LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global dried processed food market report. This research report also lists 14 other prominent vendors that are expected to impact the market during the forecast period.
The dried processed food market is expected to grow at a CAGR of 6.43% during the forecast period. Rise in urbanization along with the hectic lifestyles of consumers and growing number of working women has resulted in an increasing number of consumers preferring dried food products owing to increasing desire for convenience instead of preparing food from scratch at home. Around 54% of the world’s total population was living in urban areas in 2014. It is anticipated that by 2050, about two-third of the world’s total population will be residing in urban areas.
Competitive vendor landscape
The global dried processed food market is subject to rapidly changing consumer demands both at regional and international level. Manufacturer performance in the market is affected by the changing consumer spending pattern and their annual household income. It is also affected by local consumer tastes and demographic trends.
“The global dried processed food market is highly dispersed and fragmented because of the presence of numerous small and large players both at regional and international level. The market is such that product differentiation plays a significant role in boosting sales,” says Arushi Thakur, an industry expert in food from Technavio.
Product assortment and distribution are the two major aspects for market penetration of dried processed food. Placing products in the right market place with a strong distribution network is critical for the food manufacturers. Thus, manufacturers need to have thorough knowledge about the market culture, dynamics, the region's retail landscape, and taste preferences and purchasing habits of the consumers while launching any new product in a market.
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Top five dried processed food market vendors
On March 28, 2016, the company became the official partner of the Tokyo Organizing Committee of the Olympic and Paralympic. The company has supported this event by showcasing its activities through the following categories: cooking condiments, amino acid-based granules, prepared frozen foods, and dehydrated soup.
On July 2, 2015, the company announced the merger of the H.J. Heinz Holding (a company that offers infant nutrition, sauces, soups, snacks, meals, and ketchup) and Kraft Foods Group (a packaged food and beverage company). This acquisition has made the Kraft Heinz Company the third-largest player in the North American market in the food and beverages sector. The result of these acquisitions will lead to an increase in investment for marketing and innovations.
The company functions in the market through its product offerings under the brand name Maggi. The Maggi brand originated from Switzerland and in 1947, Nestlé acquired the Maggi brand.
Nissin Foods Holdings
The company announced the partnership with Mitsubishi on February 18, 2015. This strategic alliance is likely increase the company presence in other geographical regions such as Thailand, Vietnam, Singapore, and India. These countries are expected to be emerging markets, owing to the huge demand for instant noodle products. With respect to this, the company has introduced several initiatives, including introduction of new products of higher value than existing products, executing marketing agendas such as in-store sales promotions and advertisements, and unifying different brands in the local markets where the company operates.
Unilever retails its products in more than 190 countries and serves more than two billion consumers every day. The company has 13 brands in its portfolio. The company offers its services in the Americas; Europe; and markets comprising Asia, Australasia, Africa, the Middle East, Turkey, Russia, Ukraine and Belarus.
The company functions in the global dried processed food market under Knorr and Arisco brand labels. Under these brands, the company deals in the production of dehydrated soups and condiment. In Indonesia, this brand is called Royco and in Australia, it is called Continental.
All product names, brands and trademarks are the property of their respective owners.
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