Frozen Food Market Size, Share, Brand Analysis, Product Demand, Industry Trend, Top Manufacturers, Gross Margin and Forecast to 2023

30/mag/2019 14:44:25 suraj taur Contatta l'autore

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Market Insights

Market Research Future has determined the various crucial facts and figures relevant to the growth of the global frozen food market in its newest report on the subject. Calculations suggest that the global frozen food market is expected to grow at a CAGR of 4.21% during the forecast period ranging between 2017 and 2023. Freezing food is a fantastic way to lengthen shelf life without compromising too much on nutrients and quality. All manners of food items can be frozen.

Frozen food is available in a large variety ranging from raw fruit, vegetables, and meat to ready-eat-meals. Pizza, dumplings, desserts, soup, pre-cooked snack items, and many more ready-to-eat food items can be frozen. Modern consumers in urban areas have busy lifestyles due to a large women workforce in cities, meaning many households have double incomes. As a result, consumers are spending less time planning and are increasingly showing a preference for convenient food options. Frozen food often comes prepped and can last for a long time in the freezer, making frozen food items popular among consumers looking to prepare quick meals.

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Heat & eat frozen food items do not require thawing and simple to follow instructions allow consumers to prepare food by just directly cooking items without the time-consuming prep. Changing lifestyles, and evolving dietary trends are driving the demand for frozen food. Moreover, with growing health consciousness, the demand for healthy convenient food items is growing. Frozen fruits and vegetables are often in high demand and used in smoothies and other meal prep. Market players are increasingly innovating on frozen food offerings and are increasingly providing healthy meal options. Advancement in technology and the high demand for variety is expected to improve the availability of market opportunities.

However, there is a widespread belief that fresh produce and meals are healthier than frozen food items, thus restraining market growth. It should be noted that the increasing awareness regarding frozen fruit and vegetables is expected to mitigate this to some degree.

Key Players:

Ajinomoto Co. Inc., (Japan), Aryzta AG (Switzerland), General Mills Inc. (US), Kellogg Company (US), Kraft Foods Group Inc. (US), Nestle S.A. (Switzerland), and Cargill Incorporated (US) are among the market leaders that have been identified by MRFR for the competitive analysis of the global frozen food market.

Latest Industry News:

Tesco has increased storage for frozen food item offerings to prepare for the expected increase in demand.

Market Segmentation:

The global Frozen Food Market, in MRFR's report, has been segmented on the basis of product type, end-user, distribution channel, and region. Product type has been segmented to include meat & poultry, ready-to-eat products, vegetable & fruits, potatoes, soup, seafood, and others. Among these, the ready-to-eat products segment has captured the most significant share of the market and is expected to retain its dominant position throughout the review period. The seafood segment is slated to grow at the highest CAGR during the assessment period.

End-users of frozen food include retail customers and food service. The food service segment has a rapid growth rate as compared to retail customers; this is primarily due to the use of frozen items among restaurant chains to maintain hygiene and consistency in food offerings.

Distribution channels used for frozen food have been segmented into supermarket & hypermarkets, convenience stores, independent stores, and specialty retailers.

Regional Analysis:

The European market is the majority of the market due to its market size. The regional market is set to witness growth at a CAGR of 4.03%. The Asia Pacific frozen food market is expected to grow at the highest CAGR of 4.81% during the review period. Emerging economies in the region have a large population of rapidly urbanizing consumers. The increase in disposable income and increasing demand for convenient food items has driven the growth of the frozen food market. The region is expected to offer the market with opportunities for growth over the forecast period.

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