Frozen Processed Food Market was valued at US$ 167115.0 Mn in 2021 - Coherent Market Insights

Global Frozen Processed Food Market was valued at US$ 167115.0 million in 2021, According to Frozen Processed Food Market Report, by Product Type (Frozen Bakery Products, Frozen Desserts, Frozen Processed Meat Substitutes, Frozen Processed Fish/Sea Food, Frozen Processed Poultry, Frozen Processed Meat, Frozen Processed Pizza, Frozen Processed Noodles, Frozen Processed Vegetables, and Frozen Processed Potatoes) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights

Global frozen processed food market was valued at US$ 167115.0 Million in 2021. Frozen Processed Food market is expected to register a CAGR of 4.84 % over the forecast period (2022–2030), to reach US$ 255276.5 Million by 2030.

Rising urbanisation and growing trend of convenience food around the world is expected to drive the frozen processed food market. The growing consumer preference for convenience foods indirectly benefits the growing demand for frozen foods because they take less time and effort to prepare than cooking from scratch. Due to the consumers' hectic lifestyles, the processed food market is driven by a greater need for convenience. As a result, the demand for frozen goods rises. Rising disposable income is another factor that has a significant impact on the growth of the frozen food market because it increases consumer purchasing power.

Expansions of convenience stores as well growing working class population is fueling the growth of frozen processed food market.. Frozen convenience foods sold by food supply chain companies continue to contribute significantly to revenue. Additional revenue share is expected soon as convenience stores expand their frozen ready meal selection and internet sales tap into previously untapped market opportunities. Frozen foods are becoming increasingly popular in developed countries, where consumption is higher than in emerging countries. The increase in the number of people working in emerging economies such as China and India, as well as the trend toward longer and more variable working hours, has resulted in a progressive shift away from the traditional paradigm of daily cooking

The COVID-19 outbreak has boosted demand for convenience items. During the pandemic, consumers were constantly buying ready-to-eat or ready-to-cook meals because they were readily available at low prices. Severe lockdown measures have been implemented by all restaurants, hotels, and shopping malls, which has impacted eating habits globally due to lockdown and public safety measures. This factor has also influenced many people to switch to home-cooked meals and packaged ready foods that can be delivered to their homes via several supermarkets or hypermarkets and e-commerce grocery store home delivery options, as dining-out options were limited. Fear of spreading the virus in public places has led to the purchase of packaged and long-life foods rather than fresh food.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/frozen-processed-food-market-1228

Browse 50 market data tables* and 40 figures* on "Global Frozen Processed Food Market” - Forecast to 2030.

Key Trends and Analysis of the Global Frozen Processed Food Market:

• Among regions, North America accounted for a significant market share of 38.75% in 2021. This is attributed to increasing consumer interest in healthy and functional food. The ability to preserve the processed food enables the manufacturer to offer products to the consumers to the other side of the world, leading to burgeoning the growth of frozen processed food market.
• According to Coherent Market Insights in 2021, Europe is expected to be the second largest market for frozen processed food in terms of revenue over the forecast period. The market is driven by increasing demand for the convenience food product in countries such as the U.K., Germany and France, owing to the surging number of working women and changing food purchasing pattern, led to increased production of frozen processed food items.

Key Takeaways of the Global Frozen Processed Food Market:

• According to Coherent Market Insights in 2021, among product type, frozen processed poultry segment held largest revenue share of 25% in the global frozen processed food market in 2021, due to increasing consumption of chicken. According to the U.S. Department of Agriculture, the per capita poultry consumption was 48.8 kg in 2019 and was increased up to 49.7 kg in 2020.
• Key players operating in the frozen processed food market are focusing on various strategies such as online platforms in order to strengthen their market presence and expand their product portfolio. For instance, in January 2021, Imperial Tobacco Company of India Limited (ITC), an Indian conglomerate company expanded its frozen snacks business three times during the COVID-19 pandemic with the conglomerate adding 10 new products during the period.
• New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the frozen processed food are key strategies adopted by players in the global frozen processed food market. For instance, in November 2021, GOELD Frozen Food, a company offering Indian frozen food products like ready-to-eat veg snacks, breads, curries & frozen desserts launched its 100% vegetarian frozen foods in retail stores of Madhya Pradesh, India to expand its dominance in India.