The global frozen food market size is projected to reach USD 376.95 billion by 2025 registering a CAGR of 4.3%, according to a new report by Grand View Research, Inc. Changing food preferences as a result of rising number of working individuals and Hectic work life schedule have resulted in an increased demand for convenience food and ready meals. This is expected to be the key factor augmenting the market growth. Moreover, high demand for frozen meat due to increasing consumption of meat and meat-based products is also expected to propel the market growth. In terms of revenue, frozen meat product segment is projected to ascend at a CAGR of 4.4% from 2019 to 2025.
Manufacturers are focusing on incorporating new technologies and customized solutions to meet the changing demands of consumers, which is expected to impel the market growth over the forecast period. In addition, using big data analytics to understand the supply value chain, consumer traits, quality criteria, and food safety is expected to help manufacturers widen their customer base. However, most of these products are prepared using partially hydrogenated oil that contains harmful trans fats. Frequent consumption of frozen food increases the risk of cardiac arrest and high blood pressure. Thus, the health concerns related to the consumption of these foods may hinder market growth to some extent.
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Further key findings from the study suggest:
Frozen ready meals emerged as the largest segment in 2018 and is expected to register a CAGR of 4.1% over the forecast period
Asia Pacific is expected to witness the fastest CAGR from 2019 to 2025 on account of rising disposable income levels and growing population in the region
The global frozen food market is highly competitive. Key companies focus on various strategic initiatives like M&A, product innovation, and product portfolio expansion to maintain their industry position
Some of the prominent companies include Inn Foods, Inc.; Nestle S.A.; ConAgra Foods, Inc.; McCain Foods Ltd.; and Imperial Frozen Foods
Grand View Research has segmented the global frozen food market on the basis of product and region:
Frozen Food Product Outlook (Revenue, USD Billion, 2014 - 2025)
Fruits & Vegetables
Frozen Food Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Central & South America
Middle East & Africa
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