Investing in product innovation and manufacturing frozen processed foods that have no or minimal synthetic flavors and preservatives is a key strategy being adopted by leading players in the global frozen processed food market, reports Transparency Market Research in a new study. Furthermore, aligning product development to cater to the growing class of fitness-conscious consumers will also see companies introducing organic and healthy items in the market.
According to the research report, the opportunity in the global frozen processed food market is expected to reach USD69.11bn by 2021 as against USD57.50bn in 2014. During the report’s forecast period of 2015 to 2021, the global market is expected to rise 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 USD9.91bn by 2021. North America will be the key regional segment in the overall market and is expected to generate revenue worth USD23.60bn by the end of 2021, exhibiting a CAGR of 0.9% from 2015 to 2021.
The leading players in global frozen processed food market are Stouffer’s, Bofrost, Zhengzhou Sanquan Food Co, Ltd., and McCain. “Collaborating with regional players to enhance product portfolio and reaching out a larger number of consumers are expected to be key strategies of players in the near future,” reports the lead author of this research report. Establishing integrated marketing communication strategies, improving point of visibility, and building a stronger relationship with retailers will also form the basis of successful businesses in the coming years.
The changing consumer perceptions about frozen processed food items from being convenient solutions to being healthy dietary options have accelerated the demand for the global frozen processed food items. The market is also benefitting from ongoing product innovations and the strong distribution networks established by retail chains. Introduction of a wide range of healthy, natural, organic, and food items with less or no preservatives and additives is also boosting the demand frozen processed food items.