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![Frozen Processed Food Market: Consumer Preferences in Frozen Snack Foods](https://s3.us-west-2.amazonaws.com/timessquarereporter.com/upload/media/posts/2024-06/11/frozen-processed-food-market-consumer-preferences-in-frozen-snack-foods_1718101780-b.jpg)
The frozen processed food market includes a wide range of pre-cooked or partially cooked food products that can be stored and used over a long period of time without loss of quality. Frozen processed food products such as frozen pizza, meat products, seafood, ready meals and various other food items provide consumers with convenience, ease of preparation and nutritional value. The increasing demand for ready-to-eat food coupled with rising urbanization and changing lifestyle patterns has been a major driver for the growth of this market. The Global frozen processed food market is estimated to be valued at US$ 167115.0 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Key Takeaways
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. The rising population and growing demand for convenience food has been a major factor contributing to the growth of key frozen processed food manufacturers. The increasing number of consumers opting for ready meals and other frozen food items has also augmented the revenues of prominent brands in the industry.
The growing demand for packaged and ready-to-eat food owing to changing lifestyles and increasing number of working women has boosted the frozen processed food market. Rising urbanization coupled with increase in disposable incomes has also facilitated the uptake of these products in developing regions. Moreover, the rising popularity of nuclear families has further propelled the demand for frozen food items that offer convenience.
Major frozen processed food companies are expanding their global footprint by strengthening their distribution networks and entering emerging markets. Leading brands are focusing on product innovation and portfolio expansion to tap the growth opportunities in developing countries. Local players are also enhancing their presence worldwide, which is intensifying the competition in the industry.
Market Key Trends
One of the major trends gaining traction in the frozen processed food market is increasing demand for vegetarian and plant-based food items. With growing health awareness, many consumers are shifting toward vegan diets and opting for meat alternatives. To cater to this demographic, frozen food manufacturers are launching innovative product lines based on vegetables, legumes, soy and other plant-based proteins. Moreover, the growing popularity of diets like flexitarian and rise of free-from foods are also defining the product development strategies of firms. companies are engaged in new product development and enhancement of existing portfolio with viable vegetarian substitutes to leverage the opportunities in this segment.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale in production and distribution give established players significant advantages over new entrants.
Bargaining power of buyers: Large retail chains and food service buyers have significant influence over pricing and market share due to their high purchasing volume and power to set quality and food safety standards.
Bargaining power of suppliers: Large suppliers of raw materials, packaging and agricultural commodities have some influence over pricing due to their importance to production. However, input markets remain competitive.
Threat of new substitutes: Potential for alternative approaches to frozen processed foods, such as fresh or dried/canned alternatives. However, frozen offers advantages around freshness, convenience and cost.
Competitive rivalry: Intense competition between major multinationals results in ongoing investments in automation, product innovation and brand marketing that raise industry standards and costs of doing business.
Geographical Regions
North America accounts for the largest share in terms of value currently, driven by high consumption of frozen processed foods in convenience-oriented diets and grocery retail landscape in the United States and Canada.
The Asia Pacific region excluding Japan is forecast to see the fastest growth over the forecast period, led by developing markets such as India, Indonesia and China where rising incomes are supporting growing demand for convenience and packaged foods.
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