BANGALORE, India | 19th August 2020: Increasing the use of frozen food products by major QSRs (quick-service restaurants), including KFC, McDonald’s, Pizza Hut, Subway, and Frozen Potatoes, is the primary driver of the global frozen food market size. Furthermore, the use of these products by numerous end-users such as full-service restaurants, hotels & resorts, and quick-service restaurants is expected to propel the growth of the frozen food market size.
The frozen food market size was valued at USD 291.8 Billion in 2019 and is estimated to reach USD 404.8 Billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.
The frozen food market report provides a quantitative analysis of current trends, estimates, and market size dynamics in the frozen food market from 2019 to 2027 to identify the opportunities that prevail.
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TRENDS INFLUENCING THE FROZEN FOOD MARKET SIZE
- Over the last few years, due to their busy schedule, people are finding less time to cook at home. This, in turn, drives demand for frozen food, as it can be cooked in less time. With this in mind, the manufacturers are launching all kinds of frozen items such as frozen potatoes, ready meals, meat, fish products, which are expected to increase the frozen food market size during the forecast period.
- The sudden outbreak of coronavirus around the globe has dramatically increased demand for frozen food due to its property of maintaining long-term nutrition and longer shelf-life compared to fresh veggies, fruits, and meat. Nearly every country in the world has proposed a lockdown, thereby increasing the demand for frozen food items as it helps consumers prevent daily trips to the store.
- Many consumers increasingly seek a convenient frozen dessert-based snack that delivers health benefits, tastes good, and offers a healthy snacking experience. In this sector, the dairy industry can offer products with minimal processing and low sugar content for easy eating experiences beyond the traditional three-square meal experience. These advantages offered by the frozen dairy products are expected to increase the growth of the frozen food market size.
- Another factor that has a major impact on the growth of the frozen food market is that disposable income, as it increases consumer buying power. Besides this, the lifestyle changes and an increasing number of the working population have contributed to the growth of the frozen food market size.
- Especially across the developing economies, the foodservice channels have undergone major changes, fuelling the growth of the frozen food market size during the forecast period. Companies delivering products across the foodservice segment have also made changes with respect to consumer preferences and geography.
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FROZEN FOOD MARKET SHARE ANALYSIS
- Based on the product, the convenience food & ready meals segment held the largest frozen food market share in 2018. This is due to the growing consumer preference for convenience foods, which indirectly favors the increasing demand for frozen produce.
- Based on type, the ready-to-eat segment is expected to be the fastest-growing segment based on size during the forecast era. Ready-to-eat frozen foods are often used in dessert applications, as they are simple to consume. This market’s ice cream segment has been extremely dominant and has been growing steadily as low-calorie ice creams are increasingly being adopted.
- Based on consumption, the foodservice sector is expected to account for the largest frozen food market share in 2018. Restaurants, QSRs (quick-service restaurants), pubs, hotels, and healthcare are part of the foodservice industry.
- Based on the region, Europe has held the largest frozen food market share during 2018. This dominance is attributed to rising disposable incomes, changing consumers’ busy lifestyles, and increasing awareness of health. Furthermore, the stringent regulatory rules for ensuring the product’s consistency and certifications/tags have made it more convenient for customers to buy frozen food.
- MEA (Middle East and Africa) is expected to witness the fastest growth during the forecast period. The region is experiencing high growth due to an increase in disposable income and a strong distribution channel for frozen food products.
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FROZEN FOOD MARKET SEGMENTATION
Frozen Food Market by Product Type
- Frozen Ready Meals
- Frozen Meat & Poultry
- Frozen SeaFood
- Frozen Potatoes
- Frozen Vegetables & Fruits
- Frozen Soups.
Frozen Food Market by User
- Food Service Industry
- Retail Customers.
Frozen Food Market by Geography
- North America
Frozen Food Market Companies
- Aryzta AG
- General Mills Inc.
- Kraft Foods Group Inc.
- Ajinomoto Co. Inc.
- Cargill Incorporated
- Europastry S.A.
- JBS S.A.
- Kellogg Company
- Nestle S.A.
- Flower Foods
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SIMILAR REPORTS :
- United States Frozen Food Market
- Frozen Ready Meals Market
One of the major factors driving the growth of Frozen Ready Meals Market size is the increase in the per capita income.
However, growing health issues associated with frozen ready meals might hinder the market growth. In addition, heightened cases of obesity and other lifestyle diseases are expected to hamper the market growth. Manufacturers in the Frozen Ready Meals Market are thus focused on producing safer and healthy goods to maintain their market share.
- Frozen Seafood Market
Major factors driving the growth of Frozen Seafood Market size are increasing demand for frozen seafood products, especially from the parts of the world where fresh seafood is inaccessible.
The Frozen Seafood Market report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by type and application segment in terms of production capacity, price, and revenue for 2015-2026. This report also analyzes the impact of Coronavirus COVID-19 on the Frozen Seafood industry.
- Frozen Potatoes Market
In 2019, the global Frozen Potatoes market size was USD 10700 Million, and it is expected to reach USD 17090 Million by the end of 2026, with a CAGR of 6.9% during 2021-2026.
The industry’s major producers are McCain Foods, Lamb Weston, and Simplot Foods, with revenue ratios of 21.61%, 18.96%, and 16.10%, respectively, in 2019.
- Frozen Vegetables Market
The frozen vegetable market size was valued at USD 26,479.0 Million in 2017 and is expected to garner USD 38,845.7 Million by 2025, registering a CAGR of 5.0% from 2018 to 2025.
Increasing demand and consumption in emerging Asia-Pacific markets such as India and China has fuelled the growth of Frozen Vegetables Market size. Furthermore, the rising disposable income and change in lifestyle & eating preferences are increasing the Frozen Vegetables Market size.
- Frozen Fruits Market
The United States is anticipated to account for a significant portion of the Frozen Fruits Market share during the forecast period.
Asia-Pacific, frozen fruits market, is expected to flourish at a significant rate over the forecast period. Factors such as the increased online purchase of staple food are anticipated to drive the growth of the frozen fruits market over the forecast period.
- Frozen Pizza Market
The Global Frozen Pizza Market size was valued at USD 11,113 Million in 2016 and is projected to reach USD 17,296 Million by 2023, registering a CAGR of 6.4% from 2017 to 2023.
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- Frozen Bakery Products Market
The global frozen bakery products market size was valued at USD 33,870 Million in 2017 and is projected to reach USD 49,118 Million by 2025, growing at a CAGR of 4.2% from 2018 to 2025.
- APMEA Frozen Bakery Products Market
The APMEA frozen bakery products market size was valued at USD 7,537.1 Million in 2018 and is expected to grow at a CAGR of 5.6% to reach USD 11,560.9 Million in 2026. The bread segment in the APMEA frozen bakery products market was the highest contributor, with USD 2,499.0 Million in 2018, and is estimated to reach USD 3,531.6 Million by 2026, at a CAGR of 4.5% during the forecast period.
- Quick-Frozen Food Market
- Metal Detector for Frozen Food Market
The report presents the worldwide Metal Detector for Frozen Food market size (value, production, and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025) by manufacturers, region, type, and application.
- Frozen Food Packaging Market
The Global frozen food packaging market size is expected to garner USD 47,376 Million by 2023, from USD 33,231 Million in 2016, registering a CAGR of 5.3% from 2017 to 2023.