The global frozen food market is expected to reach US$314 billion
DUBAI, United Arab Emirates, Nov. 16, 2022 (GLOBE NEWSWIRE) — The world frozen food market is expected to reach a valuation of US$602,257 million by 2032, with sales growing at a positive CAGR of 6.7% from 2022 to 2032. Rising from a value of US$314,285 million in 2022, the market target is driven by increased demand for ready meals. Factors such as a hectic lifestyle, an increase in the number of working women, and an increase in the number of single person households are further contributing to the growth of the frozen food market over the forecast period.
In recent years, the world has witnessed a change in lifestyle. A hectic lifestyle has led to a growing need for ready-to-eat food supply all over the world. This, in turn, has bolstered the surge in demand for frozen foods in the international market. Additionally, an increase in the number of working women, along with the growing number of single-person households, has been a vital factor fueling the massive growth of the frozen food market over the projected period.
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The frozen food market is also taking advantage of this change in consumer preferences to expand the production of healthy products. The dairy industry in this area produces items that are low in sugar and minimally processed. Frozen diary foods like yogurt and ice cream are good sources of vitamin D, phosphorus, and calcium. This should promote the growth of the target market.
Again, consumers around the world are turning to ready-to-eat food products due to their busy lifestyles and lack of time to prepare the foods of their choice. These aspects lead to increased consumption of convenience foods which in turn drives the demand for frozen foods over the forecast period.
“Lifestyle changes, preference for convenience foods and increase in the number of single-person households propel the global frozen food market growth during the forecast period,” says an IMF analyst.
Key points to remember:
- Rising popularity of fresh foods and health concerns related to frozen foods may hamper the market growth.
- The frozen food market in North America will account for 33.4% of the global frozen food market.
- The European frozen food market will hold approximately 40.9% of the overall frozen food market.
- Asia-Pacific is expected to provide several lucrative opportunities for the frozen food market.
- Start-ups in this ecosystem are increasing research and development activities to provide more practical solutions to different industries.
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Aryzta AG, Ajinomoto Co. Inc., Cargill Incorporated, General Mills Inc., JBS SA, Kellogg Company, Kraft Heinz Company, Nestle SA, ConAgra Brands, Inc. and Associated British Foods Plc, among others, are among the major players. on the frozen food market presented in the full version of the report.
In a highly competitive market, major market players are focusing on entering the markets of emerging economies to expand their businesses. These companies employ strategies such as product development, partnerships, and collaborations to strengthen their position in the market.
More information about Frozen Food Market report
In its latest report, FMI offers an unbiased analysis of the Global Frozen Food Market, providing historic data from 2016 to 2021 and forecast statistics from 2022 to 2032. To understand the potential, growth, and scope of the global market, the market is segmented on the basis of Product Type (Frozen Fruits & Vegetables, Frozen Meat & Fish, Frozen Dessert, Frozen Snacks, Frozen Ready Meals, Other Types of Frozen Foods), Category (Ready-to-Eat Frozen Foods, Ready-to-Eat Frozen Foods, cooking, ready-to-drink frozen foods, other frozen food categories), distribution channel (supermarkets/hypermarkets, convenience stores, online channels, others), freezing technique (food flash freezing, food band freezing , individual quick freezing (IQF) of foods, other freezing techniques), and region.
According to the latest IMF reports, based on the region, the frozen food market in Europe will exhibit remarkable growth during the period 2022-2032. The target market in this region will represent 40.9% of the global market share. This growth can be attributed to the expansion of the food and beverage industry in Europe. Due to a change in living standards and a preference for a convenient lifestyle, the growth of the frozen food market in this region is even greater.
The frozen food market in North America will also show notable growth with ownership of around 33.4% of the market share. Technological advancements in producing affordable food, popularity of convenience foods, strong consumer demand and increasing capital investment are fueling the growth of the target market in North America over the forecast period.
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Key segments profiled in the frozen food industry
Frozen Food Market by Type:
- Frozen fruits and vegetables
- Frozen meat and fish
- frozen desert
- Frozen snacks
- Frozen ready meals
- Other types of frozen foods
Frozen Food Market by Category:
- Ready-to-eat frozen foods
- Ready-to-cook frozen foods
- Ready-to-drink frozen foods
- Other frozen food categories
Frozen Food Market by Distribution Channel:
- Frozen foods in supermarkets and hypermarkets
- Frozen foods in convenience stores
- Frozen foods in online channels
- Frozen foods in Others
Frozen Food Market by Freezing Technique:
- Quick freezing of food
- Belt freezing of food
- Individual rapid freezing (IQF) of food
- Other Freezing Techniques
Frozen Food Market by Region:
- North America frozen food market
- Frozen food market in Latin America
- European frozen food market
- Asia-Pacific frozen food market
- Middle East and Africa frozen food market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market context
3.1. Market dynamics
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in the conservative scenario
3.3. Opportunity Map Analysis
3.4. Product life cycle analysis
3.5. Supply chain analysis
3.5.1. Supply-side participants and their roles
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