Industry Insights
Growing online purchase of staple food is gaining popularity across developed nations such as U.S., UK and Germany This, in turn, is also expected to have a positive influence on the entire industry over the forecast period. They also help in increasing the shell life of fruits and vegetables. Also, availability of refrigeration media for industrial and commercial freezing is further expected to benefit the industry growth.
Staple food constitutes a dominant portion of a standard diet for a given number of people, fulfilling the nutrient demand in the region. Most people intake food based on a small number of staples. Easy availability of staples in the frozen packet, which dominates the daily diet of a given population, is anticipated to drive the frozen food market growth over the next eight years. Frozen food meets the very definition of staple food of having good nutritional value and of being generally suitable for storage for longer durations without decay.
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Product Insights
Frozen potatoes are presumed to exhibit the fastest growth at an estimated CAGR of 4.7% from 2016 to 2024. These have a high nutritional value and are also delicious in nature. Moreover, potatoes are mostly gluten free and are considered a carbohydrate source in a balanced diet.
Regional Insights
Asia Pacific is expected to witness significant growth at a CAGR of 5.0% over the next eight years due to rapid expansion in fast food outlets in countries such as India, Singapore, Indonesia, Malaysia and China. Growing urbanization coupled with rising disposable income are the major factors in these countries, which have augmented consumer’s preference towards fast food.
Emerging economies such as South Africa and Brazil are anticipated to witness significant growth regarding demand for these products. The emergence of supermarkets and online stores is expected to ensure the product availability in these countries.