Frozen Food Market Growing 4.2% CAGR to Reach USD 404.8 Billion by 2027 | Allied Market Research

Frozen market 1

Global Frozen Food Market reported USD 291.8 Billion in 2019 and is projected to reach USD 404.8 Billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.

PORTLAND, OREGON, USA, July 20, 2022 / — Drivers, constraints and opportunities-
Changes in lifestyle and eating habits, increasing consumer purchasing power in emerging regions, and increasing numbers of working women are driving the growth of the global frozen food market. However, stringent government storage regulations and increasing number of health conscious consumers are hampering the growth of the market. On the other hand, improved storage facilities in small retail stores and the rapid development of the restaurant industry are expected to provide new opportunities in the coming years.

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Main market players
Aryzta AG
Ajinomoto Co. Inc.
Cargill Inc.
General Mills Inc.
Kellogg Company
The Kraft Heinz Company
Nestlé SA
Trademarks ConAgra, Inc.
Associated British Foods Plc.

COVID-19 scenario-
The sale and demand for frozen food has been affected in terms of revenue due to operational restrictions in hotels, cafes and restaurants due to the global lockdown.
However, the long durability of frozen food products compared to regular food products has increased its demand from household end users during the COVID-19 outbreak.

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The ready meals segment to maintain its leading status-

By product type, the ready meals segment accounted for more than a third of the global frozen food market in 2019 and is expected to maintain its leading status in terms of revenue throughout the forecast period. This is due to the increase in the use of frozen pizza crusts, frozen breads and baked goods across the world. increasing demand for French fries, crisps and other snacks among all age groups is driving the growth of the segment.

The restaurant industry segment to maintain its leading position-

Based on users, the foodservice industry segment contributed the highest market share with more than half of the global frozen food market in 2019, and is expected to maintain its leading position during the forecast period. This is attributed to the increase in demand for frozen meat, seafood, vegetables, potatoes, fast food, bakery and other frozen food products. However, the retail user segment is estimated to generate the fastest CAGR of 4.4% from 2020 to 2027. This is attributed to consumer lifestyle changes and growing middle class population in developing economies.

Europe is expected to dominate the market, North America is expected to grow at a significant rate by 2027

Based on region, Europe accounted for the highest share in terms of revenue, holding more than a third of the global frozen food market in 2019. This is attributed to large consumer spending capabilities and stable economy, the importance of ready-to-eat healthy breakfasts and the presence of many food and bakery giants in this region. However, the Asia-Pacific region is estimated to generate the fastest CAGR of 6.90% from 2020 to 2027. This is attributed to the increase in demand for products such as frozen dough, breads, rolls and other confectionery products and the increase in the number of quick confectionery products. food chains and cafes in this area. Additionally, the North America region is expected to show a CAGR of 2.2% from 2020 to 2027.

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David Correa
Allied Analytics LLP
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