Frozen Food Market Trends, Forecast 2020-2027

1. Global Frozen Food Market, By Product Type Trend Analysis, Competitive Market Share & Forecast,2022-2028

2. Global Frozen Food Market- Industry Trends & Forecast Report 2027A 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 food Because 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.  Sample copy: https://www.blueweaveconsulting.com/report/global-frozen-food-market/report-sample

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.

6. 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.

8. Recent Development • In January 2021, ITC Ltd. stated that its frozen snack business grew three times since the pandemic. • In October 2020, Nestle announced the acquisition of Freshly, one of the most successful fresh-prepared meal delivery services in the United States. • In July 2020, Tyson Foods, Inc., launched its range of frozen chicken in the European foodservice market, which includes cafeterias, restaurants, and caterers. • In July 2020, Conagra Brand Inc. introduced more than 24 new products in North America in response to the high demand for frozen food amid the COVID-19 pandemic.

9. Key Players Key Players for the market 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.

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