The global frozen food market accounted for a value of USD 237.3 billion in 2019. and is projected to register growth at a CAGR of 3.8% during forecast period.
COVID-19 has impacted the frozen food market significantly. The population across the globe is avoiding eating anything from outside due to fear of corona virus transmission. The frozen food products have seen decline n demand across various regions. The production of items was halted for few months. The supply of raw material and finished products was also become difficult due to movement restrictions. Thus, frozen food market is likely to observe decline in market share during forecast period to virus outbreak.
For more details, visit: Global Frozen Food Market By Product (Dairy Products, Bakery Products, Others), By Distribution Channel (Offline and Online), By Type (Raw Material, Half-Cooked, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The demand for the frozen food in developing and developed economics as the lifestyle of people is changing. The working class population is increasing and the popularity for quick-served food is growing rapidly. This is the major factors to drive growth in frozen food market during the forecast period.
On the basis of product, the frozen food market is segmented into fruits & vegetables, dairy products, bakery products, meat & seafood products, convenient food & ready meals and others. The convenient food and ready meals segment is estimated to lead the frozen food market during forecast period. The lifestyle of people is changing around the world and people are shifting towards convenient food as it is easy to prepare and take less time preparation. This food has high nutritional value and people are adopting convenient food and ready meals which increases its adoption. This drives growth in convenient food and ready meals segment during forecast period.
On the basis of distribution channel, the frozen food market is segmented into offline and online. The offline segment is estimated to hold largest market share during forecast period. The offline segment helps in improving sales of frozen food. The convenience stores and hypermarkets operating in various places including remote locations helps in selling frozen food at various location which increases demand and expands market geographically for frozen food. This drives growth in offline distribution channel during forecast period.
On the basis of end-users, the frozen food market is segmented into food service and retail. The food service segment accounted for a largest share of 53.9% in 2019 and it is estimated continues its dominance during forecast period. The food service industry is the largest consumer of frozen food as it includes fast food restaurants, hotel chains and caterers. The popularity of frozen food is increasing in this industry as it can be stored for longer period of time. This food require less time to cook which is why it is adopted by fast food and quick service restaurant. The internet is also contributing in growth of frozen food as many various food chains are shifting online to enhance customers food ordering, these chains prefers frozen food. This drives growth in food service segment during forecast period.
Europe accounted for largest market share of 35.0% in 2019. The demand for frozen food is very high in this region. The busy and hectic lifestyle of people increases demand for convenient food and ready to eat food.
The key market players in frozen food industry are Omar International, Chevon Agrotech Pvt Ltd., Smart Price Sales marketing, Shishi He Deming, Bubba Foods, General Mills Inc, Conagra Brands, Grupo Bimbo S.A.B. De C.V., Nestle SA, Unilever, Kellogg Company, McCain Foods Ltd., Kraft Heinz Company, Associated british Foods, Ajinomoto, Vandemoortele NV, Lantmannen Unibake, Cagill, Europastry S.A., JBS, Kidfresh, Aryzta, Kuppies and OOB Organics.
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