Frozen Food Market — Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2020 to 2026) – UnivDatos Market Insights (UMI)
The Global Frozen Food market is anticipated to reach the market valuation of US$ 320.06 billion by 2026 expanding at a reasonable CAGR of 4.6% in the course of the forecasted period (2020-2026) from US$ 232.42 billion in 2019. Consumers globally have recognized frozen food as one of the healthier options in the ambit packaged products available. Today frozen foods have become more accessible owing to the increase in the number of large format retail stores. Major factors driving the industry constitute to be the customer craving, rising awareness and acceptance, increase in selling points, deeper penetration by organized players and surging availability of freezer space at the retail domain. Advances in freezing technologies, innovative refrigerator displays in supermarkets, better and faster supply chain solutions have been owing to the increasing consumption and therefore growing demand for frozen foods. The increase of the global population, scarcity of food in some regions, strong demand from emerging economies, and specific demographic changes in the modern world have been the prime reasons for the growth of frozen foods market. The increasing number of women at the workplace together with a growing number of one-person households has also determined the upward trend of the demand for frozen foods. Frozen foods have become a regular part of daily diet worldwide accredited to changing lifestyles and increasing lifestyles.
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Online grocery shopping trends and new applications in the retail sector have also created several opportunities for overall processed food market thereby accelerating the frozen foods market. Globalization and increasing international trade have been the major factors responsible for the development of the frozen food industry. With economic development and increasing purchasing power parity (PPP), consumers now can afford premium products with improved nutritional value and shelf life. International trade of frozen food products has gained prominence, complemented by improved transportation facilities. Increased consumption of frozen food products in the emerging markets of the Asia Pacific and South America has also contributed to an increase in the sale of frozen bakery products while the demand in developing regions is driven by an increase in disposable income. Cold chain infrastructure has played an important role in driving the frozen food market, as it helps to transport products at both the domestic and international levels. The rise in the export and import of frozen food is possible due to the strong global cold chain services available in developed economies.
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Based on the product category, the global frozen food market is fragmented into ready to eat, ready to cook and ready to drink frozen foods. The popularity of ready to eat meals has witnessed a rapid rise accredited to immense convenience and ease offered coupled with increasing working women population, increasing disposable income and changing lifestyles. The segment is anticipated to generate revenue of US$ 138.52 billion by 2026. Based on product type, the global frozen food market is bifurcated into Frozen Meat, Frozen Fish/Seafood, Frozen Ready Meals, Frozen Bakery, Frozen Pizza, Frozen Potato and others. Frozen Ready Meals segment generated revenue of US$ 54.05 billion in 2019. The Frozen Bakery Products segment is anticipated to register the highest CAGR growth of 5.1% during the forecast period 2020-2026. Based on the distribution channel, the market is bifurcated into supermarket/hypermarkets, Independent Retailers, Convenience Store and other channels such as specialist retailers and online modes. The supermarket/hypermarkets segment is expected to generate revenue of US$ 226.26 billion by 2026 through the sales of frozen food products.
Additionally, for better investigation and penetration of frozen foods the report provides, the detailed country-level analysis was conducted for major region/country including Americas (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea) and Rest of the world. Europe was the largest market for the frozen food industry in 2019, accounting for 38.5% share. Asia-Pacific is expected to generate revenue of US$ 81.74 billion by 2026. Some of the major companies profiled in the Global Frozen Foods market are Nestle SA, Ajinomoto, Goya Foods, ConAgra Foods, General Mills, Heinz Company, Tyson Foods, Unilever PLC, Maple Leaf Foods, Nomad Foods, Mc Can Foods Ltd, Dr. Oetker. The players consistently aim to focus on various product launches, innovations, energy-efficient products as well as mergers and acquisitions to enhance the consumption of frozen foods globally thereby strengthening their market position which further offers them growth opportunities as well as the expansion of product innovation and expansion around the world.
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