With 5.98% CAGR, Frozen Food Market to Hit USD 385.04

Pune, India, March 08, 2023 (GLOBE NEWSWIRE) -- The global frozen food market size was USD 231.38 billion in 2020 and 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. This information is provided by Fortune Business Insights™, in its report, titled, “Frozen Food Market, 2021-2028.”

As per the research conducted by our expert analysts, the market is observing advanced growth owing to the growing demand for easily accessible food products such as ready-to-eat meals and cold cuts.

Decreased Manpower in Production Units amid COVID-19 to Obstruct Market Growth

This market witnessed an exponential rise in sales owing to the fright buying documented among consumers with the fear of global lockdown being imposed amid COVID-19 pandemic. Furthermore, frozen items pooled with other fundamental items were the instantaneous food products being sold in the primary days of lockdown owing to their elongated shelf life.

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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.)

Report Scope & Segmentation:

Report Coverage Details
Forecast Period 2021-2028
Forecast CAGR 5.98%
2028 Value Projection USD 385.04 Billion
Base Year 2020
Frozen Food Market Market Size in 2021 USD 231.38 Billion
Historical Data 2017-2019
No. of Pages 162
Segments Covered By Type, By Distribution Channel, By Region
Frozen Food Market Growth Drivers Rising Demand for Convenience Food to Bolster Market

Report Coverage:

We provide our reports which are directed with a comprehensive examination approach that mainly accentuates on supplying detailed material. Our scholars have applied a data triangulation technique, which further assists us to offer dependable assessments and test the general market circumstances precisely. Further, our analysts have attained admission to various global as well as locally financed records for providing the updated material in order for the sponsors and business professionals to invest only in indispensable zones.

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By Type

  • Frozen Ready Mealss
  • Frozen Seafood & Meat Products
  • Frozen Snacks & Bakery Products
  • Others

By Distribution Channel

  • Supermarket/Hypermarkets
  • Convenience Stores
  • Specialty Stores
  • Online Retail

By Geography

  • North America
  • Europe
  • Asia Pacific
  • South America
  • 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.

Competitive Landscape:

Ground-breaking Product Presentation by Crucial Players to Direct Market Growth

The vital players in the market deploy numerous approaches to strengthen their position in the market as pioneering companies. One such considerable plan is attaining companies to upsurge the brand value between consumers. Another key strategy is persistently launching radical products with comprehensive assessment of the market and its target audience.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview of the Parent/Related Markets
    • Industry SWOT Analysis
    • Supply Chain Analysis
    • Recent Industry Developments - Policies, Partnerships, and Mergers & Acquisitions
    • Qualitative Analysis Related to COVID-19
      • Impact of COVID-19 on the Market
      • Supply Chain Challenges amidst Pandemic

TOC Continued…!

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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.

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With 5.98% CAGR, Frozen Food Market to Hit USD 385.04