Frozen Food Market By Product Type, report 2021-2027

1. Frozen Food Market, By Product Type, Trend Analysis, Competitive Market Share 2021-2027

2. Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global frozen food market was worth USD 245.1 billion in the year 2020. It is and is further projected to reach USD 342.9 billion by 2027, at a CAGR of 5.0% during the forecast period (2021-2027). The demand for frozen food is expected to grow in the near future as a result of hectic lifestyles among working-class people around the world and rising expenditure on ambient (shelf-stable) foods by consumers. Frozen food is now considered a viable option by millennial consumers due to its convenience. Additionally, fast service restaurants (such as KFC, Domino's, and Subway), bars, hotels, and healthcare canteens have expanded their use of frozen foods in order to keep their servings cost-effective and timely.

3. Growth Drivers Increased demand for convenience in foodBecause of the hectic lifestyles of millennials and the increasing working population, the frozen food market has grown steadily, especially in ready meals, frozen meat, on-the-go food, and other categories. Frozen foods have grown in popularity in urban areas because they need less time and effort to prepare than fresh produce. According to the World Bank, approximately 55% of the world's population lives in urban areas as of 2020, and by 2045, the figure is projected to rise by 1.5 times to 6 billion. Furthermore, the rise in disposable income of many households, combined with the impulsive buying trend among consumers, has led to an increase in the consumption of frozen food. Freezing of food extends their shelf life and makes them free from any added preservative.

4. Restraints Consumer preference for fresh and organic foods Frozen food is widely regarded as a poor replacement for fresh food by the general public. It is assumed that food that has been stored for more than a year loses all of its nutritional value. However, such myths were broken by the U.S. Food and Drug Administration (FDA) and the International Food Information Council (IFIC). While nutrients such as vitamin C and folate can decompose due to temperature changes, nutrients are retained in frozen vegetables by storing at a constant low temperature or below the freezing point. This myth about frozen food can be resolved by raising customer consciousness about the quality of frozen foods.

5. Impact of COVID-19 With the advent of the COVID-19 pandemic, which caused many countries to declare a state of emergency, customers opted to eat more family meals than ever before. Frozen foods were the most convenient and cost-effective solution for families during the lockdown phase. Frozen food items offer the benefit of a longer shelf life than natural produce thus, saving consumers from making daily trips to the store and exposing themselves to the virus. According to the American Frozen Food Institute (AFFI), frozen foods accounted for USD 65.1 billion in retail sales in 2020, representing a 21% rise over the previous year.

6. Global Frozen Food Market: Regional Insights The global frozen food market is categorized into North America, Europe, the Asia-Pacific, Latin America, the Middle East & Africa. In 2020, Europe accounted for the largest share in the frozen food market. Recently, Europe has seen a large increase in the number of vegans, which has boosted sales of frozen vegetables and their products in the region. Increased urbanization, higher purchasing power, economic stability, and changes in dietary preferences are some of the other driving factors. The sudden outbreak of the pandemic also increased the sales of frozen foods in this region

7. Competitive Landscape The frozen food market is highly fragmented, with regional and foreign players competing for market share. Companies are continuously competing on various attributes such as product offerings, composition, quality, taste, flavors, price, scale, packaging, and marketing activities. The key players in this market are- General Mills Inc., Conagra Brands Inc., Nestle SA, Unilever, Kellogg Company, McCain Foods Limited, Kraft Heinz Company, Associated British Foods plc, Ajinomoto, Kuppies, Omar International Pvt Ltd., Shishi He Deming, and other prominent players.Sample Copy of the Report :https://www.blueweaveconsulting.com/report/global-frozen-food-market/report-sample

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