Bangladesh Frozen Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Bangladesh Frozen Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Bangladeshi frozen food market is growing at a CAGR of 6.2% during the forecast period (2020-2025).

Key Highlights

• 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. In addition, factors such as rising disposable income in the country, the introduction of longer shelf-life products, increasing impulse purchasing, and huge demand for frozen food products, due to the lack of time.

Key Market TrendsRapidly 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 an increasing number of the 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.

Competitive Landscape

The Bangladeshi frozen food market is consolidated, owing to the less 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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Golden Harvest Agro Industries Ltd
Pran
Rfl Group Ltd
McCain Foods
Ag Foods Ltd
Frozen Foods Ltd
Kazi Farms Group

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