Frozen Meat Market to Witness Huge Growth by 2024: Key Players- Kerry Group Plc., Associated British Foods Plc., BRF S.A., Verde Farms LLC, JBS S.A., Marfrig Global Foods S.A., Cargill Inc., Tyson Foods, Inc., Pilgrim’s Pride Corporation, and V H Group.

The market is projected to reach US$ 33.9 billion by the end of 2027, at a CAGR of 4.9% over the forecast period, attributing to increasing demand for meat and packaged food.

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Frozen meat offers various advantages such as longer shelf life, food safety, and others, and is expected to drive growth of the frozen meat market over the forecast period. Moreover, frozen meat products help reduce food waste, are easy to cook. The freezing action inhibits growth of potentially harmful bacteria, which are a cause of food poisoning. Due to rapid freezing, the texture, taste, and freshness of food items is maintained. If there is little water present, it transforms itself into ice crystals, thus locking freshness and nutritional value. These factors are expected to increase the demand for frozen meat over the forecast period.

High tariffs imposed on imported meat products is projected to hamper the market growth. For instance, in 2017, the Japan Ministry of Finance announced raised tariffs on beef imports from the U.S. The raised tariffs were announced to protect the domestic meat producers who were facing significant losses due to low-priced meat imports. However, technological advancements in the frozen meat industry are expected to increase demand for frozen meat in the near future.

North America is the fastest growing region and accounted for the largest market share of around 34.6% in 2018, owing to increasing demand for protein rich food and advancement of technology in the food industry. Hectic lifestyle and changing consumer dietary patterns are also driving the market growth.

Players operating in the global frozen meat market are adopting various growth strategies such as mergers & acquisitions and business expansions to cater to increasing demand for frozen meat. For instance, in 2016, Cargill, Inc. acquired Five Star Custom Foods, Ltd., which produces cooked meat crumbles, soups, and sauces for both restaurants and food producers in the U.S. Five Star Custom Foods, Ltd. also produces individually quick frozen (IQF) meat crumbles to retain their taste, texture and appearance.

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