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Frozen Food Market Share, Size, Global Industry Analysis, Key Growth Drivers Trends, Segments, Opportunity and Forecast 2027

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Feb 08, 2021 (The Expresswire) —
The globalfrozen food marketsize is projected to reachUSD 185.28 billionby 2027, exhibiting a CAGR of 3.1% during the forecast period. Growing number of urban dwellers around the world will be a leading factor propelling this market in the near future, states Fortune Business Insights™ in its report, titledFrozen Food Market Size, Share and COVID-19 Impact Analysis, By Type (Frozen Vegetables and Fruits, Frozen Ready Meals, Frozen Pizza, Frozen Seafood, Frozen Meat Products, Frozen Potato Products, Frozen Baked Products, and Others), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027”.Urbanization is gaining considerable traction worldwide, underpinned by speedy economic growth and development, especially in Asia and Africa.

According to the UN Department of Economic and Social Affairs (DESA), urban areas, which house roughly 55% of the global population at present, will be home to nearly 70% of the world population by 2050. Put differently, over 2 billion people will be added to the world’s urban areas in the next three decades, with Asian and African countries leading the charge. Urban agglomerates are typically characterized by the widespread presence of supermarkets, hypermarkets, and departmental stores. Frozen type of food products are some of the most prominent items on shelves at these facilities owing to their high demand among the working populace. Thus, expansion of urban areas is expected to favor the growth of this market during the forecast period.

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As per the report, the global market value was atUSD 146.79 billionin 2019. The report also features the following:

  • Comprehensive insights into the drivers, trends, and restraints shaping market size and growth;

  • Tangible analysis of the various market segments;

  • Detailed profiling and study of the key market players and their strategies; and

  • Exhaustive examination of the regional opportunities and developments impacting the market.

Market Driver

Resurgent Demand for Frozen Foods amid COVID-19 to Boost the Market

When the coronavirus pandemic broke out and lockdowns and social distancing measures were imposed worldwide, retail stores and supermarket outlets were fearful of reduced footfalls, which would result in declining sales. While consumer footfall dropped as expected, retail facilities are experiencing a new wave of demand for these foods products.

According to a study commissioned by the American Frozen Food Institute (AFFI), the resurgent demand for frozen food is attributable to returning buyers as well as first-time buyers. The study found that in America, approximately 86% of consumers were buying frozen type of foods, despite the pandemic. More interestingly, the study revealed that 70% of current consumers are purchasing more products than usual, while 68% are trying new products, indicating a shift purchasing patterns. The COVID-19 pandemic, therefore, has increased the demand for frozen foods and the AFFI study states that this surge will continue even after the crisis is over.

Key Points Covered:

  • Business Opportunities

  • Commerce Challenges

  • Demand Insights

  • CAGR Values

  • Historic Analysis

  • Detailed Segmentation

  • Top Companies Data

  • Market Size

  • Supply Trend

  • Target Audience

  • Key Geographies

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Regional Insights

Growing Preference for Vegetarian Diets to Catalyze the Market in Europe

With a size of USD 56.17 billion, Europe dominated the frozen food market share in 2019 and the region is expected to retain its leading position during the forecast period. This will be mainly attributable to the gradual adoption of vegetarian and vegan diets in the region, which is fueling the demand for frozen vegetables and fruits. In addition to this, high consumer purchasing power will be another factor feeding the growth of the regional market.

Growing awareness among consumers about the benefits of frozen foods and strict food-safety regulations imposed by the US Food and Drug Administration (FDA) on frozen eatables will support the market in North America. In Asia Pacific, the primary growth driver for the market will be the rising number of cold chain facilities in the developing countries of the region.

Competitive Landscape

Strategic Launch of Products in Regional Markets to Foster Competition

Key players in this market are tapping avenues to capture region-specific frozen foods industry trends and expand their presence in these regions. Besides this, companies are also making large-scale investments in enhancing their production and R and D capacities, thereby strengthening their market presence.

List ofBest Companies Profiled in theFrozen Food Market Report:

  • Tyson Foods, Inc. (Arizona, U.S.)

  • UnileverPLC (London, U.K.)

  • McCain Foods Limited (Toronto, Canada)

  • Grupo Bimbo S.A.B. DE C.V.(Mexico City, Mexico)

  • Conagra Brands Inc. (Illinois, U.S.)

  • General Mills Inc. (Minnesota, U.S.)

  • Wawona Frozen Foods (California, U.S.)

  • The Kraft Heinz Company (Illinois, U.S.)

  • Lantmannen Unibake International (Copenhagen, Denmark)

  • The Kellogg Company (Michigan, U.S.)

  • Nestle SA (Vevey, Switzerland)

Key Industry Developments:

  • July 2020:Tyson Foods released a new range of frozen chicken products under its Tyson brand across the foodservice industry in Europe. The brand consists of 28 frozen items with a variety of categories ranging from coated fillets to skewers.

  • September 2019:Conagra Brands unveiled its plans to build an innovation center in Chicago, which will be named ‘The Conagra Brands Center for Food Design’. The center will focus on innovation related to snacking, while the company’s Center for Food Design and Technology in Nebraska will concentrate on the company’s frozen, refrigerated meal offerings.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/frozen-food-market-104138

Detailed Table of Content:

  • Introduction

  • Executive Summary

  • Market Dynamics

  • Key Insights

TOC Continued…!

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About Us:

Fortune Business Insights™offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Frozen Food Market Share, Size, Global Industry Analysis, Key Growth Drivers Trends, Segments, Opportunity and Forecast 2027

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