(Entertainment-NewsWire.com, February 15, 2018 ) Latin America Frozen Processed Food market is anticipated to grow at a 2.89% CAGR from 2016 to 2021 and it is estimated that the Latin America market was valued at USD 7.26 billion in 2016 and is relied upon to achieve USD 8.37 billion by 2021.Due to busy lifestyle coupled with changing preferences among consumers towards ready to cook meals due to conveniences and hygiene is anticipated to remain a main driving factor for the overall industry. Compared to the fresh ones, these products contain maximum vitamins and minerals because freezing preserves the products for prolonged periods without any preservatives and deters against any microbial growth that causes food spoilage.
Frozen processed food items are perceived as a healthy as natural food item among the consumers across the world, more consumers are gradually shifting towards the consumption of frozen processed food in order to maintain a healthier lifestyle is one of the major drivers for the frozen processed food market. Moreover, due to the rise in health awareness among the consumers, they are looking to reduce the consumption of ready to eat food items, and are shifting towards the consumption of frozen processed food as they are seen as a healthier alternative. Furthermore, the vast product range of frozen processed food products due to product innovation is commenced by the manufacturers operating in the global frozen processed foods market is another factor driving the market. In addition, due to the busy lifestyle of the consumers in the developing regions including Asia Pacific and Middle East, they are looking for the consumption of food items which would address their health requirements and are convenient at the same time. This factor is also fueling the demand for the global processed food market.
The Latin America market for Frozen Processed Food is segmented into Product. On the basis of Product, it is segmented into Frozen Fruits & Vegetables, Frozen Potatoes, Frozen Ready Meals, Frozen Meat, Frozen Fish/Seafood, Frozen Soup, and Other Products. The frozen processed poultry held the largest market share followed by the frozen processed sea food segment. However, the frozen processed sea food segment is expected to surpass the frozen processed poultry segment in terms of revenue share. The frozen processed red meat segment held the largest market share and is projected to remain the market leader during the forecast period.
On the basis of geography, the market is analyzed under various regions namely Argentina, Brazil and Mexico. Consumer preference towards hygiene related frozen products coupled with the new trend of online grocery purchase is expected to have a positive impact on the regional growth over the forecast period. Emerging economies such as Argentina and Brazil are expected to register the high growth regarding demand for these products. The emergence of supermarkets and online stores is projected to ensure the product availability in these countries.
Some of the major companies dominating the market are ConAgra Foods, Inc, Nestle S.A., Tyson Foods Inc., Unilever plc, BRF S.A., General Mills Inc, Ajinomoto Co. Inc., Unilever Plc, Allens, Inc, Heinz, and Amys Kitchen Inc.
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