Frozen Food Market Size Worth US$ 504.41 Bn by 2030 | CAGR 8.37%
The study undertaken by Astute Analytica foresees a tremendous growth in revenue from US$ 253.98 Bn in 2021 to US$ 504.41 Bn by 2030. The Global Frozen Food Market is expected to grow at a CAGR of 8.37% during the forecast period 2022-2030. This growth in market size is attributed to increasing FDI in developing countries. Furthermore, food wastage due to poor handling of food and low shelf-life of fresh produce allows opportunities for the frozen food industry.
Challenge related to consumer perception towards inferior and less nutritious quality of frozen food than natural and fresh food product hampers the overall market growth for the long-term. Although, the US Food and Drug Administration (FDA) and International Food Information Council stated that frozen food products are as good as fresh and natural food products. COVID-19 pandemic has further increased the demand for organic products. 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.
Significance of the Market for Frozen Food Products
Busy lifestyles of individuals have led to a growing demand for ready to eat food products. The world has 3.3 billion working population in the age of 15 and above and this huge working population is gradually shifting towards frozen food products for easy preparation of meals.
The frozen food market has gained an impressive impetus owing to increasing FDI in developing countries. UNCATD data shows that the FDI flows in developing countries have significantly increased since 1990s.
The Ready Meals segment is projected to grow with a CAGR of 9.15% for the forecast period of 2022-2030. Busy lifestyles and increasing proportion of working women are driving the growth for Ready Meals. The revenue share of Ready Meals is $65.42 Bn in 2021 and is expected to reach $138.56 Bn by the end of the year 2030
Impact of Covid-19
COVID-19 pandemic has further increased the demand for organic products.
Strategies adopted by key market players to combat the effects of COVID-19:
- Kellogg Company keep on advancing its projects to meet its employees' wellbeing and health needs. The organization launched employee wellbeing framework - My Total Health in 2019 that addresses to physical, monetary, social and emotional wellbeing to help the employees' personal objectives.
- The Kraft Heinz Company also experienced additional COVID-19-related operating costs as the company focused on meeting increased retail demand, adding additional sanitation measures, and providing personal protective equipment to our employees.
- Nestle Inc, joined hands with NGOs that has helped more than 1.7 million meals to daily wagers, migrant workers, and vulnerable families. The company provided dry ration and grocery kits to street vendors and others.
- General Mills Inc executed an enterprise-wide steps to guarantee worker security.
Asia Pacific Frozen Food Market has the highest CAGR for the forecast period
Asia Pacific frozen food market is reported to record a CAGR of 9.12%. Countries in Asia pacific such as India and China, with their ever-increasing population and increased per capita spending, make a preferred destination for the frozen products markets. Japan is projected to have the highest CAGR of 6.01%. In India, market size with respect to revenue is anticipated to increase from US$ 1,365.02 Bn in 2021 to US$ 2,140.69 Bn in 2030.
A glance at the competitors
- Ajinomoto Co., Inc. is a Japanese multinational food and biotechnology corporation which produces seasonings, interlayer insulating materials for semiconductor packages for use in personal computers, cooking oils, frozen foods, beverage, sweeteners, amino acids and pharmaceuticals.
- Conagra Brands, Inc. (formally known as ConAgra Foods) is an American consumer packaged food company. It makes and sells products under various brand names that are available in supermarkets, restaurants, and food service establishments.
- General Mills Inc. is a manufacturer and marketer of branded consumer foods worldwide. The company’s manufacturing plants are available in 13 countries that are distributed in more than 100 countries.
- Grupo Bimbo is in bakery industry, and it is an important player in snacks. The company has over 203 bakeries, approximately 1,700 sales centers located throughout 33 countries worldwide
- Kellogg Company is a producer of cereal, savory snacks and frozen foods and it’s the second largest producer of crackers. The trusted food brands include Kellogg's Corn Flakes, ringles, Kellogg's Frosted Flakes Cheez-It, Special K, Pop-Tarts, Rice Krispies, Eggo, Mini-Wheats, MorningStar Farms, Kashi, RXBAR, and many more.
- Nestle SA is a Swiss multinational food and drink processing corporation headquartered in Veyvey, Switzerland. It is the largest food company in the world, measured in terms of revenue and other metrics.
- Unilever is organised into three main divisions: Food and Refreshments, Home care, and Beauty & Personal Care. It has research and development facilities in China, India, the Netherlands, the United Kingdom, the United States.
The Global Frozen Food Market is segmented based on product type, distribution channels and region. These segments are sub-divided to get a holist picture of the market.
Following are the different segments of the Global Frozen Food Market:
By Product Type
- Dairy Products
- Meat & Poultry
- Poultry Meat
- Bakery Products
- Pizza Crust
- Cakes & Pastries
- Ready Meals
- Rice based
- Italian (Pastas)
By Distribution Channel
- Supermarket/ Hypermarket
- Convenience Stores/ Standalone Stores
- Enterprise Sale (B2B)
- HoReCa (Hotel, Restaurants, Café) – Food Service
- Travel (Railway/ Airline/ Others)
- Educational Institutes
- Food Processing Industry
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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