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[256 Pages Report] Global Frozen Food Market was valued at US$ 254 Bn in 2021 and is estimated to reach US$ 504.41 Bn by the end of the year 2030. The market is registering growth at a CAGR of 8.37% during the forecast period 2022-2030. In terms of volume, the global frozen food market is expected to grow at a CAGR of 4.55% during the forecasted period.
The global frozen food market has gained an impressive impetus owing to increasing FDI in developing countries. Moreover, the busy lifestyles of individuals have led to a growing demand for ready-to-eat food products. The market for frozen food products is anticipated to expand in near future.
The frozen food products market was divided into segments such as product type, distribution channels, region, and sub-segments to get a holistic picture of the market. Consumer Behavior Analysis, PESTLE Analysis, SWOT Analysis, and Porter’s Five Forces Analysis were conducted to identify strengths, weaknesses, and potential threats. Furthermore, the performances of the competitors were measured to understand the scope of the business in the Market for Frozen Products. To further double-check the data and results in data triangulation technique was implemented.
In the segmentation of product type, ready meals have recorded the highest CAGR of 9.15%, registering a growth of revenue from US$ 65.42 Bn in 2021 to US$ 138.56 Bn in 2030. With respect to volume, Ready Meals have made the major leap forward. The retail segment is projected to grow with a CAGR of 8.59% for the forecast period of 2022-2030. Asia Pacific frozen food market has witnessed double-digit growth in revenue for the forecast period. The key players in the market are Cargill, Unilever, Nestle SA, and Ajinomoto Co. Ltd. among others.
A Look at the Competitors
The key players present in the global frozen food market are Cargill, Unilever, Nestle SA, Ajinomoto Co. Ltd, Associated British Foods, Conagra Brands, Inc., Kellogg Company, General Mills Inc., Maruha Nichiro Holdings, Inc., Nippon Suisan Kaisha Ltd., Kraft Heinz Company, Inc. and Tyson Foods, Inc. among others.
Key Insights of the Report:
Segmentation Overview – Global Frozen Food Market
Frozen-ready meals are complete meals that need no additional ingredients as compared to other meals. They are an instant, convenient, affordable, and healthy alternative to fresh food. The ready meals segment is projected to grow with a CAGR of 9.15% for the forecast period of 2022-2030. Furthermore, busy lifestyles and an increasing proportion of working women are driving the growth for Ready Meals. The revenue share of Ready Meals is US$ 65.42 Bn in 2021 and is expected to reach US$ 138.56 Bn by 2030.
The retail segment is projected to grow with a CAGR of 8.59% for the forecast period of 2022-2030. Online food and beverage growth have sparked the overall growth of the retail sector of the frozen food market due to the convenience and variety it offers. According to the Information Resources Incorporation, it was food e-commerce that had a great forward leap in 2020 with a gain of 84%.
Asia Pacific frozen food market is reported to have a CAGR of 9.12% by 2030, registering a growth of US$76.48 Bn during 2021-2030. Countries in the Asia Pacific such as India and China, with their ever-increasing population and increased per capita spending, make a preferred destination for the frozen products markets. By product type, the ready meal is expected to offer a major jump in revenue. In Japan, the retail distribution channel is projected to grow with the highest CAGR of 10.3% during the forecast period.
By Product Type
By Distribution Channel
|Market Size Value in 2021||US$ 254 Bn|
|Expected Revenue in 2030||US$ 504.41 Bn|
|Unit||Value (USD Bn)|
|Segments covered||By Product Type, By Distribution Channel, and By Region|
|Regional Scope||North America; Europe; Asia Pacific; Middle East & Africa; South America|
|Key Companies||Cargill, Unilever, Nestle SA, Ajinomoto Co. Ltd, Associated British Foods, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Frozen Food Market was valued at US$ 253.98 Bn in 2021.
The frozen food industry is witnessing a major jump in FDI in developing countries. Moreover, the busy lifestyles of people have led to a growing demand for ready to eat food products. The Frozen Food Market was valued at US$ 253.98 Bn in 2021 and is estimated to reach US$ 504.41 Bn by 2030, registering a CAGR of 8.37% from 2022-2030.
The market for frozen food products is divided into three broad categories namely- by product type, by distribution channel and by region.
The study period for the frozen food market is 2017-2030.
Ready Meals segment is the leading product type segment in the market.
Rising FDIs in developing countries is the key market driver.
Rising preferences for natural and fresh food products and the COVID 19 pandemic are challenging the frozen food product market.
Increasing adoption of online business channel and rising food wastage are the factors expected to give a push to the market.
Europe has the highest market size of US$89.72 Bn in 2021.
Online retail segment is anticipated to have the largest share of growth by 2030. Online food and beverage growth has sparked the overall growth of retail sector of frozen food market because of the convenience and variety it offers.
Asia Pacific is projected to have the highest CAGR of 9.12% by 2030.
The key players in the global frozen food market are Cargill, Unilever, Nestle SA, and Ajinomoto Co. Ltd among others.
COVID-19 pandemic has increased the demand for organic products, thereby making the market for frozen food inferior. Moreover, the pandemic has placed unprecedented stress on supply chains, with bottlenecks in farm labor, processing, transport and logistics, as well as momentous shifts in demand.
Primary and secondary research was undertaken and further the Consumer Behavior Analysis, PESTLE Analysis, SWOT Analysis and Porter’s Five Forces Analysis were conducted to identify strengths, weaknesses, and potential threats.