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Albany, NY, April 26, 2019 (GLOBE NEWSWIRE) -- A defining feature of the global frozen processed food market is its high level of fragmentation and extreme competitiveness. The market is home to an emerging number of small players. The market’s expansion in new regions is expected to further the development. According to Transparency Market Research (TMR), innovation in food products promises higher profits and new opportunities. Some key players in the global frozen processed food market are Unilever plc, Tyson Foods Inc., ConAgra Foods, Inc., Nestle S.A., BRF S.A, and General Mill.
TMR predicts that players in the global frozen processed food will encounter a modest growth and opportunities in the near future. The growing demand for healthy foods is expected to drive the growth of the market. Additionally, leaders are expected to engage in collaborations and mergers, with an eye on new regional opportunities and expertise. Additionally, players in the frozen processed food market continue to strive for increased visibility, relationships with retailers, and communication to gain a competitive advantage.
The frozen processed food market was evaluated at US$57.50 bn in 2014. It is likely to expand at 2.7% CAGR during 2015-2021 and reach US$69.11 bn by the end of 2021. Among various frozen products, the poultry segment has registered the highest growth. It is expected to reach US$9.91 bn by 2021. Relatively cost-effective nature of poultry food, dietary preference for meat, and popularity of products like chicken are expected to drive growth.
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Region-wise, the frozen processed food market report details its presence in North America and Europe part from other major regions of the globe. Among these, North America is expected to gross the total revenue chart. The regional market is expected to reach US$23.60 bn by the end of 2021. However, its growth is likely to be sluggish, with a predicted CAGR of 0.9% to occur during 2015-2021.
Growth in Ready-to-Eat Food Products Propels the Frozen Processed Food Market
The fast food outlets are growing in major revenue generating regions like North America. This presents a major opportunity for the growth for the frozen processed food market. The continuous rise in poultry, sheep, buffalo, and goat meat is a large opportunity on the horizon. Additionally, growing fast food outlets have also brought changes in food processing. Due to long preparation time and several preparatory steps, ready-to-eat food products are witnessing major growth. Moreover, due to innovation in food perseverations and packaging innovations such as atmospheric packaging, food products showcase a long shelf life. Additionally, introduction of natural preservatives are expected to reduce food spoilage and bacterial risks associated with fast foods. This is also expected to further the growth of the frozen processed food market.
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Moreover, busy lifestyles, growing disposable incomes in emerging countries, and growing demand for innovations in organic food products are expected to drive robust growth in the frozen processed food market.
Third Party Green Storage to Boost Growth in the Frozen Processed Food Market
Technological advancements are revolutionizing the way many companies operate. Technologies like cloud, smart warehousing, and other advancements in logistics like transport are expected to create new opportunities in the frozen processed food market. These opportunities will drive major growth in mature markets, where process standardization offers little opportunity for cost-cutting.
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In markets like the UK, third party often handle storage for frozen foods and increasingly, cloud and automated monitoring are leading to more efficiency, reduced energy costs, and pass on the savings to end-consumers. For example, triangulating logistics have enabled a major third-party warehousing company in Britain to save nearly 90% supply costs. Hence, growing technological advancements present a major opportunity for growth in the frozen processed food market.
This review is based TMR’s report titled, “Frozen Processed Food Market (Product Type – Frozen Bakery Products, Frozen Desserts, Frozen Meat Substitutes, Frozen Processed Fish/Sea Food, Frozen Processed Poultry, Frozen Processed Red Meat, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
The global frozen processed food market is segmented along the following lines:
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