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Frozen Food Market, Business Will Grow in 2027, Prominent Players: Aryzta A.G., Ajinomoto Co. Inc., Cargill Incorporated, General Mills Inc., JBS S.A., Kellogg Company

10-06-2020 02:54 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Frozen Food Market

Frozen Food Market

Frozen Food Market by Product Type (Frozen Ready Meals, Frozen Meat & Poultry, Frozen Seafood, Frozen Vegetables & Fruits, Frozen & Refrigerated Soups and Frozen Potatoes) and User (Food Service Industry and Retail Users): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global frozen food market garnered $291.8 billion in 2019, and is estimated to reach $404.8 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.

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Changes in lifestyle and food habits, increase in purchasing power of consumers in emerging regions, and rise in numbers of female working population drive the growth of the global frozen food market. However, strict government regulations for storage and increase in number of health conscious consumers hinder the market growth. On the other hand, improved storage facility in small retail storesand rapid development in the food service industry are anticipated to offer new opportunities in the coming years.

COVID-19 Scenario-
• The demand for frozen food has been impacted in terms of revenue due to the operational restrictions imposed on hotels, cafés, and restaurants due to global lockdown.
• Whereas, the demand for frozen food products has been increased from household end users owing to its long durability amid covid-19.

The global frozen food market is segmented on the basis of product type, user, and region.
Based on product type, the ready meals segment held the highest market share in 2019, accounting for more than one-third of the global frozen food market, and is expected to maintain its lead status in terms of revenue throughout the forecast period. Nevertheless, the frozen potatoes segment is estimated to portray the highest CAGR of 5.3% from 2020 to 2027.

Based on user, the food service industry segment accounted for the highest market share with more than half of the global frozen food market in 2019, and is estimated to maintain its dominant position during the forecast period. Conversely, the retail users segment is estimated to generate the fastest CAGR of 4.4% from 2020 to 2027.

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Based on region, Europe dominated the market with highest share based on revenue, holding for more than one-third of the global frozen food market in 2019. Nevertheless, the Asia-Pacific region is estimated to generate the fastest CAGR of 6.90% from 2020 to 2027. The report also analyzes regions including North America and LAMEA.

The players in the product market have adopted various developmental strategies to expand their frozen food market share, increase profitability, and remain competitive in the market.

Top Key Players: Aryzta A.G., Ajinomoto Co. Inc., Cargill Incorporated, General Mills Inc., JBS S.A., Kellogg Company, The Kraft Heinz Company, Nestle S.A., ConAgra Brands, Inc., and Associated British Foods Plc.

Key Findings Of The Study
• The frozen food market size was valued at $291.8 billion in 2019, and is estimated to reach $404..8 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.
• By product type, the frozen ready meals segment is estimated to witness the fastest growth, registering a CAGR of 3.4% during the forecast period.
• In 2019, by user, the food service industry segment held the highest share in the global frozen food market.
• In 2019, Germany was the most prominent market in the Europe region, and is expected to grow at a significant CAGR throughout the forecast period.

Access Full Report Summary: https://www.alliedmarketresearch.com/frozen-food-market

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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