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The global frozen food market is estimated to grow at a CAGR of more than 4% during the forecast period 2021-2027. The market growth is majorly attributed to increasing consumer spending on ambient food (shelf-stable food), convenience food and ready-to-eat (RTE) food products, growing popularity of vegan food and plant-based nutrition food products, and improved cold chain logistics infrastructure in developing countries is positively contributing to the global marketplace coupled with an increasing number of convenience stores around the world.
The frozen food market is witnessing an ideal opportunity of increasing demand for plant-based food and meat-free meat products. As per the studies, frozen plant-based meat alternatives witnessed a sale of $500,000 million- a growth of 12% in 2020 from the previous year. Moreover, the frozen plant-based nuggets & strips & cutlets category is witnessing a growth of 25%, frozen plant-based burgers are growing at 10%, frozen vegetables at 8%, and frozen fruits at 5% during the same period.
Study of Consumer Behavior in the Global Frozen Food Market
Plant-based eating is acting as a key influential factor in changing market dynamics over the period considering convenience as a principal requirement. Approx. 11% of the global population has adopted vegan eating with continuous share growth; as per the consumer-based studies, millennials are increasingly shifting towards vegetables, and near to 40% reported taking plant-based diet attributed to eco-conscious behavior and concerns towards animal welfare.
The increasing working population, busy and hectic lifestyle complemented with the long shelf-life of frozen foods drives the market growth for the long term. As per the International Labor Organization, the world has recorded around 3.3 billion working population under the age category of 15 years and above. Hence, the huge share of the working population represents the substantial consumer base for the frozen food industry owing to its property of easy preparation and locked nutrient values.
Impact study of COVID-19 on the Global Frozen Food Market
The outbreak of pandemic due to the spread of COVID-19 has resulted in reduced sales of frozen food items, owing to disruption in the supply chain around the globe. Although, studying the demand side of the frozen food industry shows that the market is registering an increased demand during lockdowns in several regions around the world. The panic buying of food and other grocery items has propelled the demand for frozen food products attributing to their higher shelf life.
Regional Overview of the Frozen Food Industry
Europe witnessed a huge market potential in the past few years and is expected to grow at a significant CAGR in the near future. Europe has one of the biggest bakery markets across the globe which further supports the growth of the frozen food market in the region. Developing countries in other regions like the Asia Pacific also have huge potential for the frozen food market, owing to the increasing working population, the high share of millennials in total population shares, and their increasing preference for convenience food and frozen food products.
Study of the competitive landscape of the Global Frozen Food Market
Bellisio Foods, Cargill Incorporated, ConAgra Foods, Inc., Europastry S.A., Kellogg Company, General Mills Inc., Kraft Heinz Company, McCain Foods, Nestle S.A., Omar International Pvt Ltd., Wawona Frozen Foods, and others are some key companies included in the research study of the global frozen food market. The market is analyzed to be highly competitive and recording a key presence of new entrants at the local level along with significant shareholding of big companies.
Segmentation Overview of the Frozen Food Market
The market is segmented on the basis of different categories include food type, food form, freezing technique, distribution channel, and end-user. These segments are further categorized to study the market in detail.
The Food Type Segment is Sub-Segmented into:
The Food Form Segment is Sub-Segmented into:
The Freezing Technique Segment is Sub-Segmented into:
The Distribution Channel Segment is Sub-Segmented into:
The End-User Segment is Sub-Segmented into:
Regional Segments of the Global Frozen Food Market: