Market Overview:
The frozen processed food products include ready-to-eat meals, pizza, meat products, seafood, snacks, and other convenience foods. These products are highly convenient as they do not require much preparation time and effort. In addition, frozen processed foods have a longer shelf life as compared to fresh foods. Due to changing lifestyles and increasing number of working women, demand for ready-to-eat and convenient foods is increasing significantly.
Market key trends:
The rising demand for plant-based and gluten-free frozen foods is one of the key trends being observed in the global frozen processed food market. With increasing health consciousness, consumers are shifting towards healthy and natural product alternatives. Moreover, growing vegan and vegetarian population is driving the demand for plant-based frozen foods such as meat alternatives, vegan pizzas, plant-based ready meals and more. Companies are innovating and launching variety of frozen plant-based food products to cater to this rising consumer demand.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the frozen processed food market is moderate. Establishing manufacturing facilities and distribution networks requires significant capital investments which act as a deterrent for new players.
Bargaining power of buyers: The bargaining power of buyers in the Frozen Processed Food Market Demand is high. Buyers have a wide range of product options from various brands and private labels.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key ingredients and raw materials suppliers possess some bargaining power owing to the specialized nature of inputs required by frozen processed food manufacturers.
Threat of new substitutes: The threat of substitutes is moderate. While freshly prepared food is a substitute, convenience and longer shelf-life of frozen food make it an attractive alternative.
Competitive rivalry: The frozen processed food market experiences high competitive rivalry due to established brands continuously investing in product innovation, marketing and expanding their reach globally.
Key Takeaways
The global frozen processed food market is expected to witness high growth, exhibiting CAGR of 4.84% over the forecast period, due to increasing demand for convenience foods with longer shelf-life.
The North America region currently dominates the market, with the US accounting for majority of demand. Growing health-conscious population and busy lifestyles are propelling market growth in the region. Asia Pacific is anticipated to be the fastest growing market between 2022 to 2030 owing to rising disposable incomes, urbanization and awareness about frozen processed food.
Key players operating in the frozen processed food market are Nestle S.A., ConAgra Foods, Inc., Kraft Foods Group, Inc., Mother Dairy Fruit & Vegetable Pvt Ltd, BRF S.A., General Mills, Inc., Maple Leaf Foods Inc., Tyson Foods, Inc., and Unilever Plc. These companies are focusing on emerging markets through strategic collaborations and investing in product innovations to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
