Hectic work lifestyle trigger for rise in frozen foods market
The U.S. frozen food market is expected to reach U.S. $72.98 billion by 2024, according to a new report by Grand View Research Inc. (grandviewresearch.com). Greater economic participation from all segments of the U.S. society has resulted in hectic work schedules thus causing a change in lifestyles. Frozen food provides convenience thus catering to this shifting trend.
Frozen foods are easy to carry, cook and consume. They do not require much preparation before consumption. They come in pre-portioned and pre-measured quantities which reduce waste. Thus, they limit the time needed for cooking and this trend is expected to benefit the U.S. market over the forecast period.
Fruits & vegetables are frozen at the time of their ripeness. Advancements in freezing technology have enabled to lock in all the nutrients in the products. Furthermore, competitive pricing has allowed frozen foods to be available in comparatively fewer prices. All these inherent benefits are expected to drive the overall market over the next eight years.
Government regulations coupled with health concerns are expected to restrain the market growth. To overcome this restraint, companies impose strict quality checks on their raw material sourcing processes. Also, companies have reduced the content of harmful substances such as trans fats in frozen food.
There have been recent advancements such as the creation of new formulations that remove allergens like dairy, soy and wheat; the introduction of a wide range of ethnic and ingredients to suit changing palates; and innovations in packaging are expected to impact the overall industry growth positively.