The demand for global frozen processes food worldwide is driven by busy schedule and changing lifestyles of global population. People are increasingly opting for convenient options for meal. This change in consumption is likely to increase demand for frozen processes food worldwide. The highest demand for frozen processes food market is in countries like Philippines, china, U.S., and India.
Increase in disposable income is also adding fuel to the demand of frozen processes food market. Another reason that can lead to increase in revenue generation of this market is growing number of refrigerators in various developing countries.
According to Transparency Market Research, the global market for frozen processed food was USD57.50 bn in 2014 and will be worth USD69.11 bn by 2021 exhibiting a CAGR of 2.7%.
Tyson Foods Inc. is one of the leading brands for supplying branded organic chicken through its acquisition of Tecumseh Poultry LLC. However, the terms of the deal have not yet been disclosed. This brand produces air chilled and fresh chicken in a variety of choices.
Consumers are shifting their preference to frozen food because of constrained ability and time to cook. This means they get prewashed, precut, and afterward frozen ready to cook food. This is helping with the rise in demand. The manufacturers are engaging in cutting edge strategies and product development to increase the quality of processed and frozen items. This will increase the consumption rate of the same.
The change in perception of consumers about frozen processed food is likely to increase the demand for processed food. Consumers are considering processed food as alternatives to food and not just a convenient way to cook. There is an increase in supply of food that are natural, characteristic, no additives, and sound frozen processes food.
North America is the leading region in regards to consumption of frozen processed food. It will be acquiring major share in the revenue generation of the same. The awareness among people in North America with the lifestyle is likely to boost the growth.
Asia pacific will be the emerging region in the consumption of frozen processed food with a CAGR of 7.5% by 2021. The advancement of technologies with development of new items with cost effective range of prices will increases revenue generation in Asia Pacific.
Frozen processed poultry segment is likely to lead in the consumption of frozen processed food products. There is a constant demand for frozen nuggets, chicken sausage, chicken popcorn, and shredded chicken. This will constantly benefit the frozen processed food demand.
The majority of consumers are shifting from red meat to lean meat thus contributing value worth of USD9.91 bn by 2021. The variety of options to choose from in lean meat is one of the leading factors.
Some of the key players in the global frozen processed food market engaged in providing the service are BRF S.A., General Mill, ConAgra Foods, Inc., Nestle S.A., Unilever plc, and Tyson Food Inc. these companies are focused on innovating products to deliver items that is suitable for dietary needs and myriad palates. They are also focusing on strengthening their retail networks.