Frozen Food Market Projected to Reach $282.5 Billion by 2023, at a CAGR of 5.1%

Posted May 28, 2020 by supriya1234

The frozen food market is estimated at USD 219.9 billion in 2018 and projected to grow at a CAGR of 5.1%, to reach USD 282.5 billion by 2023.

The report "Frozen Food Market by Product (Fruits & Vegetables, Dairy, Meat & Seafood), Type (Raw Material, Half Cooked), Consumption, Distribution Channel, and Region (North America, Europe, Asia Pacific, South America, and MEA) - Global Forecast to 2023", The frozen food market is estimated to account for about USD 219.9 billion in 2018 and is projected to reach a value of nearly USD 282.5 billion by 2023, growing at a CAGR of 5.1% from 2018. The retail food industry has witnessed significant growth over the past few years, globally. The development of retail channels in the form of supermarkets, hypermarkets, and convenience stores has driven the growth of the frozen food market. These large food chains form an important growing outlet for frozen food products, owing to the latest trend of on-the-go consumption. The rising per capita income and increasing number of working women, globally, have further accelerated the market growth.

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Rising preference for fresh and natural food products is a major restraint for frozen food market”
To some consumers, frozen food is thought of a product that is an inferior substitute for fresh food, which is one of the major restraints for this market. There is a notion that food processed a year or more before it is consumed could not be nutritious. However, statements such as “frozen produce can be just as good as the fresh stuff in terms of nutrition” from the US Food and Drug Administration (FDA) and the International Food Information Council (IFIC) about the nutrient content of frozen food are changing the consumer perception.

Increasing trade of processed food provides an opportunity for growth.
Globalization and increasing international trade are the main factors for the development of the food industry, globally. With economic development and increasing PPP, consumers can afford premium products with improved nutritional value and shelf life. Consumers now prefer a variety of food products such as premium and exotic fruits & vegetables. This drives the trade of various food products between regions.

Europe is estimated to dominate the frozen food market in 2018.
Europe is estimated to account for the largest market share in the frozen food market in 2018. The region is projected to offer huge growth potential to the frozen food market. The market in Germany is estimated to be the major contributor to the growth in the region. The European market is driven by the robust growth of the food industry, which has supported the ready-to-eat snack food industry to gain acceleration in this market.

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This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies in the frozen food market. It includes the profiles of the leading companies such as General Mills Inc (US), Conagra Brands, Inc. (US), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Unilever (Netherlands), Kellogg Company (US), McCain Foods Limited (Canada), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), Lantmannen Unibake International (Denmark).
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Last Updated May 28, 2020