(Health-NewsWire.Net, December 06, 2017 ) The Latin America Frozen Foods Market has been estimated at USD 23.00 Billion in 2016 and is projected to reach USD 32.15 Billion by 2021, at a CAGR of 6.93% during the forecast period from 2016 to 2021.
Deep frozen food products that can be stored and used over a long time period are referred as frozen foods. Frozen foods, which include meat, vegetables, beans, soups, meals, pizza, and others, are stored at subzero temperatures to preserve food for a longer time in comparison to fresh food.
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The market for Latin American Frozen foods market is mainly driven due to rising demand from emerging economies, constant product innovation, and attractive packaging, along with hectic lifestyle that is making consumers rely on convenient foods which are basically frozen for preservative purpose. But, the market growth is curbed due to reasons like inadequate distribution facility in semi-urban and rural areas.
Latin America market for Frozen Foods is segmented based on product type and end- user. By product type, the market is further sub-segmented into frozen ready-to-eat meals, frozen meat & poultry, frozen sea food, frozen vegetables & fruits, frozen potatoes and frozen soup. Frozen ready-to-eat meals segment leads the market, accounting for 35% of the total market, due to increased popularity on account of hygiene and timely preparation. Frozen potatoes segment is anticipated to be the fastest growing segment in the forecast period, with these products having high nutritional value and delicious nature.
Geographically, Latin America market for Frozen Foods is segmented into Brazil, Argentina and Mexico. The emergence of supermarkets and online stores is ensuring the product availability in these emerging countries, which is also driving the companies to expand their markets in these regions.
Kraft Foods Group Inc., Kellogg Company, Nestle S.A., Ajinomoto Co. Inc., Cargill Incorporated, Ralcorp Frozen Bakery Products Inc., Amy’s Kitchen Inc., Unilever plc, The Schwan Food Company, ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills Inc, Heinz, are the major players of Latin America Frozen Foods market.
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