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In early 19th century, when the concept of frozen food was actively introduced in the market, it was primarily focused on frozen meat, poultry and sea foods. Later frozen food market has started capturing large number of food products. Today frozen meat holds a good percentage of total market. However, there has been significant growth in vegetable, fruit, and other food market in the past few years. The shift in trend is due to growing popularity of vegan concept and plant-based nutrition.
The global frozen food product industry is growing at a CAGR of ~4% during the forecast period 2021-2027.
Improved Cold Chain Logistics Infrastructure Bring Tremendous Rise in Frozen Food Market
With busy lifestyle and non-availability of time, frozen food has become popular. Advancement in cold chain supply has helped to supply frozen food worldwide. The trend is strengthened by increasing number of online and offline grocery stores and by new players coming in the market and promoting frozen food benefits. The other factors contributing to demand traction in the market include advancements in refrigeration and packaging technologies and improvement in cold chain logistics infrastructure worldwide. Under a collective influence of these factors, market is expected to record double digit growth over the forecast period.
Ready to Cook Frozen Food Gaining Popularity Worldwide
Of all categories of food form, ready to cook food has seen higher popularity among consumers. The food is prepared by heating or cooking it at a specific temperature for a certain time. Companies provide specific preparation method on the label to ensure consumer conveniency and retain food taste. Trend of nuclear families and growing women participation in workforce has multiplied the growth rate in past few years. The other food forms analyzed in report include – Ready made and Raw material.
Offline Retail Holds Larger Volume of Transactions
Limited penetration of cold chain logistics for last-mile delivery has allowed offline retail to remain as largest segment accounting for maximum volume transactions. A large chunk of this is contributed by supermarkets, hypermarkets, which are well equipped with temperature-controlled areas where variety of frozen foods can be available. It is more convenient for new consumers to select the product by reading label. However, recent development in internet facilities and phone application and shift to e-tailing by big retail brands has increased the sale through online channel which is expected to grow at a significant rate in near future.
Food Service Industry Growth Strengthening the Growth of Frozen Food Market
Usage of frozen foods in hotels and restaurants have increased tremendously from past few years. Owing to numerous benefits of frozen food like time saving and storage time, food service provider brands like Subway, KFC, McDonald’s and others use frozen food in large quantities which has helped to retain consistent market growth rate. Increase in number of new fast-food chains and new local food corners have also boosted frozen food market growth. With right strategies, food service market has huge potential for new frozen food vendors to enter the market at a good competence level.
Major Companies Around the Globe
Frozen food market has huge number of market players that give high competence. Many local and regional companies are also giving huge competition to the world-wide spread companies in their local markets. Some of the big players are Kellogg Company, Europastry S.A., Omar International Pvt Ltd., Kraft Heinz Company, Cargill Incorporated, General Mills Inc. and many more. Companies constantly look for new innovations that can provide quality and fresh food to the consumers.
Europe Dominates the Global Market Share
Owing to high economic strength and increasing population, Europe has seen 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 Asia Pacific also have huge potential for the frozen food market.
Market by Food Type
Market by Food Form
Market by Freezing Technique
Market by Distributional Channel
Market by End User
Enterprise Sale (B2B)