In a world driven by busy lifestyle, hectic working schedules, and massivechanges in dietary preferences, the need and demand for frozen foods has become inevitable. The boom of urban population and rise in number of working women has led to the demand for easy, convenient, ready-to-eat, and healthy food options, propelling the global frozen foods market to greater heights. Today, there are countless small and large vendors catering to the burgeoning demand for frozen food across the globe. The leading players in this marketplace are BRF SA, Nestle SA, Kraft Foods Group, Inc., Maple Leaf Foods, Inc., Unilever Plc, Mother Dairy Fruit and Vegetable Pvt. Ltd., Tyson Foods, Inc., H.J. Heinz Company, ConAgra Foods, Inc., Ajinomoto Co., Inc., Pinnacle Foods, Inc., and General Mills.
In 2014, Persistence Market Research pegged the value of the frozen food market to be US$126.1 bn, which is anticipated to rise to US$156.3 bn by 2020, exhibiting a modest 3.60% CAGR from 2014 to 2020. In terms of volume, the global frozen food market is projected to grow from 26.4 bn kg in 2014 to 31.3 bn kg in 2020, expanding at a 2.80% CAGR during that period.
Europe, Largest Frozen Food Market, Driven by Evolving Tastes
Among the key regional segments – North America, Asia Pacific, Europe, and Rest of the World, Europe has emerged as the largest market for frozen foods. Asia Pacific, on the other hand, is forecast to witness the highest growth over the next four years.
Here’s a look at the performance of the different markets in Europe over the recent past.
Positive Development in Germany Frozen Food Market: The Germany frozen food market has witnessed strong popularity among consumers, thanks to the abundant options presented by multinational as well as domestic manufacturers. The frozen food market in Germany is also fueled by the availability of products at an economical price and presence of developed retail channels.
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UK Frozen Food Market Recovers from 2013 Slump:After the poor performance of the frozen food market in 2013, celebrity endorsements, low prices, product innovation, and concerns about food wastage have helped the UK frozen foods market regain strength. While evolving consumer tastes act as a positive influencer for the market, negative perception associated with processed and frozen food continues to pose as a threat to the development of the market.
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Hesitation Plagues Frozen Food Market in France:Concerns pertaining to preservation of nutrients and taste when it comes to frozen or processed foods is a major challenge that stands before France. Add to this, the horse meat scandal that hit Europe in 2013. Consumers in France are still skeptical about the quality and safety of frozen foods and this has significantly impacted volume of sales. The frequency of purchase of frozen foods has been rapidly declining as seasonal products gain popularity.
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Cultural Barriers Hurting Italy Frozen Food Market:Given that natural and fresh produce is easily available in Italy throughout the year, consumers in the country are still hesitant in purchasing and consuming frozen food. The culture of home-cooked meals made from fresh meats, fruits, vegetables, and dairy products is still strong in Italy. Moreover, there is persistent perception that frozen foods do not possess the same quality as fresh products. Vendors in this market have been trying to change this perception by developing gluten-free and organic frozen foods.