Frozen Food Market garnered $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.The report offers an extensive analysis of the current market dynamics, top winning strategies, business performance, major market player’s analysis, and competitive landscape.
Variations in lifestyle and food habits, rise in purchasing power of consumers in developing regions, and increase in numbers of female working population augment the growth of the global frozen food market. Nevertheless, strict government regulations for storage and surge in number of health conscious consumers impede the market growth. Conversely, improved storage facility in small retail stores and rapid development in the food service industry create new opportunities in the coming years.
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The demand for frozen food has been impacted in terms of revenue due to the operational restrictions imposed on hotels, cafés, and restaurants due to global lockdown. Whereas, the demand for frozen food products has been increased from household end users owing to its long durability amid covid-19.
The global frozen food market is segmented on the basis of product type, user, and region.
Based on product type, the ready meals segment held the highest market share in 2019, accounting for more than one-third of the global frozen food market, and is expected to maintain its lead status in terms of revenue throughout the forecast period. Nevertheless, the frozen potatoes segment is estimated to portray the highest CAGR of 5.3% from 2020 to 2027.
Based on user, the food service industry segment accounted for the highest market share with more than half of the global frozen food market in 2019, and is estimated to maintain its dominant position during the forecast period. Conversely, the retail users segment is estimated to generate the fastest CAGR of 4.4% from 2020 to 2027.
Based on region, Europe dominated the market with highest share based on revenue, holding for more than one-third of the global frozen food market in 2019. Nevertheless, the Asia-Pacific region is estimated to generate the fastest CAGR of 6.90% from 2020 to 2027. The report also analyzes regions including North America and LAMEA.
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.
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