WHAT IS DRIVING THE GLOBAL FROZEN FOOD MARKET?
The demand for global frozen food is driven by the changing lifestyle of the global population. The increasingly busy lifestyle is making people opt for convenient options for meal. The changing trends in food consumption is likely to increase the demand for frozen processed food worldwide. The global frozen food market offers frozen desserts to appetizers to meals and is likely to be the one-stop solution for the urban population in the world. With changing customer perceptions for food and rising time constraint, the frozen food market is definitely experiencing an upswing.
The highest demand of processed frozen food is seen in countries like Philippines, Chine, US and India. Increase in disposable income is also influencing the demand for frozen food market. Refrigeration facilities are also on a rise in the developed countries leading to a rise in the demand for frozen food. Time constraint is leading to the demand for frozen food. This means that consumers get prewashed, pre-cut, frozen ready-to-cook food. Manufacturers are coming up with cutting-edge strategies to improve the quality of the products. Tyson Foods Inc. is one of the leading producers of varieties of frozen chicken.
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Factors that are driving the global frozen food market
There are several factors that are contributing to the growing popularity of the frozen food market:
Meeting of convenience and health:It is true that consumers nowadays are quite conscious about their health. However, there is a growing demand for convenience as well. The increasing availability of frozen products that are high in protein and low in calorie and fat are acting as a prime driver of the frozen food market. Also, the frozen food segment is addressing the issue of specific dietary requirements like sugar free, dairy free, gluten free, vegan food that is increasing its popularity.
Demand for preservative free products:
Demand for fresh preservative free food is on the rise among consumers. However, the shelf life of such food products is very short. Hence freezing is coming up as one of the options for increasing the shelf life as well as keeping the food free of preservatives. Advanced freezing technology like Individual Quick Freezing (IQF) can help store fresh food for days while keeping the nutrients intact.
Millennials are adopting frozen food:Studies have shown that the sales volume of frozen products has gone up for the first time in the last five years. This is mainly because millennial have increasingly started adopting frozen food and are spending nine percent more on frozen foods for each shopping trip.
Apart from these drivers, there is a growing awareness among consumers on how frozen food can combat the issue of Global Food Waste. Globally 40% of the food that is produced gets wasted, adversely affecting sectors like agriculture and FMCG. Freezing the food can drastically cut down on this wastage. Hence the manufacturers of frozen food can play a huge role in balancing the global economy. Hence there is a growing adoption of the frozen food leading to a steep rise in the market.