Frozen Foods Market Size (COVID-19 Analysis) by Worldwide Market Trends & Opportunities
Freezing is one of the easiest, quickest, versatile, and the most convenient method for preserving food items or ingredients. Frozen foods are a better alternative for preserving foods rather than other methods as it helps maintain the color, texture, original flavor, and comprises more nutritional value. The global market is expanding at a speedy fashion due to the all-year round availability and convenience of consuming such products. The global frozen foods market size is anticipated to experience notable growth during the forecast period of 2022 to 2030.
Some of the key market players are investing time and effort to focus on research and development activities to introduce new and innovative products for satisfying the demands of the consumer. Additionally, companies are expanding their product portfolios to quench the increasing demand among the consumers for ready-to-eat and ready-to-cook food. Modern techniques and technologies for food freezing results in minimal changes in food quality and helps keep the nutritional aspect of the food item intact. The convenience in terms of preparation and availability of high-quality processed food is projected to boost the growth of the global frozen foods market during the forecast period.
Competitive Landscape
The global frozen foods market hosts a number of key and important players, including McCain Foods Limited (Canada), SAB de CV (Mexico), General Mills Inc. (US), Nestlé S.A. (Switzerland), Grupo Bimbo (Mexico), The Kraft Heinz Company (US), Conagra Brands, Inc. (US), Kellogg Company (US), Unilever PLC (UK), and Vandemoortele NV (Belgium).
Market Segmentation
The global frozen foods market segmentation is based in terms of distribution channel, product type, and region.
By distribution channel, the market divides food retail and food service. The food retail segment is narrowed down into supermarkets and hypermarkets, convenience stores, and others. The food retail segment is anticipated to attain the highest frozen foods market revenue in the forthcoming years. The segment is even projected to register the highest CAGR during the forecast period.
By product type, the market segments into meat, poultry, and seafood, fruits and vegetables, bakery and confectionary, dairy and frozen desserts, and others. The meat, poultry, and seafood market segment is expected to hold the largest share with the highest CAGR in the global market due to the high nutritional content it comprises as compared to other processed foods.
By region, the market covers four key regions, namely Asia Pacific, North America, Europe, and Rest-of-the-World (RoW).
Regional Analysis
Regionally, the North America region is anticipated to have the dominating hand over the global market for frozen foods during the forecast period. The dominance of the region can be attributed to various key factors like the presence of a consumer base with high per capita disposable incomes, existence of several key market players, and evolving habits in lifestyle and food.
In Europe, the market is expected to witness notable growth during the forecast period. The growth of the market can be attributed to the evolving perception of frozen foods. Frozen foods are considered as convenience food, this has thereby resulted in various retail chains taking interest including supermarkets and hypermarkets and stocking these products across Europe. This is boosting the growth and demand for frozen foods in the European region.
The Asia Pacific region, however, stands head and shoulders above other regional markets in terms of speed of growth. The report published by MRFR not only positions Asia Pacific as a key region in the global landscape but also forecasts that the region will grow with the highest CAGR during the assessment period. The report even mentions the factor driving this striking growth trajectory of frozen foods in Asia Pacific. This is due to the high inclination of consumers shifting towards ready-to-cook and convenience products.
Industry news
March 26th, Alpha Foods, a California-based producer of plant-based frozen meals, announced through a release that it has raised a funding of USD 7 million. The funding round was led by Accel Foods and New Crop Capital.
March 22nd, 2019, Birds Eye, one of the major manufacturers of frozen food, announced the launch of a new plant-based vegan product line named the Green Cuisine. The product line will feature debuts of burgers, vegan sausages, and Swedish-styled meatballs.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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