Yearly Sales in Canada Frozen Food Market 2006-2007
Year$ BillionCAD $ Billion% Growth
Evidently, there was a growth of 2.70% in 2006 in the Canadian Frozen food market but there was a decrease of only .10% in 2007. Hungry-MAN predicts that there will be an increase of .10% by 2010. Hungry-Man’s goal is to increase the growth of frozen food by .10% by 2012 making it a total of 2.80% Growth in the market. Market Share
Canadian Frozen Food Market Segmentation 2007
Frozen ready meals39.20%
Frozen bakery products7.10%
According to this Frozen Food Market Segmentation, frozen ready-made meals takes up the majority of volume. Frozen fish/seafood is second in the industry. With this information, Hungry-Man has determined that it is in good position within the market.
Canadian Frozen Food Market Value Forecast: $Billion 2007-2012 YEAR$BILLIONC$BILLION%GROWTH
Due to the recession that occurred in 2008, the frozen food market was affected most within the industry. This information allowed Hungry-Man to market its product in many new directions which resulted in constant growth over the next four years. Hungry-Man predicts that there will be a sales increase in the frozen food industry, due to the increasing number of working consumers. Consumers don’t have the time to make full meals any more.
Relevant Trends within the Industry
With more and more people being health conscious Hungry-Man is constantly striving for ways to introduce healthier products to the market. This includes low sodium meals, low carbohydrate meals, zero Trans fat meals, and other alternatives for exceptionally health conscious consumers Environmental issues have caused consumers to reconsider the way they purchase any packaged items. This has led to the industry marketing environmentally friendly packaging as a means to secure the section of the target market that is sensitive to the environment.
Influences Affecting the Industry:
oEasier access for opening contents
oLess amount of time spent preparing
oFreezing is recognized as one of the safest most nutritionally valuable ways to store food oFlash freezing is very difficult to perform as a flash process
oMore variety for the health conscious consumers
oEasier consumption for consumers who live in a fast paced environment oHigher availability
o70% of hospitals in North America serve cooked, chill-meals
oHealth Minister has been defending frozen food served in hospitals oLack of product news in recent years
oSignificant underdevelopment in Quebec
oRecession has helped increase sales of frozen food due to the increase of consumers eating at home oFrozen food meal sales proved the most profitable for Canadians in 2007 oEconomical crunch effects pricing of frozen food
oGovernment has to check product safety
oExtensive market test to ensure it meets consumer requirements
INDENTIFYING HUNGRY MAN'S COMPETITION
Hungry Man Frozen Dinners offers a fast and convenient way to satisfy its customers’ appetites. With little effort, Hungry Man's customers can enjoy many delicious meals. Convenience is still the No.1 reason behind Hungry Man for male demographics. Hungry Man Frozen Dinners can be ready in less than five minutes and offers a wide range of choices. The combination of great taste as well as huge variety and new technology allows for flavour and freshness to not be compromised. Hungry-Man provides healthy alternatives, such as low-fat, low-calorie, vegetarian, low-carbohydrates and lower...