Ottawa, June 14, 2022 (GLOBE NEWSWIRE) -- The global frozen food market size was valued at US$ 290 billion in 2021. Increase in the retail landscape, high demand for convenience food and technological growths in the cold chain sector are the important driving factors for the market. However, the rising choice for fresh and natural food items is a challenging factor for the frozen food market.
Regional Snapshots
Europe region accounted market share of 36% in 2021.
North America proves to be the second biggest market for the frozen food sector owing to the increasing advancements in the lifestyle. Asia Pacific market also shows a tremendous boost in this sector pertaining to the increasing westernisation of the culture. Tourism has also boosted the market for the Asia Pacific region. Other competitors in this market are the European nations, Russia and Africa.
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Report Highlights
- On the basis of the type, the ready to eat meals segment is expected to dominate the market during the forecast period. In the recent years the convenient and ready to eat meals has contribute to the growth of the frozen food market due to the changing lifestyles and busy lifestyles of people across the world and an increase in the consumption of frozen foods as there is a high amount of disposable income.
- Frozen food market segment on the basis of distribution channel had good sales through the online retails and this segment helps in offering convenience to the customers and variety of options to choose from. The ecommerce platform for food had the greatest growth through the pandemic which had a gain of about 84% and the offline market segment should also have a good market growth.
- An increased per capita income, increased disposable income and ever increasing population countries like India and China shall make them the largest markets for frozen food. In the countries like United Kingdom Germany and France there is a major growth in the frozen Foods Market.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 290 Billion |
| Revenue Forecast by 2030 | USD 504.41 Billion |
| CAGR | 6.34% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | General Mills Inc (US), Conagra Brands, Inc. (US), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), LantmannenUnibake International (Denmark), Cargill (US) and Others |
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Market Dynamics
Drivers
The processed food market is driven by the increasing need for ease of access due to the fast lifestyles of the people. This, in turn, raises the need for frozen products. Increasing expendable income is also such a factor that has a huge impact on the growth of the frozen food market as it increases the purchasing power of consumers. The growing consumer choice toward convenience foods indirectly supports the increasing demand for frozen products as they require little time and comparatively lesser effort.
Restraints
Nutrients like vitamin C and folate can change with the extremes in temperature while food items stored at altering temperatures can lose their nutrients. Since frozen foods are preserved at a constant low temperature, they do not hamper such essential nutrients. To certain consumers, frozen food is considered as a product that is an inferior substitute for fresh food, acting as a major restraints for this market. There is a belief that food processed over a long period of time and consumed could not be nutritious.
Opportunities
In 2018, almost 25% of the population purchased food and other necessities from online retail stores as per Eurostat. With the increasing penetration of the Internet and smartphone, retail grocery shopping is developing as one of the opportunities for companies to showcase and sell their products. One of the latest trends pushing the market ahead is online grocery shopping and the invention of new apps, making it easier for the buyers to pick their products of choice. Consumers are attracted toward online shopping due to choice of convenience and diversity.
Challenges
Lack of funding due to the lower socioeconomic status in developing economies has been one reason hampering the cold chain logistics sector. This, has also affected the frozen food sales. Cold chain logistics which have poor facilities also directly impacts the import & export business of frozen food products in developing nations such as South Africa, Bangladesh and Myanmar. However, these countries offer a big opportunity for growth and investment in the market due to the increasing acceptance by the consumers. Cold chain logistics have proved to be important to increase the market size in any country. However, developing countries have poor infrastructure and fail to supply safe frozen food products to the people. Frozen food has a good shelf-life; however, if not stored well, the product is wasted easily. This leads to a loss for frozen food companies.
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Recent developments
- In October 2018, Pinnacle Foods Inc. (US) which was acquired by Conagra ; it helped Pinnacle foods to broaden its frozen meals and other categories
- In September 2018, Grupo Bimbo started four frozen bakery setups to its Argentina division. This was done to increase the export sector of the company in countries such as Chile.
- In November 2018, Nestle started Wildspace, a block of healthy frozen meals in recyclable and reusable packaging.
Market Segmentation
By Product Type
- Ready Meals
- Frozen Seafood
- Frozen Meat &Poultry
- Frozen Fruit &Vegetables
- Frozen Potatoes
- Frozen Soups
- Bakery Products
- Others
By Distribution Channel
- Offline
- Online
By Consumption
- Food Service
- Retail
By Type
- Raw material
- Ready-to-eat
- Ready-to-cook
- Ready-to-drink
By Freezing Technique
- Individual Quick Freezing (IQF)
- Blast Freezing
- Belt Freezing
- Other
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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