LONDON--(BUSINESS WIRE)--The global frozen food market is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
The demand for vegan frozen foods in countries such as the UK and the US has increased. This is further complemented by the growing preference for meat alternatives among the consumers in these countries. This new consumer inclination toward such food products has encouraged vendors to increase their range of frozen vegan product offerings. Currently, several vendors have launched a range of frozen vegan products across supermarkets. The new product lines include vegan frozen burgers, fillets, vegetable balls, tofu, and wheat-based protein products, which are presumed to be healthy alternatives to meat-based frozen foods.
As per Technavio, technological innovations will have a positive impact on the global frozen food market and contribute to its growth significantly over the forecast period. This global frozen food market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global frozen food market: Technological innovations
Vendors offering frozen food use various strategies to achieve a competitive edge in the global market. They are trying to improve the quality and shelf life of frozen foods with certain technological innovations. Innovative pouch packaging is one such method used by vendors to avoid the loss of nutrients in frozen foods. In July 2018, Grass Run Farms launched its new frozen meat patties in resealable pouches and multi-use recyclable carton packages. The company also uses individually quick frozen (IQF) technology, through which superior food products can be produced. The unique packaging solution offered by the company allows consumers to take the frozen food from the refrigerator and place it directly in the microwave oven. The availability of such innovative packaging solutions may encourage more vendors to offer innovative packaging, thereby reducing the use of plastic packaging.
“Apart from the technological innovations, the expansion of retail stores offering frozen food, new product launches, increase in M&As, and the growing popularity of private label frozen foods are some major aspects that are expected to boost the overall growth of the global market,” says a senior analyst at Technavio.
Global frozen food market: Segmentation analysis
This market research report segments the global frozen food market by product (frozen ready meals, frozen meat and poultry, frozen fish and seafood, frozen fruits and vegetables, frozen potato products and frozen soups) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing availability of frozen foods through retail outlets in the region
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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