Frozen Food Market Expected to Reach $282.5 Billion by 2023, at a CAGR of 5.1%

25/feb/2019 11:38:39 MarketsandMarkets Contatta l'autore

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The frozen food market is estimated to account for about USD 219.9 billion in 2018 and is projected to reach a value of about USD 282.5 billion by 2023, at a CAGR of 5.1%. Developments in the retail landscape, rising demand for convenience food, and technological advancements in the cold chain market are the major driving factors for the market. On the other hand, the rising preference for fresh and natural food products is a restraining factor for the frozen food market.

Frozen Food Market

The convenient & ready meals segment is forecast to dominate the global frozen food market in 2018.

The global food and frozen foods market in 2018. This is the world's largest frozen food market, globally, which has increased the consumption of frozen foods globally. Frozen foods are easy to prepare and take less time for preparation. They are healthy and have high nutritional value. Frozen food export business has also increased in recent times due to the high acceptance of these products among consumers and brand awareness among developing countries.

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The offline segment is estimated to be the largest share in the frozen food market in 2018.

The distribution of the frozen food market in 2018. The infrastructure of food and hypermarkets includes freezing and temperature-controlled facilities. channel for frozen products.

The ready-to-cook segment is projected to grow at the highest CAGR during the forecast period in the frozen food market.

By type, the ready-to-cook segment is estimated to grow at the highest CAGR. Factors such as changing lifestyles and increasing numbers of women are driving the growth of ready-to-eat frozen food, globally.  

The Middle East & Africa market is projected to grow at the highest CAGR during the forecast period.

The Middle East & Africa is expected to witness the fastest growth during the forecast period. Population growth, rapid urbanization, and the rise in the consumption of frozen foods.

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Key Market Players

The key players in this market include General Mills Inc. (US), Conagra Brands, Inc. (US), Grupo Bimbo SAB de CV (Mexico), Nestle SA (Switzerland), Unilever (the Netherlands), Kellogg Company (US) , McCain Foods Limited (Canada), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), Lantmannen Unibake International (Denmark). These players are focusing on improving their presence by undertaking acquisitions, expansions, and development of products that are specific to the requirements of consumers and their preferences. These companies have a strong presence in Europe and North America. They have also set up manufacturing facilities in various regions and have strong distribution networks.  

Recent Developments:

  • In June 2018, Lantmännen Unibake opened up a new production plant in Nowa Sól, Poland to increase its production capabilities.
  • In October 2018, Conagra acquired Pinnacle Foods Inc. (US); the acquisition helped Pinnacle foods to widen its frozen meals and snacks and sweet treats categories.
  • In September 2018, Grupo Bimbo added four frozen bakery lines to its Argentina plant. Neighboring countries such as Chile.
  • In November 2018, Nestle launched Wildspace, a range of healthy frozen meals in reusable and recyclable containers. Wildflower meals includes six different varieties, such as "gochujang cauliflower" with brussel sprouts, quinoa, chickpeas, pickled onions, riced cauliflower, and cashews.
  • In May 2018, Nestlé launched meat-free brand-Garden Gourmet-in the UK. Garden gourmet offers healthy meat and free meals segment in the UK.

Key questions addressed by the report:

  • What are the new trending products that the frozen food companies are exploring?
  • What are the key players in the market and how intense is the competition?
  • What are the future growth trends?
  • What are the high growth opportunities in the frozen food market, for each segment?
  • What are the key growth strategies adopted by the major market players in the frozen food market?
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