NEW DELHI, January 14, 2022 /PRNewswire/ — The study conducted by Astute Analytica, which Global Frozen Food Market expects phenomenal sales growth of $254 billion in 2021 to $504.41 billion until 2030 registration a CAGR of 8.37% for the forecast period 2022-2030. In terms of volume, the market is expected to grow at a CAGR of 4.55% over the forecast period. Growth in this market is attributed to increasing FDI in developing countries. Additionally, the busy lifestyles of individuals have resulted in a growing demand for ready-to-eat food products as they are readily available, convenient, affordable and equally healthy alternatives to fresh food products.
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The challenge in the global frozen food market is consumer perception of frozen food as inferior to natural and fresh food. The COVID-19 pandemic has further escalated the demand for fresh food.
The Frozen Foods market is segmented into various segments such as product type, distribution channels, and region along with sub-segments to give a holistic picture of the market.
Importance of the frozen market
The world has 3.3 billion workers aged 15 and over, and this huge workforce is gradually shifting to frozen products for easy meal preparation. In addition, busy lifestyles and an increasing proportion of working women are driving the growth of ready meals. Turnover from ready meals is $65.42 billion in 2021 and is expected to be achieved $138.56 billion until 2030.
The growth in the frozen food market is attributed to increasing foreign direct investment in developing countries. Developing countries are becoming increasingly attractive investment targets through the process of privatization and globalization.
The retail segment is expected to grow at a CAGR of 8.59% for the forecast period 2022-2030. The growth of online groceries and beverages has fueled the overall growth of the retail sector of the frozen food market due to the convenience and variety it offers. Asia Pacific It is reported that the frozen food industry will have a CAGR of 9.12% by 2030, which will show revenue growth of $68.74 billion in 2021 to $145.22 billion until 2030.
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Challenges in the global frozen food market
The perception of frozen food by individuals poses a challenge for the market as people see frozen food as inferior to natural and fresh food. However, the US Food and Drug Administration (FDA) and the International Food Information Council have found that frozen foods have resulted in an increase in the shelf life of the food without losing its nutrients.
Effects of COVID-19
The COVID-19 pandemic has further increased demand for organic products. In addition, the pandemic has placed unprecedented strains on supply chains, with shortages in agricultural labour, processing, transport and logistics and catastrophic shifts in demand.
Asia Pacific will be the game changer in the global frozen food marketplace
Asia Pacific The frozen food market is projected to show a CAGR of 9.12% by 2030, which will show revenue growth of $68.74 billion in 2021 to $145.22 billion in 2030. Countries in Asia Pacific such as India and China, with its ever-increasing population and increased per capita spending, make it a prime destination for the frozen food markets. By product type, ready meals are expected to provide a big jump in sales in APAC. Japan The frozen food market is anticipated to grow at 6% during the forecast period, followed by India and China.
A look at the competition
- Ajinomoto Co., Inc. is a Japanese multinational food and biotechnology company that manufactures spices, interlayer insulating materials for semiconductor packaging used in personal computers, edible oils, frozen foods, beverages, sweeteners, amino acids and pharmaceuticals.
- Conagra Brands, Inc. (formerly known as ConAgra Foods) is an American packaged food company. It manufactures and sells products under various brand names that are available in supermarkets, restaurants and catering establishments.
- General Mills Inc. is a manufacturer and marketer of branded food products worldwide. The company’s manufacturing facilities are available in 13 countries, which are distributed in more than 100 countries.
- Grupo Bimbo operates in the bakery sector and is a major player in snacks. The company has more than 203 bakeries and around 1,700 sales centers in 33 countries worldwide
- The Kellogg Company is a maker of cereals, savory snacks and frozen foods and the second largest maker of crackers. Trusted grocery 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 beverage processing company headquartered in Veyvey, Switzerland. It is the largest food company in the world based on revenue and other metrics.
- Unilever is organized into three main divisions: Food & Refreshment, Home Care, and Beauty & Personal Care. It has research and development facilities in China, India, the Netherlands, that United Kingdom, The United States.
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Overview of the market segmentation in the frozen food industry
The global frozen food market is segmented by product type, distribution channel, and region. These segments are broken down to provide a holistic picture of the market.
The following are the various segments of the global frozen food market:
- By product type
- Dairy products
- poultry meat
- Red meat
- pork meat
- poultry meat
- bakery products
- pizza crust
- Cakes & Pastries
- ready meals
- rice based
- Italian (pasta)
- By distribution channel
- Convenience Stores / Standalone Stores
- Company sale (B2B)
- HoReCa (hotel, restaurants, cafe) – gastronomy
- Travel (train/ plane/ other)
- educational institutes
- food industry
- By region
- North America
- The United Kingdom
- the rest of Europe
- Asia Pacific
- Australia & New Zealand
- the rest of Asia Pacific
- middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- the rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and consulting firm that has quickly built a solid reputation for the tangible results we have delivered to our clients. We pride ourselves on creating unparalleled, detailed and incredibly accurate estimates and forecasts for our very demanding clients across multiple industries. We have a long list of satisfied and returning customers from a wide spectrum including Technology, Healthcare, Chemical, Semiconductor, FMCG and many more. These satisfied customers come to us from all over the world. They are able to make well-calibrated decisions and seize extremely lucrative opportunities while tackling the tough challenges because we analyze for them the complex business environment, segment-by-segment existing and emerging opportunities, technology formations, growth estimates, and even the available strategic decisions. In short, a complete package. All of this is possible because we have a highly qualified, competent and experienced team of professionals made up of business analysts, economists, consultants and technology experts. You – our patron – are at the top of our list of priorities. When you choose to work with us, you can rest assured that we’re getting the best value-added, cost-effective package.
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