Frozen Food Market 2021: Explore Top Factors that Will Boost the Global Market by 2027 | Aryzta A.G., Ajinomoto Co. Inc., Cargill Incorporated, General Mills Inc
Variations in lifestyle and food habits, rise in purchasing power of consumers in developing regions, and increase in numbers of female working population augment the growth of the global frozen food market. Nevertheless, strict government regulations for storage and surge in number of health conscious consumers impede the market growth. Conversely, improved storage facility in small retail storesand rapid development in the food service industry create new opportunities in the coming years.
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• 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 accounted for more than one-third of the global frozen food market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to rise in usage of frozen pizza crusts, bread, and frozen bakery products across the globe. However, the frozen potatoes segment is estimated to portray the highest CAGR of 5.3% from 2020 to 2027. Increase in consumption of fast food and rise in demand for French fries, chips, and other snacks among all age group drives the growth of the segment.
Based on user, the food service industry segment contributed to the highest market share with more than half of the global frozen food market in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to increase in demand for frozen meat, seafood, vegetables, potatoes, fast foods, bakery, and other frozen food products. However, the retail users segment is estimated to generate the fastest CAGR of 4.4% from 2020 to 2027. This is attributed to the changes in lifestyle of consumers and growth in the middle-class population in developing economies.
Leading market 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.
• Associated British Foods Plc.
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.
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