The global FrozenFood Market size is expected to value at USD 360.36 billion by 2024. The market is subject to witness a substantial growth due to the changing lifestyle patterns, shifting preferences among consumers towards ready-to-cook meals, increasing demand for convenience food, and growing focus towards hygienic food products. Frozen food products are able to retain maximum vitamins and minerals.
The
freezing allows longer shelf life for the food products and limits any form of
microbial growth that leads to food spoilage. In addition, increasing
penetration by e-commerce retail stores is expected to fuel the growth of
frozen food industry in the upcoming years. Increasing demand form staple food
products from developed economies across the globe is propelling market growth
as well, in the recent years. Globally, the frozen food market is predicted to
grow at higher CAGR in the forecast period, providing numerous opportunities
for market players to invest in research and development of the industry.
Advanced
freezing techniques not only extends life span of the food products but also
maintains their nutritional value. Increasing demand for frozen fruits and
vegetables from developed and developing economies is expected to positively
affect market performance of frozen food industry in the upcoming years.
Furthermore, emergence of advanced refrigeration media for commercial and
industrial application is predicted to boost market growth over the forecast
period. Increasing import and export activities for frozen food products such
as chilled beef products, frozen pizza, frozen fruits & vegetable, and many
more, is expected to foster market growth. Rising import activities the China
and India is bolstering market growth in the upcoming years.
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However,
higher quantity of sodium and preservatives coupled with high-calorie value of
the food product are projected to hamper the market growth to a certain extent.
In addition, lack of availability of proper distribution channels and freezing
facilities in rural areas of both developing and developed economies is
limiting market progress, in the recent years. Yet, recent R&D activities
by numerous large-scale packaged food manufacturers and advancement in freezing
are estimated to offer lucrative growth opportunities for market players in the
upcoming years.
Additionally,
increasing penetration of large retail chains, supermarkets, hypermarkets,
domestic stores and e-commerce websites in both developing as well as developed
economies across the globe are expected to boost market demand for frozen food
products in the upcoming years. Changing food patterns is one of the critical
factor responsible for the expansion of frozen food market, in the recent
years. Other factors such as changing lifestyle preferences, growing demand for
convenience food, and need for maximizing limited leisure time, are expected to
fuel market growth in upcoming years.
Frozen
ready-to-cook meals is considered as one of the fastest growing segment in the
frozen food industry with substantial revenue generation in the last couple of
years. Growing popularity of the frozen ready-to-cook meal segment is
attributed to growing popularity based on hygiene and timely preparation. The
frozen potato segment has also witnessed massive growth, in the recent years
due to rising demand for gluten free food products and high nutritional
content.
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The
frozen food market is divided by region as North America, Europe, Asia-Pacific,
Latin America and Africa. North America has shown major growth in recent years
owing to the rise in the implementation of latest technologies for production
& distribution of frozen food products, and existence of well-established
industrial infrastructure in the region. Asia-Pacific region is predicted to
hold major market share in the frozen food with massive growth in forecast
period. Countries such as India, China, Japan and Singapore are leading the
Asia-Pacific market with shifting trends towards convenience food, improved
living standard, increasing per capita income, and significant investment by
leading industry players considering potential growth opportunities in the
region.
The
key players in the frozen food industry are General Mills, Inc., Ajinomoto
Inc., Nestle S.A., Unilever Plc, Allens, Inc., The H. J. Heinz Company, McCain
Foods Ltd., Dole Food Company, Inc., The Schwan Food Company, Inc., Rich
Products Co., and Amy’s Kitchen Incorporations.
Market
Segment:
Product
Outlook (Revenue, USD Billion, 2014 - 2024)
• Frozen fruits & vegetables
• Frozen potatoes
• Frozen ready meals
• Frozen meat
• Frozen fish/seafood
• Frozen soup
• Other products
Regional
Outlook (Revenue, USD Billion, 2014 - 2024)
• North America
• U.S.
• Europe
• Germany
• UK
• France
• Asia Pacific
• Japan
• China
• India
• Central & South America
• Middle East & Africa
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