According to a new market research report published by Credence Research “Frozen Food (Frozen Fruits & Vegetables, Frozen Desserts, Frozen Ready Meals, Frozen Meat, Frozen Fish/Seafood, Frozen Potatoes, Frozen Soup) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022” the global frozen food market was valued at US$ 245.00 Bn in 2014 and is estimated to expand with a CAGR of 4.2% from 2015 to 2022.
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Frozen food is an alternative to canned, fresh and home cooked meal. Convenience, busy lifestyle coupled with higher purchasing power and rapid urbanization are the prominent factors triggering the market growth. Innovative products and rise in number of working women is leading towards greater indulgence of frozen food. Moreover, product availability and retail shelf space plays a very vital role in creating demand for the product. Distribution is a key success factor in the current frozen food market.
Further, frozen food made with organic and natural ingredients is expected to undergo strong demand in the coming years. Nevertheless, the market is hampered due to government interventions and regulations.
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Another factor affecting the market growth are increase in number of private labels, unorganized and local brands. Private labels and local/ brands made themselves very attractive to the public because of their impressive, newly launched products such as ready meals, ethnic foods such as Chinese food, German hamburgers, Italian pasta and sausages and many others with their innovative packaging. Large numbers of frozen food manufacturers are present in the market which ultimately leads to intense competition in the global market. As the number of players operating in the global market is high, the cost of switching suppliers is low for buyers which give them the advantage of having options for selecting a supplier.
The frozen food market is highly fragmented with nearly four to six players accounting for significant share in the global market. To gain competitive advantage, players should shift their production to more innovative alternatives and provide better services to buyers. Most of the market pie is accounted by various small, private, local and unorganized brands. Some of the major players present in this market are Nestle, Mc Cain, General Mills and ConAgra among others.
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- Vendors are competing for shelf space in large stores
- Increasing popularity of the frozen food along with the ingredients used
- Extensive scope through development of cold chain logistics and retail distribution
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