Frozen Food Market: An Emerging Market with Attractive Growth Opportunities

Northbrook, IL, USA, 2019-Dec-04 — /EPR Network/ — The global frozen food market is estimated at nearly USD 219.9 billion in 2018 and is projected to reach nearly USD 282.5 billion by 2023, growing at a CAGR of 5.1%. The key drivers of the market are developments in the retail landscape, rising demand for convenience food, and technological advancements in the cold chain industry. With the growing penetration of the Internet and smartphone usage, retail grocery shopping is emerging as one of the platforms for companies to showcase and sell their food products; and this is acting as an opportunity for the frozen food market.

Report Objectives:

• To define, segment, and project the global market size for frozen food
• To understand the structure of the frozen food market by identifying its various subsegments
• To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To analyze the micromarkets, with respect to individual growth trends, future prospects, and their contributions to the total market
• To project the size of the market and its submarkets, in terms of value, with respect to regions (along with their respective key countries)

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The convenience food & ready meals segment for frozen food is estimated to account for the largest share in 2018

Based on product, the convenience food & ready meals segment is estimated to account for the largest share in the frozen food market in 2018. This is due to the increasing consumer preference toward convenience foods, which indirectly favors the increasing demand for frozen products. The processed food market is driven by the greater need for convenience due to the busy lifestyles of consumers. This, in turn, increases the demand for frozen products. Increasing disposable income is another factor that has a huge influence on the growth of the frozen food market, as it increases the buying power of the consumers. In addition to this, it is the lifestyle changes and growing number of working population that have also contributed to the growth of the convenience foods & ready meals segment.

The ready-to-eat segment to be the fastest-growing segment of the frozen food market

Based on type, the ready-to-eat segment is projected to be the fastest-growing during the forecast period. Ready-to-eat frozen foods are those products that are fully cooked and can be eaten directly. The ready meals or the ready-to-eat segment in the food sector makes it more feasible for portability and can be consumed at a desired time and place without worrying about deterioration of the product. For instance, ice cream and frozen yogurt are some of the products that have been included in this segment. Ready-to-eat frozen foods are majorly used in dessert applications, as they are easy to consume. The ice cream segment of this market has been extremely dominant and has been growing steadily due to the increasing adoption of low-calorie ice creams. Frozen yogurt is also increasing the growth of this segment in the frozen food market, as it is considered a healthy dessert.

Frozen food market is witnessing strong growth due to the developments in the retail landscape

The development of retail channels in the form of supermarkets, hypermarkets, and convenience stores has driven the growth of the frozen food market. These large food chains form a significant growing outlet for frozen food products, owing to the latest trend of on-the-go consumption. With this, the supermarkets are also able to capture their share in the frozen bakery food market, as a result of the increasing demand for exotic vegetables and fruits and in-house bakers. This trend is driving the frozen food market, especially the frozen bread market.

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Europe is estimated to account for the largest share in 2018

Europe is estimated to account for the largest share in the frozen food market in 2018, due to the rising disposable income, changing busy lifestyle of consumers, and rising health awareness. The frozen food market is highly dominant in Europe due to the demand for extended, safe, refrigerated shelf life of food; as well as favourable food preservation legislation. The strict government regulations for maintaining the quality and certifications/tags with the product have made it more appealing for the consumers to take in frozen food. Besides this, it is the increasing internet penetration especially among the young population that has propelled the market growth for frozen food. Young consumers are more aware about the nutritional benefits of the product they are consuming and thus are likely to indulge in more the frozen food products especially across the fruits segment. Moreover, the market for frozen fruits in Europe is also driven by the demand for health and wellness awareness among the population who are switching to the frozen fruits based on its nutritional benefits. MEA (Middle East and Africa) is the fastest growing market for frozen foods. The region is experiencing high growth due to increasing disposable income and strong distribution channel for availability of the frozen food products that has further boosted the demand for frozen food market.

Key players that have a strong presence in the frozen food market include General Mills Inc (US), Conagra Brands, Inc. (US), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Unilever (Netherlands), Kellogg Company (US), McCain Foods Limited (Canada), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), Lantmannen Unibake International (Denmark).

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