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Food Products With High Protein Content to Drive the Global Food Market Through 2020, According to Technavio
(News: 05-18-2016 )

 

LONDON--(BUSINESS WIRE)--Technavio research analysts are expecting positive growth for the global food market over the next four years. Between 2016 and 2020, many segments of the food products market including halal food, meat snacks, fresh fish and seafood, fish oil products, crustacean food and soy desserts will see an increase in revenue.

Technavio’s market research analysts estimate the market for halal food in Europe to grow at a CAGR of around 14% during the forecast period. Since the market for halal food products is expanding, their demand and range of new varieties will also increase with time. Also, the recent rise in the demand for healthy and fresh food among the non-Muslim population will aid in the growth of this during the forecast period.

Furthermore, with the introduction and the high popularity of halal processed foods like ravioli and lasagna, it is estimated that the demand for processed halal food will rise steadily during the forecast period.

Aside from the halal food market, the second most sought after food market is meat snacks. The global meat snacks market is expected to grow steadily at a CAGR of approximately 10% during the forecast period. The introduction of new products and flavors is the primary growth driver of this market. Manufacturers are coming up with meat snacks in new and spicy flavors such as teriyaki, jalapeno, and habanero.

“Apart from major regions such as the US and South Africa, most of the markets have not yet matured, and this provides a significant opportunity for companies to tap into the potential of the market,” says Vijay Sarathi, a lead analyst at Technavio for food research.

In recent times, it has been observed that consumers are significantly shifting toward fresh seafood as it is an excellent source of protein. The prospects for growth in this market will be propelled by factors such as the widespread availability of different fish species, increasing population, growing health consciousness, and rising disposable income. Also, the growing preference for food products that are rich in proteins and other nutrients coupled with the populace’s growing concerns about processed fish and seafood and additives used in such food products will bolster the prospects for growth of the fresh seafood market.

Technavio’s market research analyst estimate factors like the high nutritional value and health benefits of fish and seafood products to impel market growth during the predicted period. Seafood contains substantial amounts of protein, minerals, and vitamins. The ability of such food products to provide essential nutrients to infants and children, and to serve as a rich source of minerals like selenium, zinc, iodine, and iron will result in its augmented preference during the estimated period.

Some of the key vendors for food products include Tahira Foods, Tariq Halal, and Carrefour for halal food, ConAgra and Hormel Foods, and Jack Link's for meat snacks, and Grupo Freiremar, HIRO, and Lee Fishing Company for fresh fish and seafood.

 

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.