Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The global frozen food market size is projected to reach USD 185.28 billion by 2027, exhibiting a CAGR of 3.1% during the forecast period. The 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, 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 is some of the most prominent items on shelves at these facilities owing to their high demand among the working populace. Thus, the expansion of urban areas is expected to favor the growth of this market during the forecast period.
Get Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/frozen-food-market-104138
List of Key Companies Profiled in this Market Report:
- Tyson Foods, Inc. (Arizona, U.S.)
- Unilever PLC (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)
As per the report, the global market value was at USD 146.79 billion in 2019. The report also features the following:
- Comprehensive insights into the drivers, trends, and restraints shaping market size & growth;
- Tangible analysis of the various market segments;
- Detailed profiling and study of the key market players & their strategies; and
- Exhaustive examination of the regional opportunities & 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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/frozen-food-market-104138
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 & D capacities, thereby strengthening their market presence.
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 company’s Center for Food Design and Technology in Nebraska will concentrate on the company’s frozen, refrigerated meal offerings.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/frozen-food-market-104138
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Frozen Food Market
- Supply Chain and Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments: Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Global Frozen Food Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Frozen Vegetables and Fruits
- Frozen Ready Meals
- Frozen Seafood
- Frozen Meat Products
- Frozen Potato Products
- Frozen Baked Products
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Supermarkets/Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Retail
TOC Continued…!
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/frozen-food-market-104138
Have a Look at Related Research Insights:
Processed Dairy Products Market Size, Share & Industry Analysis, By Type (Fluid Milk, Butter, Cheese, Frozen Dairy Desserts, Cultured Dairy Products, Others), By Distribution Channel (Mass Merchandisers, Convenience Stores, Specialty Stores, Online Retail, Others) and Regional Forecast, 2022-2029
Processed Vegetable Market Size, Share & Industry Analysis, By Product Type (Dried, Frozen, Canned, Juice, Others), By Distribution Channels (Supermarket/Hypermarket, Convenience Store, Speciality Stores, Online Retail) and Regional Forecast, 2022-2029
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
