Bangladesh Frozen Food Market - Growth, Trends and Forecasts (2018 - 2023)
The Bangladesh frozen food market was valued at USD 276.27 million in 2017 and is expected to register a CAGR of 6.2% during the forecast period. The fast-paced urban life, rising disposable incomes, increasing number of women in the workforce, and resultant shortage time, along with the preference for nuclear families are major reasons for the growing acceptance for frozen food among Bangladeshi consumers.
Another major reason for the growth of the market in Bangladesh is the easy availability of raw materials, due to vast domestic agricultural base for the manufacturers rooted in the local Bangladeshi frozen food market. Portion controlled packaging, to manage serving size, is acting as a growth factor for the frozen food market in Bangladesh.
Busy Lifestyle and Changing Food Consumption Pattern is Driving the Market
A rise in the demand for all forms of convenience food and beverage products is being witnessed, owing to busy lifestyles and increasing number of working population in Bangladesh. The changing food consumption pattern in consumers due to the rapid expansion of urbanization facilitated by a rise in disposable incomes in the country are some other factors contributing to the growth of ready-to-food and beverage products. Owing to the increased demand for frozen food in Bangladesh, leading companies, like Golden Harvest and Pran, are opting for the expansion strategy to expand their market presence and consumer bases.
Frozen Ready Meal is expected to Witness Higher Demand among the Consumers
Ice cream is a hugely potential segment and a still untapped market in Bangladesh. There are around seven to eight players in the market, and IGLOO is the market leader. Ice cream is a logistics-heavy business. The product has to be taken care of at every stage of the value chain. Ideal temperature has to be maintained, starting from the manufacturing till the time it reaches the distributor’s place.
Frozen snacks sale in Bangladesh is also driven by factors like reduced fat, low-calorie, sugar-free, along with non-GMO, clean label, simple, and wholesome ingredients.
The Bangladesh frozen food market comprises of both domestic and international players with their presence for quite a long time. Some of the prominent players in the country include - Golden Harvest, Pran RFL Group, AG Foods Ltd., Frozen Foods Ltd., Kazi Farms Group, and McCain Foods. Kazi Food Industries remains the oldest player in the market with its range of frozen ready-to-eat and ready-to-cook products. Notably, the company’s products are priced very affordably (compared to competitors like Golden Harvest and BRAC) -to target wider consumer base.
Jubliant FoodWorks Limited (JFL), which operates UD quick service brands Domino’s Pizza, in March 2018, announced a joint venture with Golden Harvest group with interests across food, dairy, logistics, and commodities, to launch Domino’s Pizza in Bangladesh.
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Analyzing outlook of the market with the recent trends and Porter’s five forces analysis.
Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come.
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects.
Country level analysis integrating the demand and supply forces that are influencing the growth of the market.
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years.
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players.
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Customization of the Report
Pricing Strategy, including price trends and the popular products
Volume data of frozen food product types
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