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Frozen Food Market To Reach USD 406.22 Billion With CAGR 5.9% By Year 2028

Frozen Food Market To Reach USD 406.22 Billion With CAGR 5.9%

Market Overview:
The Global Frozen Food Market was valued at USD 271.95 Billion in 2021, and it is projected to reach USD 406.22 Billion by 2028, registering an estimated CAGR of 5.9% during 2021- 2028.
Frozen foods, such as fruits and veggies, protein and dairy products, as well as whole grains, are a very economical and practical option to include wholesome foods. For instance, a Deloitte poll of 2000 adults revealed that while customers may prefer eating fresh meals, they are aware of the significant amount of food waste and choose to buy frozen foods instead due to its higher nutritional content and longer shelf life. According to the company's research, 57% of all respondents aged 18 to 34 agreed that frozen veggies are generally superior to fresh.

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Market Dynamics:

Driver:
The growth of the frozen food market is significantly influenced by variables such as rising disposable income thus rising consumer purchasing power would support market expansion throughout the forecast period. Frozen food retains its nutritional value, thus choosing it is a good choice. The market for frozen foods is anticipated to expand strongly throughout the projected period as a result of all of these factors.

Market Trend:
Growing Consumer Awareness about Online Retailing to Favor Growth
Online buying is a popular trend among consumers right now. One of the key aspects driving this industry's expansion is online retail. The availability of numerous new apps has made it even easier for customers to buy tasty goods that suit their interests. Due to their preference for avoiding retail stores, the working people is drawn to the diversity of products that are offered. Around 26% of people, according to Eurostat statistics from 2018, used e-commerce websites or mobile apps to buy edible goods. The rise of the frozen food industry is anticipated to be fueled by the increasing use of smartphones and the internet, which will also present chances for new players.

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Segmentation Analysis Of Frozen Food Market
By Type, the Ready-to-Eat segment is expected to dominate the market growth of frozen food in the forecast period. The huge dominance is due to the hectic lifestyles, and the ease of availability of frozen food meals.

By Product, Meat and Seafood Products is the major dominating segment of the frozen food market. The increasing usage of such products by the major food companies such as KFC, Pizza Hut, and McDonald's acts as a key driver of the growth of the meat and seafood product segment.

By Type
• Raw Material
• Half-Cooked
• Ready-To-Eat

By Product
• Convenience Food & Ready Meals
• Meat & Seafood Products
• Dairy Products
• Bakery Products
• Fruits & Vegetables
• Others

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Regional Analysis Of Frozen Food Market
North America dominates the frozen food market in recent years and is expected to witness huge growth over the forecasted period. The major factors that are aiding the rapid growth of the frozen food market in the North American region are the rapidly growing benefits of such frozen eatables, rise in urbanization, growing population, and rising consumer awareness regarding ready-to-eat and ready-to-cook meals. According to Statista, Frozen novelties were the best-selling items of frozen food in the United States, which recorded nearly US$ 1.6 billion in 2021. The most prominent player in the frozen food industry is Nestlé USA, which consistently manufactures products for almost every single category.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Top Key Players Covered In Frozen Food Market
• General Mills Inc. (US)
• Nestle SA (Switzerland)
• Conagra Brands Inc. (US)
• Ajinomoto Co. Inc. (Japan)
• McCain Foods Limited (Canada)
• The Kellogg Company (US)
• Grupo Bimbo S.A.B. DE C.V. (Mexico)
• Lantmannen Unibake International (Denmark)
• The Kraft Heinz Company (US)
• Unilever PLC (UK)

Key Industry Development In The Frozen Food Market

In August 2022, First We Feast, the well-known frozen food manufacturer, declared the expansion of its cooperation with FoodStory Brands and John Soules Foods. The product line was debuted at Walmart's freezer section, and will soon be available in all the additional stores across the country. It includes the new Hot Ones Boneless Chicken Bites which are all-natural, white-meat boneless chicken bites and are served with an approved Hot Ones sauce packet in 18.6 oz. resealable bags.

In February 2022, The Real Good Food Company, Inc., an innovative, branded, high-growth, health- and wellness-focused frozen food company, announced the launch of its innovative and newest product, Stuffed Chicken Bites, in Kroger banners nationwide. The company stated that the consumers are access to two different varieties of Stuffed Chicken Bites in 1,500 stores. They further added that, unlike any other traditional breaded frozen options, Real Good Foods' Stuffed Chicken Bites are free from any processed flours or grains.
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Table Of Content
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment

 3.1 By Type
 3.2 By Product
Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Frozen Food Market by Type

 5.1 Frozen Food Market Overview Snapshot and Growth Engine
 5.2 Frozen Food Market Overview
 5.3 Raw Material
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Raw Material: Grographic Segmentation
 5.4 Half-Cooked
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Half-Cooked: Grographic Segmentation
 5.5 Ready-To-Eat
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Ready-To-Eat: Grographic Segmentation
Chapter 6: Frozen Food Market by Product

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Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assist our clients grow and have a successful impact on the market. Our team at IMR is ready to assist our clients flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, specialized in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.

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