The frozen food market is projected over USD 307 billion by 2020. Preference for cooked meals requiring less preparation & time has introduced frozen foods. Stored fruits & vegetables with longer shelf lives will raise market demand. Staple food in frozen packages should positively affect the market during 2014 to 2020 (forecast period).
Refrigeration units for industrial & commercial freezing should also drive the market. Fast food outlets like McDonald’s and Burger King too have followed the trend of frozen foods to cater to the needs of the urban population. Unorganized frozen food companies in Asia Pacific pose market risks in terms of pricing & quality. Frozen food health concerns and logistics costs can hinder the market.
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Fruits & vegetables, potatoes, meat, fish/sea food, soup, and ready meals are the market products. Ready meals were the fastest growing segment in 2013, accounting for over 35% of the market. Lack of cooking time was the key reason for its popularity among professionals. Meat was the second largest consumed product the same year. Potatoes should experience 4.6% CAGR during 2012 to 2020. Fruits are used for preparing jam and dairy & confectionery products. Demand for these products would also result in increased demand for the frozen food market.
Europe dominated the market in 2013, accounting for 38.9% shares. Adoption of hygienic packed food is expected to drive the region. Asia Pacific will register around 4.8% CAGR in the forecast period. This can be attributed to higher disposable earnings and growing fast food eateries in China & India. The Chinese government allows trade activities regarding imported chilled beef from Australia. This opens new opportunities for the frozen food market.
Political & social stigma associated with beef in India can negatively affect the global supply of frozen meat. Emerging economies like Brazil and South Africa are predicted to undergo growing demand for frozen food in the years ahead. Leading companies of the worldwide frozen food market comprise ConAgra Foods, Inc., H.J. Heinz, Nestle, Maple Leaf Foods Inc., and McCain.
The market’s top four companies account for less than 20% shares. They face stiff price competition from small scale manufacturers.
Information Source: Grand View Research
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