Frozen foods are stored under recommended temperatures to maintain their quality. Frozen foods offer benefits such as increasing product shelf life, prevention of loss of nutrients and vitamins during storage and transportation, and availability of seasonal food products throughout the year among others.
Rising consumption of processed foods and ready-to–cook products, owing to focus of consumers on hygiene and convenience is boosting growth of the frozen food market. For instance, the frozen processed food market was valued at US$ 60.12 billion in 2016 and is expected to expand at a CAGR of 4.0%, in terms of revenue, according to a study published by Coherent Market Insights.
Companies operating in the frozen food market are launching new innovative products, which in turn is driving the global frozen food market growth. For instance, in May 2019, Lightlife Foods announced that Lightlife Burger and Lightlife Ground, which are plant-based meat products, will be available in the meat aisle at thousands of stores across North America in frozen form. The company ensured that these frozen products are free from artificial flavors, soy, and gluten and thus, take into consideration better well-being of the people.
Increasing consumption of frozen meat and seafood is driving the global frozen food market growth. According to Coherent Market Insights’ analysis, global frozen meat market is expected to exhibit a CAGR of 4.9% during the forecast period (2019-2027).
Rising consumption of fresh foods and side effects associated with frozen foods such as diabetes, heart diseases, and elevated blood pressure among others are hindering growth of the frozen food market.
North America accounted for significant market share in the global frozen food market. This is attributed to increasing consumption of frozen processed foods owing to its advantages such as convenience, ease in cooking, and others. According Coherent Market Insights analysis, North America accounted for a major market share of 28% in 2017 in the global frozen processed food market.
Key players operating in the global frozen food market includes General Mills Inc., Kellogg Company, Lantmannen Unibake International, Conagra Brands, Inc., Unilever, Grupo Bimbo S.A.B. De C.V., Mccain Foods Limited, Nestle SA, Associated British Foods PLC, Vandemoortele Nv, The Kraft Heinz Company, Lantmannen Unibake International, JBS S.A., and Aryzta AG among others.
Players operating in the frozen food market are adopting various strategies for business expansion. For instance, in 2017, Smithfield Foods, Inc., a meat-processing company and wholly owned subsidiary of WH Group of China, added six products to its frozen meat products portfolio with the launch of fully cooked sausages and microwaveable sandwiches. The new range includes chicken and pork products and targets consumer demand for on-the-go foods.
On the basis of product type, the global frozen food market is segmented into:
On the basis of category, the global frozen food market is segmented into:
On the basis of end user, the global frozen food market is segmented into:
On the basis of distribution channel, the global frozen food market is segmented into:
On the basis of region, the global frozen food market is segmented into:
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