Changing Lifestyles Spur Demand for Frozen Processed Food Items
The changing lifestyles of the global population marked with busy schedules are driving the consumption of frozen processed food worldwide. With less time to cook elaborate and nutritious meals, an increasingly high number of consumers are opting for convenient meal options. This trend is especially making a pronounced impact on the revenues of the frozen processed food market in countries such as India, the U.S., China, and the Philippines.
Furthermore, increasing disposable incomes are also contributing toward the growth of this market. Transparency Market Research states that growing number of households with refrigerators in developing countries will also help fuel the demand for frozen processed food items in the near future.
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According to the report, the global frozen processed food market will be worth US$69.11 bn by 2024 as compared to US$57.50 bn in 2014, exhibiting a modest CAGR of 2.7% in terms of revenue. The market will also receive an impetus from the introduction of innovative frozen processed food items that cater to the unique needs of the fitness- and health-conscious consumers. Additionally, a thrust on marketing products as healthy and natural will be a game-changing trend for frozen processed food brands.
Cost-effective Products Make Asia Pacific the Leading Regional Segment
The key segments of the global frozen processed food market, by geography, are Europe, North America, Asia Pacific, and Rest of the World. Of these, North America held the leading share in the global market as of 2014 and is expected to be the fastest-growing region in the forecast period. High consumer preference for frozen foods and growing awareness about health frozen food options is driving the North America frozen processed food market.
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Asia Pacific is also anticipated to emerging a significant region in the overall market as it is poised to expand at a CAGR of 7.5% between 2015 and 2024. Technological advancements and development of new products within cost-effective price ranges will fuel this regional market in the coming years.
Frozen Processed Poultry Segment to Flourish as Consumers Prefer Lean Meat
The steady demand for frozen processed poultry is expected to keep this segment in the lead in the global market. The consistent demand for various types of frozen chicken sausages, nuggets, shredded chicken, and chicken popcorn will keep the make the frozen processed poultry segment the leading segment during the forecast period. With these drivers, the majority of the consumers are expected to opt for lean meat instead of red meat, enabling the frozen processed poultry segment contribute revenue earnings worth US$9.91 bn by 2024. Introduction of a variety of flavors in lean meats and a wide range of products will also keep the growth of segment positive in the near future.
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Some of the leading players in the global frozen processed food market are Tyson Foods Inc., Unilever plc, Nestle S.A., ConAgra Foods, Inc., General Mill, and BRF S.A. These players are focusing on product innovation to deliver items that will suit myriad palates and dietary needs. Companies are also expected to strengthen their retail networks to reach out to a larger audience in the near future.
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