Processed Food Market Analysis
Processed Food Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Food which is altered using freezing, baking, and drying is called processed food. United States Department of Agriculture (USDA) defines processed food as any raw agricultural products that has been subjected to cleaning, washing, milling, chopping, cutting, heating, blanching, pasteurizing, cooking, freezing, canning, drying, mixing, packaging, dehydrating or other procedures that modify the food from its natural state. Such process may include the additional ingredients such as flavors, nutrients, preservatives. These products are having a demand in the global market due to its advantages such as easy cooking or immediate consumption, easy handling, preservation, and storage. Changing lifestyle, safety, and convenience are the major driving factors for the global processed food market. Excellent marketing strategies for such products also play an important role. Innovative packaging is used by processed food industry which in turn increases the demand for the global packaging industry.
The major challenge for the global processed food industry is the health awareness, food contamination, and government regulations. The health problems associated with preservatives and other additives is a major concern. However, the major players are coming up with innovative ideas such as fortification of various nutrients in the processed food to overcome this problem.
Global Processed Food -Market Taxonomy
The global processed food market is segmented on the basis of process, products, and application.
Based on process, global processed food market is segmented into:
Based on product type, global processed food market is segmented into:
Based on application, global processed food market is segmented into:
Baked goods, baby foods, breakfast cereals, chips, nuts, sweet snacks, candy, pet food, ready to eat meals, cheese yoghurt, salad dressing, instant products are few examples of processed food which are gaining popularity in the market.
Global Processed Food Market Outlook
The companies are adopting various organic and inorganic growth strategies to sustain their market positions such as partnership and mergers.
For instance, in March 2015, Krafts foods Group merged with H.J. Heinz and formed a new entity H.J. Heinz-Kraft Foods company, to expand their business.
In June 2017, Nestle acquired minority stake in Freshly, a leading producer of direct-to-consumer (DTC) freshly prepared meals, to expand distribution network in a rapidly changing U.S. market.
In August 2018, Tyson Foods, Inc. acquired Keystone Foods, a supplier of chicken, beef, fish and pork to restaurants as well as retail and convenience stores. The acquisition includes six processing plants and an innovation center in the U.S. It also includes eight plants and three innovation centers in China, South Korea, Malaysia, Thailand and Australia.
In April 2018, The Kraft Heinz Company partnered with Food Network Kitchen to supply salad dressings, cooking sauces and meal kits in global market.
For instance, in June 2017, Smithfield Foods acquired Pini Group's packaged meats companies in Poland. These companies will be operated by Animex Foods, one of the largest food producers in Poland and part of Smithfield Poland, which is owned by Smithfield Foods. This acquisition helped Smithfield Foods to expand its business in Poland market.
Key players in the global processed food market
Also, Tyson food collaborated with Godrej India in 2008. Some of the important players in the global food industry market are Nestlé, General Mills, Kraft Food, Inc., ConAgra foods, Inc., Tyson Foods, Kellogg’s, Frito-Lay, JBS Food, Smithfield Food, Inc. and Mars, Inc.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to: