Market Research Report
Russia Frozen Food Market
|Published by||IndustryARC||Product code||978863|
|Published||Content info||79 Pages
Delivery time: 2-3 business days
|Russia Frozen Food Market|
|Published: October 29, 2020||Content info: 79 Pages||
Russia Frozen Food Market Overview
Russia Frozen Food Market size is $5,216.7 Million by 2019, growing at a CAGR of 4.1% during the forecast period 2020-2025. With the growing working population, increasing disposable income, rapid urbanization the preference of Ready-to-eat food products are rising which in turn is boosting its market growth in the future. Besides, this the growing consumer preference towards convenience food as they require lesser time and effort for cooking is a significant factor contributing to its market growth. Moreover, they can be stored for longer duration than the traditional ones owing to which large of consumers are opting it. In addition numerous benefits are offered by these products such as ease of availability, longer storage duration and reasonable price is driving the market for Russia Frozen Food Market during the forecast period 2020-2025.With a larger section of the employed population, the demand for convenience foods is higher which is likely to boost the Russia Frozen Food market in the coming years. Besides, this the various strategies adopted by the key players in order to expand their product portfolio is another vital factor upsurging its market growth. For instance, in June 2020 McCain Foods Ltd built its first Potato processing plant for production of frozen French fries in Uzlovaya Industrial Zone in Tula Oblast, Russia.
The report: "Russia Frozen Food Market Forecast (2020-2025)", by IndustryARC, covers an in-depth analysis of the following segments of the Russia Frozen Food Market.
By Type - Ready to Eat, Read to Cook and Ready to Drink.
By Product - Bakery Products, Fruits and Vegetables, Dairy Products, Meat and Seafood Products, Snacks and Others.
By Distribution Channel - Supermarket/Hypermarket, Convenience Stores, Online Stores and Others.
The ready-to-eat accounted for the largest market share in 2019 owing to the rising preference for ready -to-eat food products in Russia.
The meat and sea food products accounted for the largest market share in 2019 owing to the increasing demand of pre-prepared and quick to cook food among Russian consumers.
The supermarkets/hypermarkets accounted for the largest market share in 2019 owing to the ease of availability of frozen food products in supermarkets.
Increasing Demand for Convenience Foods is a significant factor driving the Russia Frozen Food market during the forecast period 2020-2025.
Russia Frozen Food Market Segment Analysis - By Type
By Type the Russia Frozen Food market is segmented into ready-to-eat, ready-to-cook and ready-to-drink. Among these the ready-to-eat accounted for the largest market share in 2019 owing to the rising preference for ready -to-eat food products in Russia. Moreover, ready-to-eat food are a group of food products that are precleaned, precooked and mostly packaged and ready for consumption without any prior preparation and cooking. In addition the foods are often prepared that can be sold as hot, ready-to-eat dishes as room temperatures. Furthermore, in Russia around 7% of all frozen sales come in the form of ready meals in which the larger sector is ready-to-eat options, nearly 25% contains some sort of meat. In addition domestic delicacies dominated the processed frozen sector. For instance, pelmeni a kind of small dumpling stuffed with pork, beef and lamb or other meats and blinis, a thin pancake French crepe, take up to 17% of frozen processed sales. Also, ready-to-cook segment is projected to witness growth at fastest CAGR of 5.0% in forecast period 2020-2025. Ready-to-cook segment is gaining traction in Russia owing to the increasing adoption among consumers towards ready-to-eat food products.
Russia Frozen Food Market Segment Analysis - By Product
By Product the Russia Frozen Food market is segmented into Bakery Products, Fruits and Vegetables, Dairy Products, Meat and Seafood Products, Snacks and Others. Among these the meat and sea food products accounted for the largest market share in 2019 owing to the increasing demand of pre-prepared and quick to cook food among Russian consumers. Moreover, the increase in the production of frozen meat and sea food products has increased the export of frozen meat and seafood products in Russia which is further fueling its market growth. For instance, Russia agriculture watchdog Rosselkhoznadzo and the General Administration of the People's Republic of China have signed a protocol for exporting meat products in Russia. According to the Food and Agriculture Organization the (FAO), the national wide consumption of bakery products is estimated to be 6.5 million tons by 2020, out of which the consumption of frozen bakery products is estimated to be 46kg, which in turn is estimated to propel the growth of Russian Frozen Food Market.
Russia Frozen Food Market Drivers
Increasing Demand for Convenience Foods
Increasing Demand for Convenience Foods is a significant factor driving the Russia Frozen Food market during the forecast period 2020-2025. With the increase in the demand of ready-to-eat or ready-to-cook processed food is a vital factor upsurging its market growth in the future as it requires minimum preparation time for cooking before eating just open the packet, heat it and eat. Moreover, owing to the covid-19 pandemic people are staying at home and basically looking for frozen food and ready to cook meals options. In addition restaurants and other fast food sectors are closed which is eventually encouraging the consumers towards the adoption of frozen fast food options for their snacks which in turn is driving the growth of this segment.
Increasing Use of Frozen Foods in Restaurants
Increasing use of frozen food in various restaurants including KFC, McDonalds, Pizza Hut and Subway is a major factor driving the Russia Frozen Food Market during the forecast period 2020-2025. For instance, recently KFC has started offering two easy-cook frozen snacks, crispy fries and original recipe nuggets that are available in fryer ready packs which in turn is boosting its market growth. Besides, this the use of frozen foods by various end users including full-service restaurants, hotel and resorts and quick service restaurants are driving its market growth.
Russia Frozen Food Market Challenges
Preferences of Freshly Prepared Food
Some of the factors that might impede the growth of Russia Frozen Food Market are the preferences of freshly prepared food and the increasing price of raw materials during the forecast period 2020-2025.Moreover, the increasing consciousness among consumers regarding their health and the urge and preference for consuming freshly prepared food products the companies are continuously bringing organic and natural based food products as well as refrigerated products which is hampering its market growth in the upcoming years.
Russia Frozen Food Market Industry Outlook
Product Launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by the players in Russia Frozen Food Market. Russia Frozen Food Market top 10 companies are General Mills Inc., Cargill Corporation, Nestle S.A., ConAgra Brands, McCain Foods Limited, Bonduelle Group, Unilever, Kellogg, Grupo Bimbo and Kraft Heinz.
In February 2020: Cargill Corporation launched plant based patty and ground products for maintain consistency in taste of consumers by providing high-quality protein. This helped in attracting many consumers and thus aids to its productivity of sales.