According to a new report published by Allied Market Research, titled, “Frozen Food Market by Product Type and User: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global frozen food market is expected to reach $404.8 billion by 2027 at a CAGR of 4.2% from 2020 to 2027.
Deep frozen food products that can be stored and used over a period are referred as frozen foods. Frozen food products covered in this report comprise frozen ready meals, frozen meat & poultry, seafood, fruits & vegetables, potatoes, and frozen soups. Frozen meat & poultry and seafood are among the most commonly used grocery items across North America and Europe. Frozen vegetables & fruits, potatoes, and non-veg products are extensively used in food service industry. Players such as KFC, Mc Donald’s, Pizza Hut, and Subway, are among the major users of frozen foods. According to frozen food market analysis, Europe is the largest market of frozen bakery and desserts. The retail frozen food industry is evolving, and is in its nascent phase in markets such as India. However, it has witnessed a steady growth since the past few years.
According to the current frozen food market trends Ready meals including cooked and semi-cooked foods, bakery products, and desserts have become increasingly popular in developing economies and have registered a considerable growth since past few years. Demand of frozen food products generated by the food service industry has resulted in a manifold growth of key frozen food suppliers such as Mac. Cain foods. Popularity of healthy and organic frozen soups is increasing rapidly among retail customers.
Moreover, high-end bakery and dessert market is expected to continue to register a healthy growth in Europe. The sales volume of ready meals witnessed a decline in recent years in North America. However, the market is anticipated to grow in terms of value, owing to surge sales of premium health and fitness frozen food and snacks made from high-quality natural ingredients. Demand of frozen fish is expected to increase further, owing to high perceived health benefits, thereby driving the frozen food market growth.
However, lack of refrigeration facilities in small retail stores and low penetration of large retail format are the major challenges for the industry in developing economies. On the contrary, due to rapid development of retail stores and rise in income level of middle-class population, the market has unveiled remunerative business opportunities since past few years. Technological adoptions is one of the frozen food market opportunity in front of the manufacturers and distributors.
Region wise, the frozen food market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Chile, Argentina, and rest of LAMEA).
Key Findings Of The Study
The frozen food market size was valued at $291.8 billion in 2019, and is estimated to reach $404..8 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.
By product type, the frozen ready meals segment is estimated to witness the fastest growth, registering a CAGR of 3.4% during the forecast period.
In 2019, by user, the food service industry segment held the highest share in the global frozen food market.
In 2019, Germany was the most prominent market in the Europe region, and is expected to grow at a significant CAGR throughout the forecast period.
The players in the product market have adopted various developmental strategies to expand their frozen food market share, increase profitability, and remain competitive in the market The key players profiled in this report include Aryzta A.G., Ajinomoto Co. Inc., Cargill Incorporated, General Mills Inc., JBS S.A., Kellogg Company, The Kraft Heinz Company, Nestle S.A., ConAgra Brands, Inc., and Associated British Foods Plc.