Pune, India, October 3, 2022 (GLOBE NEWSWIRE) — The world frozen food market the size was $231.38 billion in 2020. The market is expected to grow from $256.46 billion in 2021 to $385.04 billion in 2028 at a CAGR of 5.98% during the period 2021-2028.
This information is provided by Fortune Business OutlookIn his report, entitled, “Frozen Food Market, 2021-2028”.
According to the research conducted by our expert analysts, the market is experiencing advanced growth due to the increasing demand for easily accessible food products such as ready-to-eat meals and cold cuts.
Impacts of COVID-19:
Decreased workforce in production units amid COVID-19 to obstruct market growth
This market witnessed an exponential increase in sales due to documented fear buying among consumers in fear of a global lockdown being imposed amid the COVID-19 pandemic. Also, frozen products bundled with other staples were the instant food products sold in the first days of the lockdown due to their longer shelf life.
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List of key players mentioned in this market report:
- General Mills Inc. (Minnesota, USA)
- Nestlé SA (Vevey, Switzerland)
- Conagra Brands Inc. (Illinois, USA)
- The Kellogg Company (Michigan, USA)
- Grupo Bimbo SAB DE CV (Mexico City, Mexico)
- Lantmannen Unibake International (Copenhagen, Denmark)
- The Kraft Heinz Company (Illinois, USA)
- Unilever PLC (London, UK)
- Wawona Frozen Foods (California, USA)
- Tyson Foods, Inc. (Arizona, USA)
Scope and segmentation of the report:
|2028 value projection||$385.04 billion|
|Frozen Food Market Size in 2021||$256.46 billion|
|Number of pages||162|
|Covered segments||By type, by distribution channel, by geography|
|Frozen Food Market Growth Drivers||Growing demand for fast food to boost the market|
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Based on type, the market is divided into frozen ready meals, frozen seafood and meat products, frozen snacks, and baked goods, among others. Among these, the frozen seafood segment is expected to occupy the largest share of the market.
Based on the distribution channel, the market is divided into Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail.
Geographically, the global market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
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Drivers and Restrictions:
Growing demand for fast food to boost the market
The processed food industry is initially driven by the convenience of packaged foods, which appeal to consumers of all age groups. The consumer’s shift towards convenience and ready-to-eat foods has caused rapid change in the global market. Frozen Food needs less effort and less time compared to cooking an entire meal from scratch, which is the main aspect driving the growth of the Frozen Food market.
Europe is projected to dominate the frozen food market share due to the growing adoption of the vegan lifestyle in the region, which is projected to drive sales of frozen vegetables. The main aspects of growth in the region involve high consumer purchasing power, financial strength, and changes in food tastes.
Asia Pacific documented considerable growth in the global market due to consumer acceptance of digital retail platforms. The growing number of cold chain services in many developing countries is further contributing to the growth of the regional market.
North America is anticipated to have the third largest market share due to heightened consumer awareness of frozen food profits.
Innovative product introductions by crucial players to drive market growth
Vital players in the market deploy numerous approaches to strengthen their position in the market as pioneering companies. One of those sizable plans is getting companies to increase brand value among consumers. Another key strategy is the persistent launch of radical products with a comprehensive assessment of the market and its target audience.
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Detailed Table of Contents:
- Scope of the investigation
- Market segmentation
- Research methodology
- Definitions and assumptions
- Executive Summary
- market dynamics
- market indicators
- market restrictions
- market opportunities
- Key ideas
- Overview of parent/related markets
- Industry SWOT Analysis
- Supply chain analysis
- Recent Industry Developments: Policies, Partnerships, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply chain challenges amid the pandemic
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june 2021: Pilgrim’s Pride Corporation acquired the Meats and Meals business owned by Kerry Consumer Foods in the United Kingdom and Ireland. This acquisition is expected to strengthen PPC’s portfolio by adding renowned brands such as Richmond, Denny and Fridge Raiders to its collection of brands.
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