Industry Players in Frozen Fruits Market Looking For New Value Propositions for Millennials; Current Focus on Overcoming Supply Chain Bottlenecks: TMR
Proliferating applications of frozen fruits pulps in food, cosmetics, and pharmaceutical sectors market to spawn opportunities in frozen fruits market worth of ~US$ 21 Bn by 2030
Expansions of distribution and sales network accelerate strides in the frozen fruits market, environment-friendly packaging solutions to further boost the prospects; clean label products a promising trend
ALBANY, N.Y., Aug. 10, 2020 /PRNewswire/ --Frozen fruit pulps are utilized extensively in pharmaceutical, cosmetics, food processing sectors. Numerous health benefits of frozen food, especially organic food, are increasingly attracting millennials in developing and developed regions. A wide range of food products that utilize juice, nectar, alcoholic drinks, jams, and candies.
Analysts at TMR assert that brands should focus on investing in novel packaging solutions and marketing strategies to stay ahead of their competitors. They project the frozen fruits market to expand at a healthy CAGR of 5.6% during 2020 – 2030, and reach valuation of ~US$ 21 Bn by 2030-end.
Frozen Fruits Market: Key Driving Factors and Promising Avenues
Changing taste and preferences: High-nutritional value of frozen food is a key aspect attracting health-conscious consumers around the world. Rising consumer awareness about organic food products
Veganism on the Rise: According to Google trends, interest in 'veganism' has surged between 2014 and 2019, spurring the demand for seasonal frozen fruit, and thus has boosted the market.
Applications in multiple industries: Frozen food is increasingly being used in variety of formulations in food, pharmaceutical, and cosmetic industries.
Environmentally friendly packaging attracting interest: Increasing adoption of earth-friendly packaging among brands associated with the marketing, selling, and production of frozen food and frozen-food products has reinforced the revenue scope in the frozen fruits market.
Increasing marketing and promotion: Players are leveraging the strength of digital marketing strategies among intense promotional activities to promote their products.
Players are also keen on adopting cost-effective frozen technologies, thereby unlocking new market prospects.
Popularity of organic food products: Rise in demand for organic food products in developing world is boosting the frozen fruits market. Further, application of frozen fruit ingredients in the bakery industry is bolstering the demand.
One of the key bottlenecks for players to realize the full revenue potential in the frozen fruits market are ongoing COVID-19 disruptions in the supply chain, especially in cross-border trade. In recent months, this has severely hampered the distribution networks of several brands across the world. However, sales of frozen fruit pulps and syrups have spiked in developed nations, such as in North America in first part of 2020. Further, food and beverages sectors are expected to overcome supply chain constraints in the next few months, contend experts.
Top brands aiming to tap into revenue potential in the frozen fruits market have unveiled various labels. They aim at meeting the special dietary requirements of consumers, and are aiming at cleaning labelling to attract them. Meanwhile, several companies in the frozen food products are constantly engaged in launching new products, and some are expanding their product portfolio. Moreover, numerous players in the frozen fruits market are throwing their weight behind strengthening their supply and distribution chain. The initiatives are likely to consolidate their shares in the global market.
Prominent stakeholders include names such as Rosemary and Thyme Limited, Dean Foods, Danone, Shimla Hills Offerings Pvt. Ltd., Dairy Farmers of America Inventure Foods, Inc., and Nestlé.
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