Frozen Food Market Opportunities and Industry Segments by 2027
The frozen food market is a global industry that encompasses a wide range of products, including frozen fruits and vegetables, frozen meat and poultry, frozen seafood, frozen ready meals, frozen pizza, and frozen desserts. The global frozen food market size was USD 231.38 billion in 2020. The market is projected to grow from USD 256.46 billion in 2021 to USD 385.04 billion in 2028 at a CAGR of 5.98% during the 2021-2028 period. The ... moreFrozen Food Market Opportunities and Industry Segments by 2027
The frozen food market is a global industry that encompasses a wide range of products, including frozen fruits and vegetables, frozen meat and poultry, frozen seafood, frozen ready meals, frozen pizza, and frozen desserts. The global frozen food market size was USD 231.38 billion in 2020. The market is projected to grow from USD 256.46 billion in 2021 to USD 385.04 billion in 2028 at a CAGR of 5.98% during the 2021-2028 period. The market is driven by several factors, including increasing demand for convenience foods, changing consumer lifestyles, and growing awareness about the benefits of frozen food.
List of Key Players Mentioned in this Market Report:
General Mills Inc. (Minnesota, U.S.)
Nestle SA (Vevey, Switzerland)
Conagra Brands Inc. (Illinois, U.S.)
The Kellogg Company (Michigan, U.S.)
Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
Lantmannen Unibake International (Copenhagen, Denmark)
The Kraft Heinz Company (Illinois, U.S.)
Unilever PLC (London, U.K.)
Wawona Frozen Food (California, U.S.)
Tyson Foods, Inc. (Arizona, U.S.)
Segmentation:
On the basis of type, the market is segregated into frozen ready meals, frozen seafood & meat products, frozen snacks & bakery products, and others. Among these, the frozen seafood & meat segment is anticipated to hold the major share in the market.
Based on distribution channel, the market is separated into Supermarket/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 & Africa.
Drivers and Restraints:
Rising Demand for Convenience Food to Bolster Market
The processed food industry is preliminarily powered by the convenience provided by packaged foods, which entice consumers from all age groups. Consumer inclination towards convenience food and RTE foods has triggered a prompt change in the global market. Frozen Food need less effort as well as less time in comparison with cooking a complete meal from scratch, which is the prime aspect empowering the Frozen Food market growth.
Regional Insights:
Europe is projected to dominate the Frozen Food market share owing to the growing adoption of vegan lifestyle in the region, which is forecasted to navigate the sales of frozen veggies. The prime growth aspects in the region involve high consumer purchasing power, financial sturdiness, and change in food likings.
Asia Pacific documented a considerable growth in the global market owing to consumer acceptance of digital retailing platforms. The rising number of cold chain amenities in numerous developing nations is further aiding regional market growth. North America is anticipated to hold the third-largest market share owing to high consumer consciousness concerning the profits of Frozen Food.
Industry Developments:
June 2021: Pilgrim’s Pride Corporation acquired the Meats and Meals business possessed by Kerry Consumer Foods in the U.K. and Ireland. This procurement is anticipated to fortify PPC’s portfolio by including renowned brands such as Richmond, Denny, and Fridge Raiders to its brand collection.
