Market Research Report
Bangladesh Frozen Food Market - Growth, Trends and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||850137|
|Published||Content info||88 Pages
Delivery time: 2-3 business days
|Bangladesh Frozen Food Market - Growth, Trends and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 88 Pages||
The Bangladeshi frozen food market is expected to reach USD 420.48 million by 2024, registering a CAGR of 6.2% during the forecast period (2019 - 2024).
The scope of the market study includes the segmentation by product type, such as frozen meat and seafood, frozen desserts, frozen ready meals, frozen snacks, and other product types. By distribution channel, the market is categorized into hypermarkets/supermarkets, traditional stores, online stores, and other distribution channels, such as specialty stores, kiosks, etc.
Rapidly Growing Demand for Ready-to-Eat Food and Beverage Products
A rise in the demand for all forms of convenience food and beverage products is being witnessed, owing to busy lifestyles and increasing number of working population in Bangladesh. The changing food consumption pattern in consumers, due to the rapid expansion of urbanization and rise in disposable incomes in the country, is one of the factors contributing to the growth of ready-to-food and beverage products. Owing to the increased demand for frozen food, leading companies, like Golden Harvest and Pran, are opting for the expansion strategy to expand their market presence and consumer bases. Frozen fruit and vegetable products are perceived to be healthy by the local consumers, as they contain more nutrients than preserved food products.
Online Sales Channel Witnessed the Fastest Growth Rate
Frozen food sold through online retail represents a small segment of the market, but is expected to be among the fastest-growing segments. The urban population in Dhaka and other parts of Bangladesh have slowly started preferring online channels, as it is hassle-free, convenient, less time-consuming, and consumers get a larger variety of goods to choose from. E-commerce players, like Chaldal, Parmeeda, Priyoshop, Shwapno, Othoba, Daraz, etc., are some of the major players in the Bangladeshi market. Many online channels provide an option for same-day delivery, which increases their brand value, thereby increasing the market penetration.
The Bangladeshi frozen food market is highly fragmented, owing to the strong presence of numerous local and international players. The raw material suppliers are either farmers or middlemen, who transfer farm supplies to the frozen food manufacturers. Some of the prominent players in the country include Golden Harvest, Pran RFL Group, AG Foods Ltd, Frozen Foods Ltd, Kazi Farms Group, and McCain Foods, among others.