The global frozen food market size is expected to reach USD 380.5 billion by 2027, expanding at a CAGR of 3.4%, according to a new report by Grand View Research, Inc. Rising consumers preference for the ready-to-eat food products which needs least preparation as well as cooking time and offers higher shelf life is the key driving factor for the market. Moreover, shifting consumer dietary preference in hectic and busy life across the global is anticipated to offer new scope for the market over the forecast period.
Over the past few years, people are finding less time for cooking at home owing to their busy schedule. This, in turn, is driving demand for frozen food across the globe as it can be cooked in less time. Thereby, in order to sever better, the manufacturers are launching all kinds of frozen items such as frozen potatoes, ready meals, meat, fish products, which is expected to promote frozen food market scope over the next few years.
The sudden breakdown of coronavirus across the globe has significantly surged the demand for frozen food owing to its property of keeping nutrition for long time and higher shelf life as compared to the fresh veggie, fruits, and meat. Almost all the countries in the world have proposed a country level lockdown in which people are restricted to go outside their houses. This panic situation around the globe has propelled the demand for the frozen food products as it helps the customers to avoid regular market visits.
Europe and North America have got affected severely due to this pandemic. According to the local news of U.S., the demand for frozen meat especially hotdog has increased by around 300.0% in the second week of March, 2020. These market trends are anticipated to expand the scope of frozen foods as shelf-stable products over the forecast period.
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Further key findings from the report suggest:
Frozen potatoes are anticipated to be the fastest growing product segment with a CAGR of 4.0% from 2020 to 2027 owing to increasing demand for french fries as well as rising application of potatoes in various types of cuisines across the globe
Frozen ready meals was the largest product segment with a market share of more than 30.0% in 2019 and expected to maintain the dominance over the forecast period owing to large consumption among working class people around the globe specially in North America and Europe
Europe was the largest market for frozen food, accounting for a share of more than 35.0% in 2019. Strong acceptance of long-shelf products among the consumers of key markets including Germany, U.K., and France is expected to remain a key favorable factor for the industry
Asia Pacific is anticipated to be the fastest growing region with a CAGR of 3.9% from 2020 to 2027 owing to increasing trend of ready-to-eat food among the working-class people and college grads of countries such as China and India
Mergers and acquisitions is expected to remain a key strategy among the industry participants. For instance, in October 2018, ConAgra Brands Inc. completed the acquisition of Pinnacle Foods at USD 10.9 billion.
Grand View Research has segmented the global frozen food market on the basis of product and region:
Frozen Food Product Outlook (Revenue, USD Billion, 2016 - 2027)
Fruits & Vegetables
Frozen Food Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Central & South America
Middle East & Africa
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