According to the report, the global frozen processed food market will be worth US$69.11 bn by 2021 as compared to US$57.50 bn in 2014, exhibiting a modest CAGR of 2.7% in terms of revenue.
New York, NY -- (SBWIRE) -- 06/19/2018 -- 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 2021.
Frozen processed food comprises of a vast array of products which includes frozen desserts, frozen bakery products, frozen meat substitutes, frozen processed fish/seafood, frozen processed poultry, frozen processed red meat and others. The demand for frozen processed food varies from region to region. The global frozen processed food market is anticipated to witness a dramatic growth during the forecast period due to increased consumer preference for frozen processed food products.
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Since, frozen processed food items are perceived as a healthy and natural food item among the consumers across the world, more consumers are gradually shifting towards the consumption of frozen processed food in order to maintain a healthier lifestyle. This factor is one of the major drivers for the frozen processed food market. In addition, due to the rising health awareness among the consumers, they are looking to reduce the consumption of ready to eat food items, and are shifting towards the consumption of frozen processed food as they are perceived to be much healthier than their counterpart. In addition, vast product portfolio of frozen processed food products owing to product innovation undertaken by the manufacturers operating in the global frozen processed foods market is another factor driving the market. Moreover, due to the busy lifestyle of the consumers in the developing regions including Asia Pacific and Middle East, they are looking toward the consumption of food items which would address their health requirements and are convenient at the same time. This factor is also fuelling the demand for the global processed food market.
Availability of chilled processed food is one of the major factors impeding the demand for the global frozen processed food market. The information gap among the consumers regarding chilled and frozen processed foods along with the low per unit price of chilled processed food is a major hindrance to the global frozen processed food market. In addition, the rising incidence of adults suffering from hyper obesity worldwide is another restraint to the global frozen processed food market. The U.S. is the leading country with almost 33% of the population suffering from obesity which is followed by New Zealand and Australia.
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Growth of the retail sector in the developing countries which includes India, China, Philippines and UAE is an opportunity for the frozen processed food market. In addition, the growing demand for hygienic food which contains low calorie and low fat percentage is another major opportunity for the global frozen processed food market. Rising consumer awareness for health and wellness and the increasing obesity issues worldwide is increasing the demand for low fat calorie frozen processed food items.
In terms of revenue, the frozen processed poultry held the largest market share in 2014 followed by the frozen processed sea food segment. However, the frozen processed sea food segment is expected to surpass the frozen processed poultry segment in terms of revenue share by 2021. In terms of volume, the frozen processed red meat segment held the largest market share in 2014 and is expected to remain the market leader during the forecast period. Also, in terms of volume, the frozen processed poultry segment held the second largest market share in 2014.
North America dominated the global frozen processed foods market in 2014. Asia Pacific held the second largest market share in the global frozen processed food market right after North America in 2014 but is expected to dominate the global processed food market in the future.
The global frozen processed food market is dominated by some of the major players operating in this market. ConAgra Foods, Inc, Nestle S.A., Tyson Foods Inc., Unilever plc, BRF S.A., General Mills are some of the major players operating in global processed food market.
The report has been segmented by product type, and by geography and it includes drivers, restraints and opportunities (DRO's), cause and effect analysis of the frozen processed food market. The study highlights current market trends and provides forecast from 2015 to 2021. We have featured the current market scenario for the global frozen processed food market and identified future trends that will impact demand for frozen processed food during the forecast period.
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The global frozen processed food market has been segmented by product types into frozen bakery products, frozen desserts, frozen meat substitutes, frozen processed sea food, frozen processed poultry, frozen processed red meat and others
The report also analyzes factors driving and inhibiting growth of the frozen processed food market. The report will help manufacturers, suppliers, and distributors to understand the present and future trends in this market and formulate strategies accordingly.
The frozen processed food market has been segmented as:
Global Frozen Processed Food Market by Product Type
Frozen Bakery Products
Frozen Meat Substitutes
Frozen Processed Fish/Sea Food
Frozen Processed Poultry
Frozen Processed Red Meat
Global Frozen Processed Food Market by Geography/ Country
Rest of Europe
Rest of Asia Pacific
Rest of the World (RoW)