The global Frozen Food market held a market value of USD 253.98 Billion in 2021 and is projected to reach USD 504.41 Billion by the year 2030. The market is anticipated to grow at a CAGR of 8.37% from 2022 to 2030. Around 37,034 million kgs of frozen food were sold in 2021.
Increasing preference for convenience food coupled with increased FDI in the food processing industry in the developing countries has been instrumental for the significant growth of the market. In spite of these factors, preference towards the natural and fresh foods hinder the future growth prospects of the market to a considerable amount during the study period.
Increasing FDI in developing countries
According to an article published by Bennett, Coleman & Co. Ltd., in January 2022, it was reported that the foreign direct investment increased 86% in the food processing industry during April-September, 2022. This is leading to increase the growth opportunity for the market player to flourish their business and introduce new technology in the frozen food industry. This along with increased women employment, change of lifestyle and shifting preference towards convenient foods in also rising the demand of frozen foods and subsequently contributed in the growth of the market.
However, in recent days, especially in the post pandemic situation, preference towards natural and fresh food products is hindering the market growth opportunity during the study period. This along with lack od adequate technological advancement to maintain the constant temperature for longer duration in emerging countries is also holding back the market growth.
The global Frozen Food market is segmented into type, and distribution channel.
? Dairy Products
? Meat & Poultry
? Sea Food
? Bakery Products
? Ready Meals
The meat & poultry segment is forecasted to grow by a contribution of more than USD 70.00 billion by 2027. According to a report published by Heinrich-B?ll-Stiftung European Union, the global meat consumption reached at 320 million tonnes in 2018 and still increasing in a significant manner. This is owing to increase the demand and adoption of frozen meat and subsequently responsible for the segmental growth. The ready meals segment held the largest market share of more than 25% in 2021. Increased consumption of ready to eat food and convenient option for a busy schedule is thriving the adoption of ready meals during the study period and resulted in the dominance of this segment.
By Distribution Channel,
? Enterprise Sales (B2B)
The retails channel is anticipated to gain a lucrative opportunity to generate more than USD 46.00 billion during the forecast period. Developed infrastructure of the convenience store and hyper markets along with a large inventory are some of the key factors for the growth of this segment. In the developing countries like India, modern trade act as a significant growth driver for the increased sales through retail channels. However, enterprise sales is also providing a promising growth opportunity in this industry owing to increased adoption of frozen foods in the hospitality industries.
By region, the global Frozen Food market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The Europe region accounted for the largest market share of more than 35% which is USD 89.72 billion in 2021. Increased per capita income along with advanced lifestyle are some of the primary reasons for the growth of this region. According to Frozen Food Report 2022, issued by the British Frozen Food Federation in February 2022, the frozen food sales in the U.K. increased by 13.5% as compared to pre-pandemic level. The Asia Pacific region anticipated to grow with the highest CAGR of more than 9.0% during the forecast period. Increased awareness among the common population regarding the advantage of the consumption of frozen foods along with introducing a large variation in the frozen foods by the domestic players play a crucial role in the staggering growth of this region.
Major players in the global frozen food market include Cargill, Unilever, Nestle SA, Ajinomoto Co. Ltd., ConAgra Brands, Inc., McCain Foods, General Mills Inc., Nichirei Corporation Limited, Maruha Nichiro Corporation, CJ Foods, and Sanquan Food Co. Ltd., among others. The cumulative market share of the ten major players is close to 40%.
Increased focus towards acquiring the other major players along with widening the product line are some of the key strategies adopted by the major players in this market. For instance, in December 2021, Conagra Brands, widen its product line under the frozen food category by adding Healthy Choice Zero, Healthy Choice Max, Banquet Mega Pizzas, Marie Callender's Pot Pie with a Crust made with Cauliflower, Hungry Man Double Chicken, and Double Meat Bowls. Also in September 2021, Nichirei Corporation completed the acquisition of Norish, a UK-based temperature-controlled warehousing, and logistics company with an aim to expand all its operations in the U.K. including the frozen food segment.
The global Frozen Food market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Frozen Food market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Rising preferences for natural and fresh food products
o By Product Item
o By Cuisine
o By Purchase Channel
o By Popular Brand
o By Purchase Frequency
o By Demographics - Income, Age, Gender, Lifestyle
? Cost structure analysis of Industry for different product categories
? Overview of key strategies followed by market players to mitigate risks posed by the current COVID -19 pandemic and their long-term strategies
? SWOT Analysis of Japan Frozen Food Market
? Consumer Demographics Analysis - Top 10 Frozen Food Consumption Markets
The global Frozen Food market report answers questions such as:
? What is the market size and forecast of the Global Frozen Food Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Frozen Food Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Frozen Food Market?
? What is the competitive strategic window for opportunities in the Global Frozen Food Market?
? What are the technology trends and regulatory frameworks in the Global Frozen Food Market?
? What is the market share of the leading players in the Global Frozen Food Market?
? What modes and strategic moves are considered favorable for entering the Global Frozen Food Market?