Frozen Food Market Growth, Size, Share, Demand, Trends and Forecasts to 2027
The global frozen food market size is likely to reach USD 185.28 billion by 2027, registering a CAGR of 3.1% during the forecast period. Freezing food increases the convenience of its consumption as freezing slows down the decomposition process due to lack of moisture. Thus, freezing food increases its shelf life. Fortune Business Insights™ has presented this information in an upcoming report titled, “Frozen Food Market, 2020-2027”. The market size stood at USD 146.79 billion in 2019.
The market is expected to prosper in the forthcoming years due to
several factors. For instance, consumer’s inclination and fondness towards
ready-to-eat (RTE) foods is constantly growing. This is further complemented by
the growing working population and their busy lifestyles as preserved foods
require less cooking time and effort.
COVID-19 Impact:
The growth of several markets and industries has stagnated due to
the global pandemic. During the initial days of lockdowns, panic buying amongst
consumers led to a surge in demand due to the longer shelf life of frozen and
preserved foods. However, the lockdowns, social distancing norms, and curfews
resulted in a reduced workforce in manufacturing plants, ultimately plummeting
the market's growth. Almost a year since the pandemic arrived, the market is
gradually gaining traction as lockdowns are being uplifted across several
nations. The market is expected to flourish in the coming years once the
economies return to their pre-pandemic levels.
Segmentation:
Based on type, the market fragments into frozen seafood, frozen
ready meals, frozen meat products, frozen bakery products, frozen vegetables
and fruits, frozen potato products, frozen pizza, etc. Based on the
distribution channel, the market segments into online retail, convenience
stores, supermarkets/hypermarkets, and specialty stores. Geographically, the
market is categorized into North America, Europe, Asia Pacific, South America,
and the Middle East & Africa.
Report Coverage:
The report incorporates Porters’ five Forces Analysis for a
precise prediction. The report covers the present status and future prospects
of the market. The report studies the political, social, economic,
technological, and environmental factors promoting the market's growth in
several regions. The report analyzes the global market from 5
geographies: North America, Asia Pacific, Europe, Latin America, and the Middle
East & Africa. The report contains an in-depth analysis of the different
factors driving, restraining, and creating opportunities in the market. The
report also highlights the effects of COVID-19 on the market.
Drivers & Restraints:
Rising Female Employment Rate to Augment Market Growth
Frozen and preserved foods require less cooking time and effort.
These factors aid to the busy lifestyles of working individuals. The convenience
of frozen foods and the increasing inclination of consumers for RTE foods is
expected to drive the market growth in the forthcoming. Furthermore, the rising
female employment rates across the globe are expected to benefit the market
growth.
Due to the hectic schedules of the working population, convenience
foods have witnessed a surge in demand in the past years and are expected to
soar in the forthcoming years. Around 3.3 billion people comprise the working
population, and the numbers are expected to swell in the future. The World Bank
anticipates approximately 2/3 of the global population is likely to reside in
urban regions. At least, the growing personal disposable income is expected to
fuel the frozen food market growth in the forthcoming years.
However, the myth of considering frozen foods an inferior
replacement to fresh foods is expected to as a restraint to market growth.
Regional Insights:
Europe to Retain its Dominance in the Market
Europe is anticipated to hold the most significant chunk in the
global frozen food market share. The growth is primarily attributable to the
growing vegan population, which is expected to augment the frozen veggies
sales. Financial stability, dynamic food preferences, and high spending
capacity in the region are expected to be significant contributors to regional
market growth.
North America is anticipated to follow Europe in terms of global
market growth. FDA has imposed several regulations to reduce the utilization of
noxious chemical substances. For instance, trans fat quantities are regulated
in the region. The rising consumer awareness about the benefits of frozen food
is expected to boost the market growth significantly.
Urbanization, increasing digitization, increasing cold storage
facilities, and the growing online retail sector in countries like Japan,
China, and India, are expected to help the Asia Pacific witness significant
growth in the forthcoming years.
New Product Developments & Partnerships to Prevail as Top
Growth Strategies:
The highly fragmented market consists of global and regional
players focusing on formulating various strategies for strengthening their
market presence. Strategies like partnerships, innovations, and new product
developments, etc., are expected to flourish the market growth in the
forthcoming years. For instance, Kraft Heinz announced in March 2020 to
undertake monumental changes to furnish the supply and demand gap.
Key Industry Developments:
- July 2020: Tyson Foods Inc.
introduced a frozen chicken range for the European catering market.
- August 2019: Conagra
Brands Ltd. Launched a refrigerated and frozen meals range. It includes
frozen sandwiches, ramen, frozen pasta, chicken, eggs, and baked food.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/frozen-food-market-104138
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