Global Frozen Food Market to Grow at a CAGR of 6.2% during 2022-2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Frozen Food Market was worth USD 268.3 billion in the year 2022. It is estimated to grow at a CAGR of 6.2%, earning revenue of around USD 392.4 billion by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Frozen Food Market was worth USD 268.3 billion in the year 2022. It is estimated to grow at a CAGR of 6.2%, earning revenue of around USD 392.4 billion by the end of 2028. The lucrative growth of the Global Frozen Food market is attributed to urbanization, the rising purchasing power of the consumers, expanding Food & beverage industry, adoption of Ready-to-eat as well as convenience food products, rapid technological innovation, increasing consumption of Frozen Bakery and snacks, along with Frozen meat and seafood across the globe. Furthermore, Global Frozen Food market is one of the most emerging markets that grows continuously owing to its advantages and integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, to some consumers, Frozen Food is considered a subordinate substitute for fresh food, which is the main restraining factor of the market. Some consumers think that edible food stored, or food processed a year or more before it is consumed loses its nutrition content. Since frozen food is preserved at a low temperature, they do not lose essential nutrients. Moreover, some consumers are more concerned about the freshness of the product, and they prefer fresh as well as natural fruits and vegetables, which in turn decline the growth of the Global Frozen Food Market. The demand for frozen desserts and frozen vegetables or fruits, Frozen bakery items, and snacks, in general, is gaining huge popularity among consumers across the globe. Frozen-ready meals have already carved a niche for themselves in the market due to changing lifestyles of consumers. With increasing number of launches of a variety of Frozen Food, the market is anticipated to proliferate during the forecast period (2023-2028) around the globe hence impacting the growth of the Global Frozen Food Market.
Based on Distributional Channel, the Global Frozen Food Market is segmented into Online Retail, Convenience Stores, Supermarkets/Hypermarkets, and others. The Supermarkets/ Hypermarkets segment accounts for the largest market share as the demand for Frozen Food increased enormously during the COVID-19 pandemic. The rapidly growing business of supermarkets boosted the sales of Frozen Fruits & Vegetables, Frozen Meat & Seafood, Frozen-Ready Meals, Frozen Snacks and Dairy products and a variety of Frozen food are available in supermarkets, thereby, accelerating the growth of the Global Frozen Food market during the forecast period. Based on End-User, the Frozen Food market is segmented into Food Service Industry, and Retail Customers. The Food Service Industry segment is expected to dominate the market during the forecast period owing to the major consumers of frozen food associated with the food service industry. The food service industry includes hotels, fast-food restaurants, caterers, and others, which fuel the demand and growth of the Global Frozen food Market during the forecast period.
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Geographically, the Global Frozen Food market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The Europe segment accounts for the largest share in the market owing to the higher population rate, rising purchasing power, busy lifestyle, and availability of various food and bakery giants. The sudden outbreak of COVID-19 resulted both positively and negatively in the growth of the Global Frozen Food Market. Initially, the sales declined due to many productions being halted during the complete lockdown. However, after the spread of the COVID-19 virus, the demand for Frozen Food increased at a steady rate owing to its longer shelf-life than fresh veggies, fruits, and meat, also its property of keeping nutrition for a long time. But people could not go outside their houses to visit the markets due to worldwide lockdown with restricted norms. This pandemic fueled the demand for Frozen Food, thereby, increasing the growth of the Global Frozen Food Market.
The leading market players in the Global Frozen market are Nestle SA (Switzerland), Unilever (Netherlands), General Mills Inc (US), McCain Foods Limited (Canada), Conagra Brands, Inc. (US), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Cargill (US), JBS (Brazil), Grupo Bimbo S.A.B. de C.V. (Mexico), Kellogg Company (US), Kuppies (India), Aryzta (US), OOB Organics (New Zealand), Omar International Pvt Ltd (India), Tyson Foods, Inc. (Arizona, US), Shishi He Deming Co., Ltd (China), and other prominent players.
The Global Frozen Food market is highly consolidated with the presence of multinational Food and beverages companies. These companies constantly launch a wide range of products with innovations to attract consumers and significantly invest in research as well as development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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