Frozen meat storage is a standard method of meat preservation and conservation. It reduces after-death enzyme activity, inhibits microbial expansion, and increases market shelf-life of the meat. The frozen meat that has been wrapped in a package and stored at 0°C temperature is safe to eat. Certain foods and meats are seasonal and only available in a specific area, so the adoption of freezer technology allows for food storage throughout the year and supply across the globe.
Global frozen meat market was valued at US$ 23.2 Billion in 2021 in terms of revenue, exhibiting a CAGR of 4.9% during the forecast period (2022 to 2030).
Drivers
Frozen meat offers various advantages such as longer shelf life, food safety, and others, which is expected to drive growth of the frozen meat market over the forecast period. Moreover, frozen meat products help reduce food waste and 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 in the meat, it transforms itself into ice crystals, thus locking freshness and nutritional value. These factors are expected to increase demand for frozen meat over the forecast period.
Rising penetration of e-commerce and online food delivery services driven by fast paced lifestyle, the food joints and restaurants across the world depend on the frozen meat products to cater to the demand for meat dishes. Moreover, growing working population, increasing per capita income in emerging economies, and rising demand for frozen food products are anticipated to accelerate growth of this market over the forecast period.
In terms of revenue, North America is the fastest growing region and accounted for the largest market share of around 34.6% in 2021, owing to increasing demand for protein rich food and advancement of technology in the food industry. Busy lifestyle and changing consumer dietary patterns are also driving the market growth. Moreover, high consumption of meat and increasing disposable income of people are the major factors driving growth of the frozen meat market during the forecast
Figure 1. Global Frozen Meat Market Value Share (%), By Region, 2021
Market Restraints
High tariffs imposed on imported meat products is projected to hamper the market growth. For instance, according to a report by Observatory of Economic Complexity in 2021, in 2018 the average tariff for meat products was 14.7%, making it the 1160th lowest tariff using the HS6 product classification. The raised tariffs were announced to protect the domestic meat producers across the globe 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 forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 23.2 Bn |
| Historical Data for: | 2017-2021 | Forecast Period: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 4.9% | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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, V H Group., Arcadian Organic and Natural Meat Co., Verde Farms and Xiamen Yinxiang Group Co., Ltd |
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| Restraints & Challenges: |
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Market Trends
Increasing fast-food joints and restaurants across the globe, rising demand for freezer meat for their daily operations impact a huge market expansion of frozen meat market across the globe. For example, KFC (Kentucky fried Chicken) using freezer chicken to make recipes with the same taste across the globe, using meat across the globe is the same meat for their quality and taste purpose. This following trend increases the market growth in the forecast period.
Figure 2. Global Frozen Meat Market Value Share (%), By Meat Type, 2021
Among meat type, poultry segment held significant market share of 33.4% in the global frozen meat market in 2021. Frozen poultry meat has an extensive shelf life compared to conventional raw meat, which in turn is expected to bolster demand for frozen meat forecast period.
Recent Developments
Competitive Section
Major players operating in the global frozen meat market include 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, V H Group., Arcadian Organic and Natural Meat Co., Verde Farms, and Xiamen Yinxiang Group Co., Ltd.
Frozen meats help in reducing food waste while providing fresh taste. Frozen meats are easy to cook, and save time. Contrary to processed foods, frozen meats do not contain any harmful preservatives. Key players in market are adopting various business strategies such as mergers and acquisitions to expand their global footprint. For instance, in September 2018, Cargill, Inc. acquired Konspol Holding Sp. zo.o., a food company in Poland that offers a range of meats in the frozen, cold cut, and chilled convenience categories. The acquisition would help Cargill, Inc. to enter the Poland market and expand its global presence in meat market.
Market Dynamics
Among distribution channel, online segment is expected to witness significant growth in market over the forecast period. Increasing internet penetration in emerging economies such as India and China, ease of comparison of prices and reviews of meats, and ease of delivery at home through e-commerce sites are the major factors driving growth of the segment in market. For instance, according to a report by Indian Brand Equity Foundation in May 2021, online retail market is estimated to reach US$ 60 billion by 2020 from US$ 32 billion in 2018. It is projected to reach US$ 73.00 billion by 2022
The Global frozen meat market is highly consolidated with the presence of multinational Food and beverages companies. To meet this rising demand of meat products, several frozen meat products manufacturers are entering market, with new entrants expanding into new markets. As a result, food trading in the frozen meat industry is becoming increasingly international. As a result, supply chains are becoming larger and more complicated, resulting in a greater need for meat to remain fresh for extended periods, driving frozen meat sales.
The beef segment from the meat type is anticipated to emerge as the fastest growing segment over the forecast period, followed by pork and chicken. Demand for beef is expected to increase due to the presence of high protein content as compared to other meat forms. Increased demand for pork is driving market through imports and exports of frozen meat across countries.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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