Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Frozen Fruits 2017—2027
Frozen fruit is one of the healthiest food items that one should consume as it is a rich source of vitamins, antioxidants, and minerals, all of which enhance the overall health. Frozen fruits are a convenient alternative of fresh fruits as this are not available throughout the year. The frozen fruits are picked at peak ripeness and once they are harvested the fruits are washed, blanched, cut, frozen and stored within a few hours. The frozen fruits are treated with ascorbic acid or sugar in order to prevent the spoiling. The nutrients level remains unchanged even after freezing.
The global frozen fruit market is projected to reach around US$ 3.2 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.0% during the forecast period (2019-2027).
The rising number of the working population with a busy lifestyle is creating demand for ready-to-eat food products such as frozen fruits is expected to foster the market growth of frozen fruit. Frozen fruits can be consumed with minimal processing and a required portion of frozen fruits can be consumed, whereas the remaining quantity can be repacked after using for later use. This minimizes the wastage and ensure the ideal usage of fruit. These factors are anticipated to augment the market growth of frozen fruits.
Growth in economic and disposable income is expected to foster the market growth of frozen fruits. Income growth in emerging markets such as Asia Pacific, Latin America, and Eastern Europe and the Asian region is increasing disposable income of consumers in these regions, especially among the middle-class population which is consumer spending on new goods and services. This, in turn, is propelling the market growth. According to the World Bank, South Asia is anticipated to showcase robust economic growth in the coming years. The growth in the region is projected to incline from 7% in 2015 to 7.6% by 2017.
On basis of the region, Europe region dominated the global frozen fruit market, in 2018, accounting for 37.4% share in terms of revenue, followed by North America and Asia Pacific respectively.
Figure 1. Global Frozen Fruit Market, Revenue Share (%), By Region, 2018
Perception of consumers associated with the lack of nutrients in frozen fruits is estimated to hinder the market growth of frozen fruits. As they are being perceived as processed foods with added preservatives but it has been changed to an extent across developed countries, such as Germany, U.S., and others. However, in some developing countries, it will take some time to change the consumer mindset regarding frozen fruits. This factor is projected to hinder the market growth of frozen fruit.
Lack of associations for the frozen food products due to lack of advertisement and awareness regarding the health benefits of frozen fruit across the world is expected to restrict the market growth. Moreover, lack of proper food associations that can help people to change their misconceptions regarding frozen fruits and other related products is further anticipated to restrict market growth.
Increasing penetration of retail and online shopping sector around the globe is expected to augment the market growth of frozen fruits. Moreover, the advent of modern retail formats, such as convenience stores, especially in Asian countries is increasing product visibility and easy accessibility to frozen fruits, to consumers which are estimated to augment the market growth of frozen fruits. According to our primary sources, China’s e-commerce retail sales are anticipated to reach up to US$ 1,500 Billion by 2018 as compared to US$ 670 Billion in 2015
Growing demand for frozen fruits from food manufacturers, such as confectionery &bakery and dairy companies, as they purchase frozen fruits for further processing of fruit products and to utilize it in various food applications. Such as frozen fruits can be used to prepare salad, beverages, energy drinks, and desserts. Therefore, the rising demand for frozen food is expected to fuel market growth over the forecast timeframe.
Figure 2. Global Frozen Fruit Market – Opportunity Analysis
Increasing focus of manufacturers to expand the frozen fruits product range is a major trend that has been observed in the market of frozen fruits. For instance, in October 2018, FMCG companies have announced to expand the ready-to-eat products with the range of frozen food products in an attempt to diversify and make themselves more appealing to consumers for whom elaborate cooking is not always an option and prefer a quick heat-and-eat style.
The rising trend of mergers and acquisitions among major players in order to attain a competitive edge in the market is anticipated to foster the market growth of frozen fruits over the forecast period. For instance, in 2015, SunOpta Inc. – a leading Canadian organic food provider – purchased Sunrise Holdings Delaware Inc. – an organic frozen fruit supplier, for about US$ 450 Million. Rising adoption of such a smart strategy is expected to accelerate the market growth of frozen fruits.
Figure 3. Global Frozen Fruit Market, Revenue Share (%), By Application, in 2018
On the basis of application, in 2018, fruit-based beverages segment has accounted the largest market share of 43.3% in terms of value, followed by diary and confectionary & bakery respectively.
Figure 4. Global Frozen Fruit Market – Value Chain Analysis
Key players operating in global frozen fruit market are Uran Food Group Limited, Pinnacle Foods Inc., Kendall Frozen Fruits Inc., Ardo NV, SunOpta Inc., Welch Foods Inc., Agrana Beteiligungs, Kerry Group Plc, SICA SICODIS and Titan Frozen Fruits LLC.
Few Recent Developments
Uren Food Group Limited
- In February 2016, Uren Food Group sponsored Ed Himbury – one of the world’s best AT Youth Bobsleigh athlete – to compete in the Youth Winter Olympics held at Lillehammer, Norway