Frozen Food Market to Perceive a Significant Growth by 2023 with a CAGR over 4%

Pune, India, September, 2018 /MRFR Press Release/- Market Research Future published a cooked research report on “Global Frozen Food Market Research Report - Forecast to 2023”  – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

The frozen food market is accruing rapidly across the globe. The market is perfectly positioned to benefit from the resurgence of the frozen-food aisle in the otherwise struggling packaged-food sector. Consumers seeking both health and convenience are buying items such as frozen vegetables and meat substitutes, which are boosting the market growth.

This trend is being recognized by investors in the U.S., bidding up shares of frozen-food specialists such as Conagra Brands and Pinnacle Foods. In June 2018, Conagra agreed to acquire Pinnacle for $8.2 billion. Frozen-food sales are continually rising across Europe too, witnessing the same trend. Specific categories such as frozen fish and seafood are especially rising strong.

Frozen foods have almost become a staple in many kitchens owing to the convenience and taste factor.  Besides, the growing shift in consumer preferences, especially in the young consumer base towards natural and organic products is providing impetus to the market growth. 

Frozen fruit and vegetables contain more vital nutrients than those that are refrigerated fresh, but in a short to medium timeframe, fitting into the individual’s lifestyle. Lack of time or basic cooking skills are the main reasons why convenient foods are much sought after. Resultantly, the frozen food market is growing pervasively on the global platform.

Considering the growth, the market is witnessing currently, Market Research Future (MRFR), in its recently published study report foretells that the global frozen food market, growing rapidly will reach USD 333.56 Bn. by 2023, registering a CAGR of 4.21% during the period 2017 to 2023. More the urbanization; greater the Frozen Food market is becoming.

Changing lifestyle coupled with the consumer’s preference towards ready to eat, frozen food acts as a key growth driver for the market. Increasing per capita disposable income and the increasing population of urban, middle-income group is among the key growth contributors. Globally, western countries generate the highest demand for frozen food.  Due to the cost concerns, availability, and consumer demand for frozen food all year long, imports are expected to increase. Additionally, the Retail E-commerce sector is fostering the market growth attracting consumers.

On the other hand, factors such as prejudiced nature of consumers towards frozen food about its freshness coupled with the costs associated with the refrigeration or freezing process as in, required power and shipping cost of the frozen food is intimidating the market growth. Adversely, augmented demand for frozen foods in Bakery & Confectionary industry will fuel the market growth considerably.

Frozen Food Market   - Segments

The MRFR analysis is segmented into four key dynamics for the convenience of understanding;

By Product Types             : Ready-to-Eat, Meat & Poultry, Vegetable & Fruits, Potatoes, Soup, and Seafood among others.

By End-Users                   : Food Service, and Retail Customers among others.

By Distribution Channels: Hyper Markets, Specialty Retailers, Convenience Stores, and Independent Stores among others.

By Regions                        : North America, Europe, APAC and the Rest-of-the-World.

Frozen Food Market   - Regional Analysis

Globally, the Europe region is expected to retain its dominance throughout the review period growing at a CAGR of 4.03%. Germany dominates the European market, followed by the market in the U.K.

Asia Pacific region is emerging as a lucrative market for frozen foods. The APAC market value is expected to grow at a CAGR of 4.81%, alongside witnessing a high growth in emerging economies such as China, India, Japan and ASEAN countries. The high consumption of processed and convenience food products and growing demand for ready meals and seafood especially in China and India will support the market growth in the region during the assessment period.

On the other hand, Latin American countries demonstrate ample opportunities for expansion to major players.

Frozen Food Market   - Competitive Analysis

Manufacturers operating in the Frozen Food market strive to develop a state of art production facilities where they can make all their products, right from carefully sourcing the raw materials in their own facility.

Players operating in the frozen food market keep discovering and combining, the origin of the classic food remains increasingly important. Local cultivation is another noticeable trend alongside the trend of organic frozen foods in the frozen food market.

Key Players:

Prominent players in the market include General Mills Inc. (US), Aryzta AG (Switzerland), Kraft Foods Group Inc. (US), Nestle S.A. (Switzerland), Ajinomoto Co. Inc., (Japan), Cargill Incorporated (US), and Kellogg Company (US).

Industry/ Innovation/ Related News

August 10, 2018 – Iceland Foods Ltd (UK), a supermarket chain with emphasis on the sale of frozen foods, launched a vegan frozen food range, probably, the largest one in the UK.  The new range includes Tofu Vegetable Burgers, Green Vegetable Balls, ‘No Bull' Jalapeño Burgers, ‘No Chick' Crispy Fillets, and more.

The FMCG sector worldwide is moving towards the broader adoption of a plant-based diet. Seeing the growing shift in consumer preferences and the youth towards natural and organic products, the company decided to venture into the vegan frozen food products for people who follow a plant-based diet, to buy tasty meals that they can store in the freezer, for convenience.