Summary - A new market study, titled “Frozen Food Market: Current Scenario and Forecast (2020-2026): Emphasis on Product Category (Ready to Eat, Ready to Drink, Ready to Cook), Product Type (Frozen Meat Products, Frozen Fish/Seafood, Frozen Ready Meals, Frozen Bakery Products, Frozen Pizza, Frozen Potato Products, Others), Distribution Channel (Hypermarkets/Supermarkets, Independent Retailers, Convenience Store, Others (Specialist Retailers, Online)) and Region/Country” has been featured on Wise Guy Reports.
Global Frozen Food Market was valued at US$ 232.42 billion in 2019 and is anticipated to reach US$ 320.06 billion by 2026 displaying an elevated CAGR of 4.6% over the forecast period (2020-2026). Frozen Foods have increasingly become an integral part of daily diets among people. Busy lifestyles and increasing working population have driven the food manufacturing industry to produce new products in the form of frozen foods to meet the surging demand for ready to eat food items. Rising demand for convenience and Ready-to-Eat (RTE) food products is a major growth driving factor for the global frozen foods market. The longer shelf life of frozen foods without decay is also boosting its demand across the globe. In addition, the easy availability of these foods in different types has also catalyzed the demand further. The rising population coupled with increasing disposable income levels, especially in the emerging regions such as the Asia Pacific, has impacted positively on the overall product demand. To add on, cold chain infrastructure also plays a pivotal role in driving the frozen food market, as it helps to transport products at both the domestic and international levels. The global demand for fresh and processed fruits & vegetables has tremendously surged, as the consumption habits of the urban population have changed dramatically. This demand is fulfilled using cold chain logistics to maintain the temperature and quality of frozen food products. The rise in the export and import of frozen food has spurred accredited to the strong global cold chain services available in developed economies. According to the International Association of Refrigerated Warehouses (IARW), a core partner of the Global Cold Chain Alliance (GCCA), it has been estimated that the global capacity of refrigerated warehouses increased to 616 million cubic meters (m3) in 2018, from 552 million cubic meters (m3) in 2014.
ALSO READ: http://www.marketwatch.com/story/global-frozen-food-market-till-2026-latest-industry-scenario-trends-restrain-future-forecast-nestle-sa-ajinomoto-goya-foods-conagra-foods-general-mills-2020-09-08
Furthermore, in 2018, almost 25% of the population bought food and groceries from online retail channels. With the growing penetration of the internet and smartphone usage, retail grocery shopping is emerging as one of the platforms for companies to showcase and sell their frozen food products. The frozen food products market mainly consists of fruits and vegetables, dairy products, bakery products, meat and seafood products, and convenience food and ready meals, as well as other products. Developed countries such as the US, Germany, France, and Japan dominate the frozen food market owing to the high purchasing power of consumers. While the convenience foods and ready meals segment hold the largest market share; attributed to hectic work schedules of people, globally, resulting in increased global consumption of frozen foods.
“Amongst Product Category, Ready-to-Eat food segment dominated the market in 2019, accounting for 42.9% share in terms of value”
Based on the product category, the global frozen food market is fragmented into ready to eat, ready to cook and ready to drink frozen foods. The popularity of ready to eat meals has witnessed a rapid rise accredited to immense convenience and ease offered coupled with increasing working women population, increasing disposable income and changing lifestyles. The segment is anticipated to generate revenue of US$ 138.52 billion by 2026.
“Frozen Ready Meals dominated the product type segment of the frozen foods market in 2019, followed by Frozen Fish/Seafood”
Based on product type, the global frozen food market is bifurcated into Frozen Meat, Frozen Fish/Seafood, Frozen Ready Meals, Frozen Bakery, Frozen Pizza, Frozen Potato and others. Growing inclination towards frozen ready meals, increasing health awareness and surging spend on health and wellbeing has catalyzed the growth of the market. The segment generated revenue of US$ 54.05 billion in 2019. The Frozen Bakery Products segment is anticipated to register the highest CAGR growth of 5.1% during the forecast period 2020-2026.
“Frozen Foods are majorly sold through Supermarket/Hypermarket, followed by Independent Retailers”
Based on the distribution channel, the global frozen food market is bifurcated into supermarket/hypermarkets, Independent Retailers, Convenience Store and other channels such as specialist retailers and online modes. Preference for supermarkets/ hypermarkets with respect to ease of availability over conventional distribution channels for buying frozen foods has risen tremendously due to cost-effectiveness and better convenience. The segment is expected to generate revenue of US$ 226.26 billion by 2026 through the sales of frozen food products.
“Europe was the largest market for the frozen food industry in 2019, accounting for 38.5% share”
For a deep-dive analysis of the frozen food industry, detailed country-level analysis was conducted for major region/country including Americas (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea) and Rest of the world. It has been observed that most of the European countries prefer domestically produce products. Increasing government initiative and support to boost the domestic production of frozen food products such as meat and poultry product is further expected to boost the market for frozen food in the near future globally. Moreover, changing lifestyles, increasing the women population in the corporate world and growing demand for vegan frozen food constitute to be the additional factors attributed to an increase in demand for frozen food products over the forecast period in the region. Asia-Pacific is expected to generate revenue of US$ 81.74 billion by 2026.
Competitive Landscape-Top 10 Market Players
Nestle SA, Ajinomoto, Goya Foods, ConAgra Foods, General Mills, Heinz Company, Tyson Foods, Unilever PLC, Maple Leaf Foods, Nomad Foods, Mc Can Foods Ltd, Dr. Oetker are some of the prominent players operating in the frozen foods industry. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products in the frozen food domain.
Reasons to buy:
- Current and future market size from 2020 to 2026 in terms of value (US$)
- Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
- Country-level details of the overall consumption of Frozen Foods
- A quick review of overall industry performance at a glance
- In-depth analysis of key industry players
- A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
- Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start ups
- The study comprehensively covers the market across different segments and sub-segments of the market
- Regions/Countries Covered: Americas (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea) and Rest of the world
UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Frozen Foods market can be customized to the country level or any other market segment.
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