Posted On: 2020-05-14
Ready meals are expected to hold the largest market revenue share in the Asia Pacific frozen food market during the forecast period – 6Wresearch
Frozen food is growing in popularity as it is increasingly being seen as a healthier alternative to other forms of food preservation such as using additives which reduces the nutritional content of the food. Additionally, rising awareness about the grave food-waste problem in the world is also expected to improve public perception about frozen food which enables long term storage and helps avoid wastage of food. Demographically, the young population in countries such as India and Indonesia are expected to drive the growth of the frozen food market in the region over the coming years as young adults are likely to spend about 10% more money per shopping trip for frozen food relative to other age groups, primarily due to inadequate availability of time to make a full meal with fresh meat and produce. On the other hand, the aging population in China and Japan is expected to contribute to the overall frozen food market growth significantly during the forecast period owing to their preference for easy to prepare and store food.
According to 6Wresearch, Asia Pacific (APAC) Frozen Food Market size is projected to grow at a CAGR of 6.2% during 2020-2026. With healthy options being made available in the frozen food market, consumer sentiment regarding frozen food is expected to improve further during the forecast period. The demand for frozen food in a single person and nuclear households is driven by the consumer preference for convenient, reasonable, and small portions of meals, and the increase in the proportion of such households is likely to propel the market for frozen food in the region over the coming years. Unforeseen events such as the coronavirus outbreak are expected to boost the demand for frozen food in the short run as people are expected to stockpile necessities including food to endure the crisis. However, disruptions in the supply chain in countries in the Asia Pacific region are expected to dampen the production of frozen food products in the first half of 2020.
According to Akshay Thakur, Senior Research Analyst, Research and Consulting 6Wresearch, “Frozen ready meals hold the highest revenue share in the overall frozen food market in the Asia Pacific region owing to the consumers’ preference for convenient, time-saving and cost-effective preparation of meals, particularly for the elderly and the working population. Moreover, the increasing availability of healthy frozen food products with high protein content, low calories, low fat, as well as those that satisfy specific dietary requirements of consumers such as dairy-free, vegan and sugar-free would make different varieties of frozen food attractive to a larger consumer base in the years to come.”
According to Sanya Sethi, Research Associate, Research and Consulting, 6Wresearch, “Mobile commerce (m-commerce) and e-commerce platforms are establishing their positions in the economy of the Asia Pacific region are expected to augment the distribution of frozen food through online channels in the coming years. Additionally, retail customers are also anticipated to increase their revenue share in the overall Asia Pacific frozen food market owing to the changing demographics with an aging population in countries including China and Japan, as well as the growing number of working mothers who prefer to prepare convenient yet healthy food themselves instead of ordering food from outside.
Some of the key players in the Asia Pacific frozen food market include Nestle, McCain, Unilever, and Tyson.
“Asia Pacific Frozen Food Market (2020-2026)" provides an in-depth analysis with 50 figures, covered in more than 100 pages. The report estimates and forecasts the overall Asia Pacific Frozen Food market by product types, by end-users, by distribution channels, by freezing techniques and by countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.