Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Global Frozen Food Market" report has been added to ResearchAndMarkets.com's offering.
The global frozen food market is set for a substantial expansion, with market value projected to grow from US$ 331.83 billion in 2023 to US$ 732.41 billion by 2031, at a CAGR of 10.79%. Additionally, the market volume is expected to reach 38.42 billion kilograms in 2023, indicating significant consumer demand for frozen foods.
The market's growth is driven by rising Foreign Direct Investment (FDI) in developing countries and evolving consumer lifestyles demanding convenience. However, a growing preference for natural and fresh food products presents a challenge to the market. Despite this, the convenience and longevity offered by frozen foods continue to support market expansion.
By region, Europe leads the market, holding over 30% of the market share in 2023, with a revenue of around US$ 110.33 billion. This dominance is followed closely by the Asia-Pacific, which is experiencing the fastest growth at a CAGR of over 12.59%. North America, the Middle East & Africa, and South America also contribute significantly to the market.
By product type, the ready meals segment holds the largest market share of over 29% in 2023, while meat & poultry is projected to surpass US$ 110 billion in revenue by 2027. Retail distribution distribution channels, including online and supermarket/hypermarket sales, presents an opportunity exceeding US$ 275 billion for 2023-2031.
Segmental Overview
By Product Type
- Fruits
- Seasonal
- Regular
- Vegetables
- Peas
- Corn
- Potatoes
- Others
- Dairy Products
- Milk
- Butter
- Cheese
- Others
- Meat & Poultry
- Red Meat
- Pork Meat
- Poultry Meat
- Sea Food
- Bakery Products
- Breads
- Pizza Crust
- Cakes & Pastries
- Others
- Soups
- Ready Meals
- Dumplings
- Rice Based
- Italian (Pastas)
- Indian
- Korean
- Chinese (Excluded Dumplings)
- Others
- Others
By Distribution Channel
- Retail
- Online
- Supermarket/Hypermarket
- Convenience/Standalone Stores
- Enterprise Sales (B2B)
- HoReCa
- Travel (Railway/Airline/Others)
- Educational Institute
- Food Processing Industry
Regional Overview
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
Competitive Landscape
The market comprises key players, with the top ten companies accounting for about 40% of the market share. These include industry giants such as Cargill, Unilever, Nestle SA, Ajinomoto Co. Ltd., General Mills Inc., ConAgra Brands, Inc., McCain Foods, Nichirei Corporation Limited, Maruha Nichiro Corporation, CJ Foods, Sanquan Food Co. Ltd, among others, driving market trends and innovations.
The report provides a detailed analysis of consumer preferences towards natural and fresh food products, including insights into purchasing patterns by item, cuisine, channel, brand, frequency, and demographics. It also includes a cost structure analysis for different product categories, an overview of strategies employed by market players during the COVID-19 pandemic, a SWOT analysis of Japan's market, and a demographic analysis of the top 10 consumption markets.
A selection of companies mentioned in this report includes, but is not limited to:
- Ajinomoto Co. Inc.
- Associated British Foods PLC
- Cargill Inc.
- CJ Foods
- ConAgra Brands, Inc.
- General Mills Inc.
- Grupo Bimbo S.A.B. de C.V.
- Kellogg Company
- Lantmannen Unibake International
- Maruha Nichiro Holding Inc.
- McCain Foods Limited
- Nestle SA
- NH Foods Ltd.
- Nichirei Corporation
- Nissui Corporation
- The Kraft Heinz Company
- Tyson Foods, Inc.
- Unilever
Key Attributes
| Report Attribute | Details |
| No. of Pages | 984 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $331.83 Billion |
| Forecasted Market Value (USD) by 2031 | $732.41 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/7cdcd
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
