Global Frozen Food Market to Expand at 3.90% CAGR due to the Growing Popularity of Convenience Foods

2024-11-07 04:32:53 Lifestyle

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Frozen foods offer consumers immense convenience and comfort. These conspicuously valuable factors have spurred a continuously rising demand for a variety of frozen products across the globe. Products in the freezer-aisle of supermarkets have especially seen an impressive demand, driving high growth in the global market for frozen foods. It is estimated that more than half of the people buying frozen foods across the globe are aged 45 years or above.

It is certain that the factor of convenience plays a big role in the overall development of the global frozen foods market. The growing consumer preference towards ready-packed, easy to cook food packages, and the seamless integration of the technology of freezing food to address everyday needs have also helped the global frozen foods market to grow at a swift pace over the past years. However, the factors that have also given the market a significant push are the busy modern lifestyles of the global population, rising disposable incomes of people in developing economies, and changing consumer dietary preferences. The segment of ready-to-eat frozen foods has especially grown into a highly lucrative one owing to the numerous market opportunities in this scenario.

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Busy Lifestyle and Rising Disposable Incomes Propel Demand for Ready-to-eat Products

A recent market research report recently published by Transparency Market Research (TMR) states that the global market for frozen foods, with a valuation of US$224.74 bn in 2012, will expand at a 3.90% CAGR between 2013 and 2019 and reach US$ 293.7 bn by 2019. The ready-to-eat section of the market is expected to expand at a similar growth rate over the period between 2013 and 2019. Looking at the immense and continuously rising popularity of ready-to-eat frozen foods, major frozen foods manufacturers operating in this niche section are making their presence felt by innovating different product types and venturing in other product segments such as frozen fruits and vegetables, frozen meat, frozen soup, frozen potatoes, and frozen fish/seafood. Furthermore, due to busy lifestyle and increasing disposable income, the demand for frozen food is rising among the present generation.

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Europe Remains the Largest Market for Frozen Foods

On a geographic-front, Europe held the dominant position in the global frozen foods market in 2012 by accounting for over 35% of the global frozen food market. In terms of revenue, the European market for fast foods is projected to expand at a 3.8% CAGR between 2013 and 2019. In Europe, Germany remained the largest consumer of frozen foods and solely accounted for 15% of the global market in 2012. With rising disposable incomes and increasingly busy lifestyles of the population, Asia Pacific is expected to account for over 24% of the global market by 2019.

Highly Fragmented Competitive Landscape Driving Innovation

The global frozen foods market is highly fragmented and the top five players together accounted for a mere 17% of the overall market in 2012. H.J. Heinz, ConAgra, and Nestle are some of the leading participants in the market. Over the coming years, market concentration is expected to rise as key vendors continue to innovate, adopt advanced technologies for more effective product quality, and acquire different strategies for increasing their share in the market. In 2012, nearly 12% of the market was acquired by private labels, acting as a major restraint for international players. Many unorganized and local brands had a combined share of more than 65% in the market in the same year.

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