Frozen Food Market Size, Trend, Growth, Leading Players Updates, Demand, Current and Future Plans by Forecast to 2027
The global frozen food market size is projected to reach USD 185.28 billion by 2027, exhibiting a CAGR of 3.1% during the forecast period. Growing number of urban dwellers around the world will be a leading factor propelling this market in the near future, states Fortune Business Insights™ in its report, titled “Frozen Food Market Size, Share & COVID-19 Impact Analysis, By Type (Frozen Vegetables and Fruits, Frozen Ready Meals, Frozen Pizza, Frozen Seafood, Frozen Meat Products, Frozen Potato Products, Frozen Baked Products, and Others), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027”. Urbanization is gaining considerable traction worldwide, underpinned by speedy economic growth and development, especially in Asia and Africa.
According to the UN Department of Economic and Social Affairs
(DESA), urban areas, which house roughly 55% of the global population at
present, will be home to nearly 70% of the world population by 2050. Put
differently, over 2 billion people will be added to the world’s urban areas in
the next three decades, with Asian and African countries leading the charge.
Urban agglomerates are typically characterized by the widespread presence of
supermarkets, hypermarkets, and departmental stores. Frozen type of food
products are some of the most prominent items on shelves at these facilities
owing to their high demand among the working populace. Thus, expansion of urban
areas is expected to favor the growth of this market during the forecast period.
As per the report, the global market value was at USD
146.79 billion in 2019. The report also features the following:
- Comprehensive
insights into the drivers, trends, and restraints shaping market size
& growth;
- Tangible
analysis of the various market segments;
- Detailed
profiling and study of the key market players & their strategies; and
- Exhaustive
examination of the regional opportunities & developments impacting the
market.
Market Driver
Resurgent Demand for Frozen Foods amid COVID-19 to Boost the
Market
When the coronavirus pandemic broke out and lockdowns and social
distancing measures were imposed worldwide, retail stores and supermarket
outlets were fearful of reduced footfalls, which would result in declining
sales. While consumer footfall dropped as expected, retail facilities are
experiencing a new wave of demand for these foods products.
According to a study commissioned by the American Frozen Food
Institute (AFFI), the resurgent demand for frozen food is attributable to
returning buyers as well as first-time buyers. The study found that in America,
approximately 86% of consumers were buying frozen type of foods, despite the
pandemic. More interestingly, the study revealed that 70% of current consumers
are purchasing more products than usual, while 68% are trying new products,
indicating a shift purchasing patterns. The COVID-19 pandemic, therefore, has
increased the demand for frozen foods and the AFFI study states that this surge
will continue even after the crisis is over.
Regional Insights
Growing Preference for Vegetarian Diets to Catalyze the Market in
Europe
With a size of USD 56.17 billion, Europe dominated the frozen food
market share in 2019 and the region is expected to retain its leading position
during the forecast period. This will be mainly attributable to the gradual
adoption of vegetarian and vegan diets in the region, which is fueling the
demand for frozen vegetables and fruits. In addition to this, high consumer
purchasing power will be another factor feeding the growth of the regional
market.
Growing awareness among consumers about the benefits of frozen
foods and strict food-safety regulations imposed by the US Food and Drug
Administration (FDA) on frozen eatables will support the market in North
America. In Asia Pacific, the primary growth driver for the market will be the
rising number of cold chain facilities in the developing countries of the
region.
Competitive Landscape
Strategic Launch of Products in Regional Markets to Foster
Competition
Key players in this market are tapping avenues to capture
region-specific frozen foods industry trends and expand their presence in these
regions. Besides this, companies are also making large-scale investments in
enhancing their production and R & D capacities, thereby strengthening
their market presence.
Key Industry Developments:
- July 2020: Tyson Foods
released a new range of frozen chicken products under its Tyson brand
across the foodservice industry in Europe. The brand consists of 28 frozen
items with a variety of categories ranging from coated fillets to skewers.
- September 2019: Conagra
Brands unveiled its plans to build an innovation center in Chicago, which
will be named ‘The Conagra Brands Center for Food Design’. The center will
focus on innovation related to snacking, while the company’s Center for
Food Design and Technology in Nebraska will concentrate on the company’s
frozen, refrigerated meal offerings.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/frozen-food-market-104138
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