Market Research Report
Indonesia Frozen Food Market - Growth, Trends, Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||754913|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Indonesia Frozen Food Market - Growth, Trends, Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 80 Pages||
Indonesia frozen food market is forecasted to reach USD 1303.21 million by 2024 growing at a CAGR of 9.1% during the forecast period (2019 - 2024).
Indonesian frozen food market report is segmented, by product type, into frozen fruits & vegetables, frozen meat & fish, frozen cooked ready meals, frozen desserts, frozen snacks, others. By distribution channel, the market is segmented as online and offline retailing.
Rise in Demand For Convenience Foods
Rise in consumer preferences for convenience foods is likely to be a crucial factor driving the growth of the frozen food market in Indonesia. Convenience food is ready food that requires least or no further preparation before consumption. It includes canned food, packaged food or meals, frozen food, preserved food, and instant products. With the advent of technology, there have been expansion opportunities in the frozen, chilled, prepared mixes, and shelf-stable food segments, among others. Frozen ready meals are a big seller, appealing to people with hectic lifestyles, those who are trying to lose weight, and people who live alone and do not want to prepare a full meal. Presence of various global players in this country has led to wider availability of products. Improvement in the standard of living, along with higher disposable income, has led to a rise in demand for frozen food in the country. Expansion of retail channels in the form of new and improved hypermarkets and supermarkets is also a key factor for growing sales of frozen foods.
Frozen Meat and Fish Segment Contribute to the Maximum Revenue
The consumer preference for frozen meat is increasing, in part due to the hygiene issues associated with making fresh products available. The popularity of protein diets has made meat and fish all the more popular, and seafood, in particular, is emerging as an important source of export earnings for the country. With the increase in bilateral and international agreements regarding the expansion of agriculture and food trade, the frozen meat and fish segment is expected to grow during the forecast period. These products exhibit longer shelf life ranging from six months to a year, making it convenient for export to farthest of places. The Indonesian companies export various types of fish meat after processing and adding appropriate preservative materials according to the international standards and consumer demand.
Frozen food is an emerging market in Indonesia and the consumption is growing as a result of the increasing demand for convenience products. However, there is scope for new suppliers to make a mark in the market studied. Major global players, such as General Mills and Ajinomoto Inc., held a significant share of the market studied. As new entrants are entering the market, the category has become highly competitive and even more price-sensitive. Significant investment for the development of products, as per consumer tastes and preferences, is driving the market growth.