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 increasesthe convenience of its consumption as freezing slows down the decompositionprocess due to lack of moisture. Thus, freezing food increases its shelflife. Fortune Business Insights™ haspresented this information in an upcoming report titled, “Frozen Food Market, 2020-2027”. Themarket size stood at USD 146.79billion in 2019.
The market is expected to prosper in the forthcoming years due toseveral factors. For instance, consumer’s inclination and fondness towardsready-to-eat (RTE) foods is constantly growing. This is further complemented bythe growing working population and their busy lifestyles as preserved foodsrequire less cooking time and effort.
The growth of several markets and industries has stagnated due tothe global pandemic. During the initial days of lockdowns, panic buying amongstconsumers led to a surge in demand due to the longer shelf life of frozen andpreserved foods. However, the lockdowns, social distancing norms, and curfewsresulted in a reduced workforce in manufacturing plants, ultimately plummetingthe market's growth. Almost a year since the pandemic arrived, the market isgradually gaining traction as lockdowns are being uplifted across severalnations. The market is expected to flourish in the coming years once theeconomies return to their pre-pandemic levels.
Based on type, the market fragments into frozen seafood, frozenready meals, frozen meat products, frozen bakery products, frozen vegetablesand fruits, frozen potato products, frozen pizza, etc. Based on thedistribution channel, the market segments into online retail, conveniencestores, supermarkets/hypermarkets, and specialty stores. Geographically, themarket is categorized into North America, Europe, Asia Pacific, South America,and the Middle East & Africa.
The report incorporates Porters’ five Forces Analysis for aprecise prediction. The report covers the present status and future prospectsof the market. The report studies the political, social, economic,technological, and environmental factors promoting the market's growth inseveral regions. The report analyzes the global market from 5geographies: North America, Asia Pacific, Europe, Latin America, and the MiddleEast & Africa. The report contains an in-depth analysis of the differentfactors driving, restraining, and creating opportunities in the market. Thereport 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 convenienceof frozen foods and the increasing inclination of consumers for RTE foods isexpected to drive the market growth in the forthcoming. Furthermore, the risingfemale employment rates across the globe are expected to benefit the marketgrowth.
Due to the hectic schedules of the working population, conveniencefoods have witnessed a surge in demand in the past years and are expected tosoar in the forthcoming years. Around 3.3 billion people comprise the workingpopulation, and the numbers are expected to swell in the future. The World Bankanticipates approximately 2/3 of the global population is likely to reside inurban regions. At least, the growing personal disposable income is expected tofuel the frozen food market growth in the forthcoming years.
However, the myth of considering frozen foods an inferiorreplacement to fresh foods is expected to as a restraint to market growth.
Europe to Retain its Dominance in the Market
Europe is anticipated to hold the most significant chunk in theglobal frozen food market share. The growth is primarily attributable to thegrowing vegan population, which is expected to augment the frozen veggiessales. Financial stability, dynamic food preferences, and high spendingcapacity in the region are expected to be significant contributors to regionalmarket growth.
North America is anticipated to follow Europe in terms of globalmarket growth. FDA has imposed several regulations to reduce the utilization ofnoxious chemical substances. For instance, trans fat quantities are regulatedin the region. The rising consumer awareness about the benefits of frozen foodis expected to boost the market growth significantly.
Urbanization, increasing digitization, increasing cold storagefacilities, and the growing online retail sector in countries like Japan,China, and India, are expected to help the Asia Pacific witness significantgrowth in the forthcoming years.
New Product Developments & Partnerships to Prevail as TopGrowth Strategies:
The highly fragmented market consists of global and regionalplayers focusing on formulating various strategies for strengthening theirmarket presence. Strategies like partnerships, innovations, and new productdevelopments, etc., are expected to flourish the market growth in theforthcoming years. For instance, Kraft Heinz announced in March 2020 toundertake 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: