|Study Period:||2016 -2027|
|Fastest Growing Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global frozen food market is projected to register a CAGR of 4.3% during the forecast period (2022-2027).
The COVID-19 outbreak had a significant impact on all the industries worldwide, but it has positively impacted the frozen food market. Since COVID-19 began, the frozen food industry has seen steady growth. For instance, according to the American Frozen Food Institute, frozen food products witnessed a 21% increase compared to 2019. The primary reason for this growth is that people have gravitated toward foods with longer shelf lives.
The market is primarily driven by rising disposable income, the introduction of longer shelf-life products, increasing impulse purchasing, and huge demand for frozen food products due to the lack of time. The market evolved from selling raw foods, such as frozen meat, fish, vegetables, and fruits, to prepared foods and frozen vegetable mixes (with meat, rice, and pasta), frozen desserts, and bakery products. Ice creams and cakes emerged as the leading product category in this market. The factors affecting the market’s growth include flavors, including sweetness, fat content, and texture.
WIth the strong support in terms of technological innovation and the advantages of frozen food, the products have become much more accessible and affordable for consumers across the globe. The advent of new technologies has resulted in the affordability of frozen food.
Scope of the Report
Frozen food is defined as food products that are preserved under low temperatures and used over a long period. The frozen food market is segmented by product category into ready-to-eat, ready-to-cook, ready-to-drink, and other frozen food types. By product type, the market is segmented into frozen fruits and vegetables, frozen meat and fish, frozen-cooked ready meals, frozen desserts, frozen snacks, and other product types. Based on the freezing technique, the market is segmented into individual quick freezing (IQF), blast freezing, belt freezing, and other freezing techniques. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online channels, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
|By Product Category|
|Other Product Categories|
|By Product Type|
|Frozen Fruits and Vegetables|
|Frozen Meat and Fish|
|Frozen-cooked Ready Meals|
|Other Product Types|
|By Freezing Technique|
|Individual Quick Freezing (IQF)|
|Other Freezing Techniques|
|By Distribution Channel|
|Other Distribution Channels|
Key Market Trends
Increasing Demand for Convenience Food
Convenience food is prepared food that requires minimum or no further preparation to be consumed. This category includes canned food, packaged food or meals, frozen food, preserved food, and instant products, among others. With technological innovations in the food industry, the range of convenience food has expanded from chilled, frozen, portion-controlled, microwave-able, shelf-stable, prepared-mixes, and others. Frozen food holds a huge share in this segment. As more women are entering the workforce and lifestyles are changing, the global demand for frozen meals and ingredients is growing. The growth of convenience retail in emerging economies is widening access to frozen food products. This is a significant driver for the frozen category. Frozen ready meals are a big seller; alluring people with hectic lifestyles, people who are trying to lose weight, and people who live alone and do not want to prepare a full meal contributed to the growth of the market.
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Europe Continue to Dominate the Global Market
Europe is the largest market for frozen food products globally. Consumers' attitude toward frozen food has transformed significantly in Europe, driven by an improvement in living standards and an increasing need for convenience. The consumption level for frozen foods remains high across Europe, although the growth was rather limited in certain parts of the region. This can be attributed to the intense competition the sector faces from chilled prepared foods, which are increasingly being perceived as foods that offer superior taste and quality compared to their frozen equivalents. Recent evidence suggests that most manufacturers have been successful, as the frozen food market is back on the growth trajectory in countries such as the United Kingdom, France, and Germany.
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The frozen food market is highly competitive and comprises regional and international competitors. The market is dominated by players like Unilever, Nestle SA, General Mills, Nomad Foods Ltd, Tyson Foods Inc., and Conagra Brands Inc. The leading players in the frozen food market enjoy a dominant presence worldwide. These players focus on leveraging opportunities posed by emerging markets to expand their product portfolio so that they can cater to the requirements of various product segments, especially frozen desserts. Companies compete on different factors, including product offerings, ingredients, quality, taste, flavors, price, functionality, size, packaging, and marketing activities, in order to gain a competitive advantage in the market.
- In 2021, Nomad Foods Limited completed its previously announced acquisition of Fortenova Group's frozen food business (Fortenova Frozen) for purchase of approximately EUR 615 million.
- In 2021, Tyson Foods Inc. launched a new line of plant-based products in select retail markets and e-Commerce across the Asia-Pacific under the brand First Pride, which will introduce frozen Bites, Nuggets, and Stripsmade.
- In 2021, Nestle expanded its frozen food factory in South Carolina with the investment of USD 100 million for the company's brands, such as Stouffer's and Lean Cuisine.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Category
5.1.4 Other Product Categories
5.2 By Product Type
5.2.1 Frozen Fruits and Vegetables
5.2.2 Frozen Meat and Fish
5.2.3 Frozen-cooked Ready Meals
5.2.4 Frozen Desserts
5.2.5 Frozen Snacks
5.2.6 Other Product Types
5.3 By Freezing Technique
5.3.1 Individual Quick Freezing (IQF)
5.3.2 Blast Freezing
5.3.3 Belt Freezing
5.3.4 Other Freezing Techniques
5.4 By Distribution Channel
5.4.2 Convenience Stores
5.4.3 Online Channels
5.4.4 Other Distribution Channels
5.5.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.5.4 South America
184.108.40.206 Rest of South America
5.5.5 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 General Mills Inc.
6.4.3 Nestle SA
6.4.4 Tyson Foods Inc.
6.4.5 Nomad Foods Ltd
6.4.6 Ajinomoto Co. Inc.
6.4.7 Conagra Brands Inc.
6.4.8 Frosta Aktiengesellschaft
6.4.9 The Kraft Heinz Company
6.4.10 McCain Foods Limited
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Frozen Food Market market is studied from 2016 - 2027.
What is the growth rate of Frozen Food Market?
The Frozen Food Market is growing at a CAGR of 4.3% over the next 5 years.
Which region has highest growth rate in Frozen Food Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Frozen Food Market?
Europe holds highest share in 2021.
Who are the key players in Frozen Food Market?
Nestle SA, Tyson Foods, Nomad Foods Ltd, General Mills Inc, Unilever Plc are the major companies operating in Frozen Food Market.