The frozen food market in Europe is expected to post a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the frozen food market in Europe from 2019-2023. (Photo: Business Wire)
A key factor driving the growth of the market is increasing frequency of M&As in the market. The large players in the market acquire smaller players to gain access to new products and innovative technologies at a lower cost. Vendors also engage in M&A activities to expand their geographical presence and increase market share. For instance, in July 2018, Nomad Foods completed the acquisition of Aunt Bessie's Limited from William Jackson & Son Limited. Aunt Bessie's is a leading frozen food company in the UK where it manufactures, distributes, and sells a wide range of branded frozen food products. Also, in April 2018, Nomad Foods completed the acquisition of Green Isle Foods from Boparan Holdings. Green Isle Foods manufactures and sells frozen pizzas for the UK and Irish markets. The vendor's Goodfella's brand is one of the market leaders in the UK's frozen pizza category. Thus, with such M&A’s the market is expected to witness a positive outlook during the forecast period.
This market research report on the frozen food market in Europe 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the premiumization of frozen food products as one of the key emerging trends in the frozen food market in Europe:
Frozen food market in Europe: Premiumization of frozen food products
Premiumization of frozen food products is one of the key trends in the frozen food market in Europe which will drive the growth of the market. The general consumer perception about premium products is that they are made using high quality ingredients and are better than ordinary products is accelerating the sale of premium frozen food products. The players in the market are also introducing new products to tap the potential offered by the growing demand for premium frozen food products. For instance, in April 2016, Waitrose launched its premium private label brand under the brand name Waitrose 1. The lineup featured premium frozen ready meals. The increasing per capita income of the consumers in European countries such as the UK, Germany, France, enables consumers to afford premium products. Thus, the premiumization of frozen food products will drive the growth of the frozen food market in Europe during the forecast period.
“Along with premiumization of frozen foods, the emergence of private label brands is another factor that is boosting the growth of the market. Private-label products are relatively low-priced as compared to mainstream brands, which makes them a popular option among consumers who are budget conscious. The market share of private-label players is increasing in all the segments of the frozen food market in Europe. The increasing frequency of innovative product launches is enabling the private label brands to establish their presence in the frozen food market in Europe,” says a senior analyst at Technavio for research on food.
Frozen food market in Europe: Segmentation analysis
This market research report segments the frozen food market in Europe by product (frozen ready meals, frozen fish and seafood, frozen meat and poultry, frozen fruits and vegetables, others) and geographical regions (Western Europe and Eastern Europe).
The frozen ready meals segment led the market in 2018 with a market share close to 31%, followed by frozen fish and seafood, frozen meat and poultry, and frozen fruits and vegetables segments respectively. The growing demand for frozen ready meals among consumers is attributable to the convenience factor offered by these products. The frozen ready meals are increasingly popular in countries such as UK, France, and Spain. Furthermore, packaging innovations and increasing new product launches are expected to drive the growth of the frozen ready meal segment.
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Five Forces Analysis
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