They say, people who love food are the best kind of people. But these same people are increasingly seeking convenience in everything they do, even in the kind of food they eat. With a wide array of options available today, consumers are spoilt for choice and often face a dilemma while deciding what to cook. To meet this increased demand for food products, the companies in food and beverage industry are channeling their investments to product innovation, research and development.
In layman terms, frozen foods are packaged items that are prepared by freezing food to preserve them from the time of preparation till the time of consumption. Frozen food products including ready-to-eat meals, meat and poultry, seafood and soup among many others, have gained popularity in recent years and therefore, the global frozen food market is expected to grow at an impressive rate in terms of CAGR during the forecast period (2017-21). Evolving customer preference for convenience, expansive product portfolio and longer product shelf-life, increasing participation of women in the workforce, and rising urbanization are the major driving forces behind the growth of the frozen food market. With the EMEA region accounting for nearly 40 per cent of the ‘frozen’ market share, internationally.
What’s Behind the ‘Frozen’ Success Story?
They say the way to a man’s heart is through his stomach, this ‘way’ has just been made easier by frozen food products that score high on the convenience and availability factor. With little or no time on hand, consumers look for frozen food and ready to eat meals for a quick-fix.
Food manufacturers offer an expansive product portfolio with a longer shelf life. From wide availability of options, right from breakfast to dinner and loads of cuisines, styles, flavors and variants to choose from, the vendors are leaving no stone unturned to keep competition at bay.
Gone are the days when women would belong only in the kitchen. Fortunately, there has been an increase in the participation of women in the workforce, thereby making frozen food as the convenient option for them to prepare quick meals for their families. In addition to this, the concept of nuclear family is gaining popularity, thereby making small combo meals popular among consumers.
Another factor that drives the success of the frozen food market, globally, is the rising urbanization in both developed as well as developing nations. Improved standard of living and higher disposable incomes has led to an increase in demand for frozen food products in the recent years.
3Ts – The Technavio Takeaway
Our experienced team of analysts have conducted a comprehensive research study on global frozen food market for the forecasted period 2017-21. Our report comprises of in-depth insights and analysis of the frozen food industry including the key drivers, emerging trends and challenges. Want to know more about the frozen food market?
