Market Research Future Insights
According to market research future insights analysis, the global frozen foods market is expected to register a CAGR of 5.93% from 2022 to 2030 and hold a value of over USD 338.5 billion by 2030.
Over the next several years, the industry's size is anticipated to increase due to the growing customer preference for shelf-stable goods on a global scale. The popularity of these cuisines, including morning meals, increased by 10.9%, and dinners/entrees increased by 4.9%, according to a Progressive Grocer article from August 2021. 2.7% more frozen meat and 10.4% more poultry that has been processed. This market's expansion has also been aided by using these items by many end users, including full-service restaurants, hotels resorts, and quick-service eateries. A value chain with a limited amount of extra capacity is in great danger due to the current outbreak of COVID-19 infections, which are harming food manufacturing facilities. To comply, businesses are maximizing worker attendance to maintain the food supply chain, offering incentives and incremental safety investments, and expanding their e-commerce presence by dealing directly with customers.
What factors drive growth in the frozen foods industry?
The fact that more people around the world prefer and are willing to pay for food that is nutritious yet easy and quick to cook/heat up.
Regional Analysis
Europe dominated the Frozen Foods Market Insights in 2021. High consumer purchasing power, financial stability, and shifting food preferences are the main growth drivers in the area. The demand for ready-to-eat breakfast products has also increased significantly due to hectic lifestyles. With a significant growth potential for baked food products and potato products, Europe is also one of the most alluring markets in the world. The sales of frozen edibles increased immediately after the sudden COVID-19 outbreak but sharply declined in the following months.
Asia Pacific is expected to register lucrative growth in the frozen foods market. Because consumers have started using internet retailing platforms, the expansion of the regional market is also aided by the rising number of cold chain facilities in various emerging nations. Additionally, developing nations like India, Japan, and China are benefiting from an increase in refrigeration facilities in retail stores and an increase in the availability of frozen food through online retailers. Urbanization is anticipated to result in significant market expansion across several Southeast Asian nations.
Market Segmentation
The global Frozen Foods Market Outlook has been segmented into product and distribution channels.
Based on product, the market has been segmented into fruits vegetables, potatoes, ready meals, meat, fish/seafood, and others. The ready meals segment accounted for the largest market share in 2021 due to the widespread consumption of prepackaged meals by working-class people worldwide. A February 2020 article in BioMed Central (BMC) reported that about 36% of adults in the U.S. admitted to eating prepared meals. The market is also anticipated to expand due to introduction of new products. For instance, China's HEROTEIN introduced sixteen ready-to-eat plant-based meat dinners in September 2021, including various chicken and beef cuts. China has receive the entire spectrum, which is entirely made of plants. On the other hand, the fruits vegetable segment is anticipated to be the fastest-growing segment during the forecast period. Customers are switching to these items since they don't need to be washed, peeled, or chopped, resulting from the rising prevalence of lifestyle disorders. Eating contaminated or dirty food might result in diarrhea and a swollen stomach.
Based on distribution channels, the market has been segmented offline and online. Offline accounted for the frozen foods market largest revenue share in 2021. Frozen food distribution has increased significantly among a growing number of these retailers in various places. Online was the fastest growing. The category is expected to become a reliable source of revenue. Manufacturers are being compelled to readjust their retail strategy in these nations due to the promising growth displayed by e-commerce platforms in emerging and developed countries.
Key Players
Some key market players are Unilever PLC; Nestlé S.A.; General Mills, Inc; Nomad Foods Ltd.; Tyson Foods Inc.; Conagra Brands Inc.; Wawona Frozen Foods; Bellisio Parent, LLC; The Kellogg Company; The Kraft Heinz Company.
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