Global Outlook of Frozen Foods, Hectic Lifestyles of Consumers to Boost Demand for Ready to Eat Products

Published By : 02 Feb 2016 | Published By : QYRESEARCH

Frozen foods present consumers a lot of comfort and convenience and thus is why the demand for frozen foods is on the rise globally. The frozen products in the aisle of hypermarkets and supermarkets have particularly witnessed an exponential demand, fuelling growth in the frozen foods market. In addition, it has been found that over 50% of the people purchasing frozen foods worldwide are over 45 years. 

  • Increasing Disposable Incomes and Hectic Lifestyles of Consumers to Boost Demand for Ready to Eat Products: The ready to eat section in the market is predicted to expand exponentially in forthcoming years. Seeing the continuous and immensely increasing popularity of frozen foods that are ready-to-eat, the key manufacturers operating in the frozen foods market are making innovative product types and have been taking part in the development of other product segments such as frozen meat, fruits and vegetables, frozen potatoes, frozen soups, and frozen seafood/fish. 
  • Innovation Driven by Extremely Fragmented Competitive Landscape: The global market for frozen foods is extremely fragmented in nature with five prime players holding a small 17% share in the market in 2012. ConAgra, H.J. Heinz, and Nestle are amongst the top participants within the market. In the recent years, the concentration of the market is predicted to rise as the major vendors will keep on innovating advanced technologies and will thus acquire varied strategies for rising their share within the market. Approximately 12% of the market was taken over by private labels in 2012, and this was a key restraint on international players. A number of local as well as unorganized brands accounted for a combined share of over 65% within the market in 2012. 
  • Europe Led the Market: Europe held the largest share in the market for frozen foods in 2012 and represented a share of more than 35% in the market. Within Europe, in 2012, Germany is the largest frozen foods’ consumer and represented 15% in the market. Owing to the busy lifestyles and increasing disposable incomes of consumers, Asia Pacific is predicted to represent a share of more than 24% in the market by 2019.

Thus, The rising preference of consumers towards food packages that are easy to prepare and the technology integration of food freezing for addressing the everyday requirements have aided the market for frozen foods to rise at a rapid pace in past few years and the market will continue to rise in forthcoming years.

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