(MENAFN Editorial) Frozen Meat Market - by Product Type (Frozen Processed Meat), End User (Food service, Retail customers), Distribution Channel (Store Based) and Region (North America, Europe, Asia Pacific and Rest of the world) - Forecast to 2023
Market Overview:
Global Frozen Meat Market is expected to grow at the CAGR of 4.36%. Frozen meat market has witnessed substantial innovation in terms of new product launches along with research & development and collaboration. Also, the overall disposable income of the consumer is increasing over the past few years which in turn leads to surge in sales of frozen meat during the forecast period.
Frozen food involves basic food chemistry under which food is conserved by a freezing process and kept in a freezer before cooking. Frozen meat offers better stock control, overcome the problem of seasonality and offers longer shelf life which allows advanced purchase and longer term storage. Manufacturers invest in research and technical development and investigative activities to improve existing products and procedures in order to develop new products. Numerous research studies and analysis have been done in this field which was conducted by various regulatory bodies or authorities such as USDA. USDA has conducted comprehensive scientific and technological study of all the practices of the frozen meat industry with an objective to determine the safety of frozen meat and define certain standards for maintenance of the high quality of commercially packed frozen meats under the conditions of temperature and time in order to improve the efficiency of supply chain and food distribution.
With strong economic growth, emergence of a large and prosperous middle class, increasing consumers' cautiousness to spend along with high rates of migration from rural to urban areas has led to the influx of international retailers to the developing regions and has encouraged the construction of large volume of new retail real estate. In Asia-Pacific region, China is one of the most dynamic retail markets in the world, whereas India, Malaysia, Kazakhstan, Indonesia, and Turkey are also ranked higher in terms of retail development. Retail customers are more inclined towards buying cooked, semi-cooked ready-to-eat food, meat, and soups amongst the categories of available frozen products in the market. Also, increasing promotional activity by the retailers across the region has led to the rising consumer demand
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Regional Analysis:
The global frozen meat market is segmented into North America, Europe, Asia Pacific and Rest of the world. Among these, Europe is projected to retain its dominance throughout the forecast period. Europe is estimated to reach to USD 31.47 Bn by the end of 2023. North America is estimated to witness slow growth as compare to the other region. Asia Pacific region is projected to observe a massive growth during the review period of 2017-2023. Robust economic growth, rising urbanization, explosion of in the middle class population are the significant factors of the growth of frozen meat in Asia Pacific region. China is projected to register a healthy CAGR of 5.01% during the forecast period. The growth is contributed by the increasing per capita disposable income and the substantial growth of organized retail sector.
Major Key Players:
This report includes a study of strategies used in the market, mergers and acquisitions in frozen meat, multiple product launch by frozen meat market players. It further includes product portfolios and developments of leading major players which includes
The market players have increased their level of investment in research to identify right formulation and to improve product functionality in order to capture lion's share and create brand recognition in frozen meat market. Manufacturers indulge in maintaining transparency and allow food traceability in order to manage and mitigate risk and lowering the impact of recalls and lowering liability costs. The global frozen meat market is segmented on the basis of product type, end user, distribution channel and regions of frozen meat.
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Target Audience:
Key Findings:
Frozen meat manufactures find a massive opportunity in the India, China and Middle East countries. Key players are emphasizing to augment the distribution channel in the untapped market in order to upsurge the customer base.
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