The Bangladeshi frozen food market is expected to reach $420.48 million by 2024, registering a CAGR (Compound Annual Growth Rate) of 6.2% during the forecast period (2019 - 2024), according to the Bangladesh Frozen Food Market report 2020.
Bangladesh Frozen Food Market covers the following key players: Golden Harvest Agro Industries Ltd, Pran Rfl Group Ltd, Ag Foods Ltd, Frozen Foods Ltd, BD Seafood Ltd, Kazi Farms Group.
The fast-paced urban life, rising disposable incomes, increasing number of women in the workforce, and resultant shortage time, along with the preference for nuclear families are major reasons for the growing acceptance for frozen food among Bangladeshi consumers.
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.
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.
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 Bangladesh Frozen Food Market report 2020 provides information for market players, stakeholders, investors, and business strategists to achieve a leading position in the market.
It maintains the record of unusual growth strategies adopted by various companies that are creating new standards for competition in the global Bangladesh Frozen Food market.
Businesses around the world are aiming at increasing their profit margin and establishing a stronghold in the global market.
The impact of the prevailing regulatory scenario on both regional and worldwide Bangladesh Frozen Food market is provided in detail in the report.
