Attractive Growth Opportunities in Frozen Food Market

Northbrook, IL, USA, 2019-Oct-09 — /EPR Network/ —

The frozen food market, in terms of value, is estimated to account for nearly USD 219.9 billion in 2018 and projected to grow at a CAGR of 5.1%, to reach nearly USD 282.5 billion by 2023. Developments in the retail landscape, rising demand for convenience food, and technological advancements in the cold chain market are the major driving factors for the market. Online grocery shopping and new apps (applications) in the retail sector are creating several opportunities for the overall processed food market and hence accelerating the frozen food market.

Key players that have a strong presence in the frozen food market include General Mills Inc (US), Conagra Brands, Inc. (US), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Unilever (Netherlands), Kellogg Company (US), McCain Foods Limited (Canada), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), Lantmannen Unibake International (Denmark).

Major players in the market are mainly focusing on undertaking expansions for innovating and developing research centers to meet the growing requirements of consumers.

The core strengths of the key players identified in this market are their growth strategies such as new product launches and acquisitions. Undertaking new product launches and expansions have enabled the market players to enhance their presence in the frozen food market. Key players such as Unilever (Netherlands) undertook these strategies to improve their distribution network, gain a stronger foothold, and enhance  market share.

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Unilever is  focusing on offering a diverse variety of frozen food products. For example, in December 2018, Ben & Jerry’s, a brand of Unilever (Netherlands), launched a new coconut-flavored vegan ice-cream in the UK. This product launch was part of the company’s expansion strategy in the UK market.

Unilever is a consumer goods (FMCG) company operating worldwide, with more than 35 brands in categories such as soaps, detergents, shampoos, skin care, toothpaste, deodorants, cosmetics, tea, coffee, packaged foods, ice cream, and water purifiers. The company has six main R&D centers in the US, the UK, the Netherlands, India, and China; these centers work on technologies that are applicable to the product development process. Unilever invests about USD 1 billion in R&D each year. The company’s subsidiaries  include Ben & Jerry’s (US), Kwality Wall (India), Hindustan Unilever (India), Dollar Shave Club (US), Seventh Generation, Inc. (US), Gromart S.p.A. (Italy), and Tazo Tea Company (US).

Nestle SA (Switzerland) is one of the largest food & beverage companies, with more than 2000 brands. Apart from food & beverages, the company is also involved in the pharmaceutical business. It manufactures beverages, milk-based products, ice creams, prepared dishes, and pharmaceutical products. Nestle operates globally with its presence across Europe, America, Asia, Oceania, and Africa. The company mainly operates through its subsidiaries and  has 29 R&D facilities, worldwide. It offers its products in 189 countries and has factories in 85 countries.

The company focuses on market strategies such as joint ventures and new product launches. For example, in October 2016, Nestlé and R&R (UK) started Froneri, a new joint venture in ice cream, frozen food, and chilled dairy. Froneri was opened to combine Nestlé and R&R’s ice cream business in the Philippines, Europe, Australia, the Middle East (excluding Israel), South Africa, Argentina, and Brazil.

How is digitalization of the retail industry creating opportunity for the market to grow?

One of the latest trends driving the frozen food market is online grocery shopping and the introduction of new apps, making it convenient for consumers to pick their preferred products. Consumers are inclined toward online shopping due to features of convenience and variety. According to Eurostat, in 2018, almost 25% of the population bought food and groceries from online retail channels. With the growing penetration of the Internet and smartphone usage, retail grocery shopping is emerging as one of the platforms for companies to showcase and sell their food products.

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Moreover, the number of stores accepting online payments is rising globally. Factors such as increasing smartphone usage, dedicated apps, and emerging payment methods fuel the overall online grocery market, thus contributing to the growth of the market.

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