Frozen Food Market The frozen food market accounted for a market value of USD XX million in 2016 and is expected to reach USD XX million by 2023, witnessing a CAGR of XX during 2018-2023. The demand for convenience food products is the major driving factor for this market. Moreover, the demand for convenience is high, as frozen food items reduce cooking, preparation, and clean-up efforts & time for the consumers. The increasingdisposable incomes, reducing gender gap in employment, busy lifestyles, demand for healthy and hygienic food, and the high number of working members in the family, are creating a strong background for the huge demand for convenience frozen food products, globally.
Around 90% of frozen food consumers purchase the food due to the convenience of saving time and effort. However, 65% of these consumers, who are the working class, emphasize on the low-effort needed as the major reason to opt for frozen food products.Hence, high convenience plays a large role in the frozen foods sale, worldwide. The demand for ready-packed, easy-to-cook, and ready-to-eat products is expected to grow over the forecast period, which is going to boost the global frozen foods market.
Nestlé has reached an agreement to sell a range of Italian brands to frosta and this deal further strengthens the group’s presence in the frozen food sector. Nestlé is also in an agreement with R&R, a leading ice cream company based in the UK owned by PAI Partners. The agreement aims to set up Froneri, a global ice cream and frozen food joint venture. Nomad Foods has confirmed the acquisition of the European operations of Findus Group for USD 828.36 million. The acquisition aims to improve the frozen-food business.
“MORE CONVENIENCE OF TIME AND EFFORT = HIGHER FROZEN FOOD DEMAND.”
GROWING INVESTMENTS IN TECHNOLOGY DEVELOPMENT, FOR FROZEN FOOD MARKET
The global frozen food industry is investing heavily in new freezing, as well as processing technologies, which can support and differentiate frozen products of one competitor from the other. The major factors to be considered by the frozen food companies are regarding cost reduction of environment-friendly products that have a high preserving quality and are rich in nutrition. New technologies, such as high-pressure processing and self-heating packaging for frozen food, are in use in this industry and the market is ready to launch canned foods that can self-heat and de-freeze the ready-to-eat food products.
DEVELOPING ECONOMIES ARE THE NEW LATITUDES IN THE GLOBAL FROZEN FOOD INDUSTRY
Developing economies, such as Asia-Pacific, Latin America, and Eastern Europe, are growing faster than the developed countries, regarding consumption, sales, and production of frozen food products. The increasing disposable incomes, changing lifestyles and growing interest in ethnic and international cuisines are the major factors accelerating the market in these economies.
NOTABLE MARKET DEVELOPMENTS
Nestle to launch a new brand of frozen peas in Columbus. Outsiders, a new frozen pizza brand from Nestle, plans to bring the taste of Milwaukee and Detroit pizzerias to Central Ohio groceries. McDonald and McCain have launched customized food products, developed according to the local tastes of India, products such as Frozen Parathas and Frozen Idlis, traditional breakfast of India produced by McCain, McAaloo Tikki, etc. Products offered by McDonald, in its Indian outlets, have become a huge hit in the market. These products were widely accepted by the Indian consumers and proved to be successful. Our report on global frozen food market covers the following -