has effectually led to an increase in different ranges of product forms. The sector’s considerable transformation due to the accelerated growth pace has led to experimentation with many advantage points. The industry’s long term development can be capitalized upon by continual ongoing process improvements and maintaining financial fluidity to invest in the optimal strategies when they are available.
Industry Segments
Global Frozen Food Market Revenue has been divided on various categories. The categorization on the basis of type contains of ready-to-eat products, vegetable & fruits, meat & poultry, potatoes, soup, sea food among others. The ready-to-eat food category has recorded the maximum market share over the previous few years and is projected to control the market in the forecast period. The sea food segment however is anticipated to expand at an exceptional growth rate over the forecast period.
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The market division on the basis of end users comprises of retail customers and food service. Food service segment will observe a greater growth rate than the retail customers through the forecasted period. The distribution channel category comprises of specialty retailers, hyper markets & super markets, convenience stores, and independent stores.
Detailed Regional Analysis
Global Frozen Food market is segmented into Asia Pacific, North America, Europe and Rest of the World (ROW). The European region is anticipated to maintain its control throughout the forecast period and will develop at a CAGR of 4.03%. The Asia-pacific region will also be the swiftly developing region in the industry with the market value developing at a CAGR of 4.81% and high growth observed in emerging economies such as China, Japan, India and ASEAN countries. The Latin American countries have made available ample opportunities of growth to major players. The increased intake of processed and convenience food items in emergent economies of Asia-Pacific and Latin America and mounting demand for ready meals and sea food especially in China and Indian markets will maintain the market growth during the forecast period.
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