Frozen Food Market (Vegetables & Fruits, Potatoes, Ready-to-eat Meals, Meat, Fish/Seafood and Soups) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 11/14/2014 -- Introduction to the Frozen Food Market
The frozen food market has already entered the next generation list of convenient ready foods. The convenience and time to prepare frozen processed food is faster than fresh food. It can be stored in freezers for long durations of time. The frozen food market is the best alternative to canned, fresh, and cooked foods becoming one of the best dynamic and largest consumed sectors within the food industry.
Since frozen food products are stored below -9.5°C, this aspect helps to slow down the process of decomposition and prevents fostering of microorganisms, in turn keeping the product in good condition for longer time. It is mainly due to this factor and convenience, the frozen food market has been successful in terms of growth and expansion over the years.
Frozen Food Market Drivers and Restraints
Due to the introduction of new product launches and growing demand for ready or faster-to-prepare foods in the market, the global frozen food market is expected to witness high growth over the forecast period. Also, frozen food constituted with organic and natural ingredients provides potential growth opportunities for food manufacturers around the world.
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Technological advancement in freezing technology is another growth factor in the frozen food market. Freezing technology is also fueling growth in the frozen vegetables and fruits sectors. This helps to preserve the nutritional value of the fruits and vegetables and in some cases also restore the vital nutrients that are usually lost if kept at room temperature. The frozen fruits and vegetables segment is expected to grow at a CAGR of 4.3% from 2013 to 2019.
The market for frozen food is witnessing strong demand from many emerging economies including the U.S., Europe, Asia-Pacific, and Rest of the World (RoW).
Nevertheless, the frozen food market faces certain restraints from chilled prepared foods that offer better quality and taste. In addition, government regulations and intervention in the frozen food market are some of the other major challenges of this market.
Industry Dynamics of Frozen Food Market
As frozen food market is typically seen as unhealthy market due to the excessive high amounts of fats and sodium food products contain; this aspect has highlighted a new market for healthy frozen foods which is rapidly growing across many developed regions in the world. Today, healthier food products have become one of the most interesting growth trends in the global frozen food market. More than 21% of all food products’ consumers find it important to decide which products will be healthy and consumable for their well-being.
According to a leading market research study, the global frozen food market was valued at US$224.74 billion in 2012 and is expected to be worth US$293.75 billion by 2019. Growth will be registered at a CAGR of 3.9% between 2013 and 2019.
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The U.S. accounted for more than 80% share in the global frozen food market in 2012. At the country level, the U.S. was the largest market, followed by Germany and Japan. By far, Brazil has been the most lucrative market due to the abundance availability of raw materials in this region. The frozen food market in Brazil is expected to grow at a CAGR of 4.7% from 2013 to 2013. Moreover, due to growing market attractiveness in Argentina and RoW, these places are also estimated to be the next fastest growing regions over the next six years.
Segmentation of Frozen Food Market by Product Analysis
Considering the frozen food market by product segmentation, the market is broadly divided into frozen ready meals, frozen meat, frozen soup, frozen vegetables & fruits, frozen potatoes, and frozen fish/seafood.
The global frozen ready meals was cited to be the most dominated market segment due to its broad range of food products portfolio which included desserts, entrees, frozen pizza, snacks, and others. In 2012, this segment accounted for more than 30% of the total market revenue, while the market continues to grow at a CAGR of 3.9% in the forecast.
Consequently, the frozen potatoes market is estimated to rise at a CAGR of 4.3% in the next five years.
The global frozen food market is highly dynamic and relies on most of the third party distributors to attain specific target customers.
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