Frozen Food Market Size, Share, Trends, Growth Factors, Opportunities and Industry Segments by 2028
The global frozen food market size was USD 231.38 billion in 2020. The market is projected to grow from USD 256.46 billion in 2021 to USD 385.04 billion in 2028 at a CAGR of 5.98% during the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Frozen Food Market, 2021-2028.”
As per the research conducted by our expert analysts, the market is observing advanced growth owing to the growing demand for easily accessible food products such as ready-to-eat meals and cold cuts.
List of Key Players Mentioned in this Market Report:
General Mills Inc. (Minnesota, U.S.)
Nestle SA (Vevey, Switzerland)
Conagra Brands Inc. (Illinois, U.S.)
The Kellogg Company (Michigan, U.S.)
Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
Lantmannen Unibake International (Copenhagen, Denmark)
The Kraft Heinz Company (Illinois, U.S.)
Unilever PLC (London, U.K.)
Wawona Frozen Food (California, U.S.)
Tyson Foods, Inc. (Arizona, U.S.)
On the basis of type, the market is segregated into frozen ready meals, frozen seafood & meat products, frozen snacks & bakery products, and others. Among these, the frozen seafood & meat segment is anticipated to hold the major share in the market.
Based on distribution channel, the market is separated into Supermarket/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail.
Geographically, the global market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Rising Demand for Convenience Food to Bolster Market
The processed food industry is preliminarily powered by the convenience provided by packaged foods, which entice consumers from all age groups. Consumer inclination towards convenience food and RTE foods has triggered a prompt change in the global market. Frozen Food need less effort as well as less time in comparison with cooking a complete meal from scratch, which is the prime aspect empowering the Frozen Food market growth.
Europe is projected to dominate the Frozen Food market share owing to the growing adoption of vegan lifestyle in the region, which is forecasted to navigate the sales of frozen veggies. The prime growth aspects in the region involve high consumer purchasing power, financial sturdiness, and change in food likings.
Asia Pacific documented a considerable growth in the global market owing to consumer acceptance of digital retailing platforms. The rising number of cold chain amenities in numerous developing nations is further aiding regional market growth.
North America is anticipated to hold the third-largest market share owing to high consumer consciousness concerning the profits of Frozen Food.
Ground-breaking Product Presentation by Crucial Players to Direct Market Growth
The vital players in the market deploy numerous approaches to strengthen their position in the market as pioneering companies. One such considerable plan is attaining companies to upsurge the brand value between consumers. Another key strategy is persistently launching radical products with comprehensive assessment of the market and its target audience.
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