Press release
Frozen Food Market Achieved USD 346 billion by 2027, Expanding at a CAGR of 5.3% till 2027 | Size, Growth Share & Forecast
Frozen Food Market
The Frozen Food Market is expected to reach at USD 346 billion by 2027, growing at a CAGR of 5.3% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-frozen-food-market/
The factors driving the growth of Frozen Food Market includes growing demand for convenience food products, expansion of the cold chain industry, rise in the number of quick service restaurants and hotels, busy lifestyles and increase in the working population around the world. According to the report published by Bloomberg, the Global Cold Chain Market was estimated around USD 202.16 billion in 2020 and is expected to reach USD 782.27 billion by the end of 2030, growing at a CAGR of 14.6% over the forecast period (2021-2030), which will accelerate the Frozen Food Market share. Moreover, availability of wide range of frozen food items at online platforms and supermarkets, rise in the launch of innovative flavors, growing popularity of ready-to-eat food products and rapid urbanization, are some of the additional factors supplementing the Frozen Food Market size. In addition, the increasing investments by leading players on research and development, strategic partnerships between key companies, rising disposable incomes and improvements in the living standards, are further propelling the Frozen Food Market Growth.
However, growth of the Frozen Food Market attributed to growing preference for fresh and natural food products.
The leading players operating in the market are Kellogg Company, General Mills, Inc., Conagra Brands, Inc., Grupo Bimbo S.A.B. de C.V., Kraft Heinz Company, Nestle SA, McCain Foods Limited, Associated British Foods plc, Unilever, and Ajinomoto, among others.
Based on Consumption, the Food Service segment is predicted to capture the largest market share during the forecast period
Rise in the number of pubs, hotels and quick service restaurants serving frozen food items, is pushing growth of the segment.
Based on Distribution Channel, the Online segment is projected to grow at a remarkable CAGR over the forecast period
Online stores offer wide range of frozen food items with attractive discount options, provides free home delivery options and are open 24*7 along with rising trend of online shopping worldwide, are propelling segment's growth.
Based on Region, the European region is anticipated to hold the highest market share during the forecast period
As per the Frozen Food Market Research, hectic lifestyles, growing demand for ready-to-eat food items, rise in the number of hotels and quick service restaurants, rapid urbanization, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in Europe.
Key Development
In 2020, Nestle SA partnered with Tajin International Corp. to launch the new Tajin's first frozen snack known as "Outshine Mango with Tajin" in the US. Through this partnership, Tajin plans to create a family-friendly brand image of their organization.
Market Segmentation
Segmentation by Product
Fruits & Vegetables
Frozen Fruits
Frozen Vegetables
Frozen Potato
Others
Dairy Products
Bakery Products
Bread & Pizza Crusts
Others
Meat & Sea Foods
Convenience Food & Ready Meals
Others
Segmentation by Type
Raw Material
Half Cooked
Ready-to-Eat
Segmentation by Consumption
Food Service
Retail
Segmentation by Distribution Channel
Offline
Online
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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