The global frozen processed food market is expected to witness a modest growth in the coming year, according to Transparency Market Research (TMR). The market vendors are focusing on aligning the development of their product to cater to the new class of health-conscious population. The market participants are also seen forming collaborations with regional vendors with the primary aim of percolating into local markets. Enterprises are also expected to strategize towards gaining visibility, communication and a relationship with retailers. Some of the leading vendors in the global frozen processes food market are Bofrost, McCain, Stouffer’s, and Zhengzhou Sanquan Food Co, Ltd.
According to the report, the global frozen processed food market is expected to reach US$69.11 bn by 2021 from US$57.50 bn in 2014. During the report’s forecast period of 2015 to 2021, the global market is predicted to expand at a CAGR of 2.7% in terms of revenue. The demand for frozen processed poultry food items is expected to be highest, as the revenue of this segment is projected to reach US$9.91 bn by 2021. North America will be the key regional segment in the overall market and is expected to generate revenue worth US$23.60 bn by the end of 2021, exhibiting a CAGR of 0.9% from 2015 to 2021.
Changing Lifestyles to Augment Demand for Frozen Processed Food Market
The changing ways of life of the worldwide populace set apart busy schedules are driving the demand of frozen handled food around the world. With less time to cook detailed and nutritious suppers, an undeniably high number of consumers are inclining towards easy meal choices. This pattern is particularly having an articulated effect on the incomes of the frozen processed food market in nations like the U.S., China, and the Philippines.
Moreover, expanding disposable incomes are additionally contributing toward the development of this market. The report expresses that the rising number of family units with fridges in creating nations will likewise help fuel the interest for frozen processed food in the forthcoming years.
Technological Advances to Propel Growth
Frozen food gives a smart alternative to consumer having constrained cooking ability and aptitude. They are precut, prewashed, and afterward frozen, which makes them ready to use. It is effortlessly compact and has longer timeframe of realistic usability. These are the key factors responsible for the rising demand for frozen food in developed countries such as the U.S. The product development and selection of cutting edge strategies to enhance the quality frozen and processed items, including chemicals, hydrocolloids, and sourdough fermentation to the natural procedure are expected to rise keeping in mind the end goal to increase positive development in the worldwide industry.
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The changing perceptions of consumers about frozen prepared food products from being just convenience products to being sound dietary alternatives have provided and impetus to the demand for the global frozen processed food market. The market is likewise profiting by continuous product developments and the solid conveyance systems built up by retail chains. Presentation of an extensive variety of sound, characteristic, natural, and food things with less or no additives and added substances is additionally boosting the frozen processed food market to a great extent.