(EMAILWIRE.COM, July 27, 2022 ) According to a new market research report titled, Frozen Food Market by Product (Ready Meals, Meat & Poultry, Seafood, Dairy Products, Bakery Products, Vegetables, and Fruits), Type (Raw, Half-cooked, and Ready-to-eat), and Distribution Channel (B2B and B2C) – Global Forecast to 2029, the frozen food market is expected to grow at a CAGR of 5.2% from 2022 to 2029 to reach $408.05 billion by 2029.
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Freezing is one of the easiest, quickest, most versatile, and most convenient methods of preserving foods. Frozen foods maintain their original color, flavor, and texture. Frozen foods are a convenient and affordable way to incorporate healthy foods from every food group, including whole grains, fruits, vegetables, protein, and dairy.
The major factors driving the frozen food market include the increasing demand for convenience food, the growing global cold-chain market, and changing consumer tastes and preferences. Furthermore, the increasing digitalization in the retail industry and emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa are expected to provide significant opportunities for the growth of this market.
However, the rising preference for fresh and natural food products and constant temperature monitoring requirements for frozen food products hinders the growth of this market to a notable extent. In addition, the lack of cold chain infrastructure in developing economies poses a major challenge to players operating in this market.
The Impact of COVID-19 on the Frozen Food Market
The COVID-19 outbreak caused by the SARS-CoV-2 virus created a severe public health emergency globally, with its quick spread in more than 150 countries. NUMEROUS countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally.
However, the pandemic positively impacted the frozen food industry. Since the outbreak of the COVID-19 pandemic, the frozen food industry has witnessed steady growth. For instance, according to the American Frozen Food Institute (AFFI), in 2020, frozen food products witnessed a 21% increase in sales compared to 2019. The British Frozen Food Federation (BFFF) claimed that the sales of the retail frozen food industry increased by £872 million to over £7 billion a year in 2020 in the U.K.
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Furthermore, the frozen food products supply chain has been mostly shifted from food service to retail as the demand for frozen foods, such as frozen bakery products, has shifted from food service to household consumption. According to AFFI, during the COVID-19 pandemic, frozen food sales, including frozen bakery, witnessed a 75% increase. Thus, the increase in online sales of frozen food has positively impacted the frozen food market.
Based on product, the frozen food market is segmented into ready meals, meat & poultry, seafood, dairy products, bakery products, vegetables, fruits, and other frozen products. In 2022, the ready meals segment is expected to account for the largest share of the frozen food market. The large market share of this segment is attributed to the changes in consumers lifestyles due to the fast-paced work environment, particularly among the working-class population, and the growing preference for ready frozen meals due to their convenience. In addition, the rising popularity of ready meals among the younger generation and the adolescent population and their easily accessible at different convenience stores and supermarkets contribute to the large market share of this segment.
However, the seafood segment is expected to witness significant growth during the forecast period. The growth of this segment is driven by the increase in fish consumption due to their high protein content and the growth in global aquaculture production. In addition, the growing demand for frozen seafood as a thickening agent in various end-use applications drives the growth of the frozen seafood market.
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Based on type, the frozen food market is segmented into raw, half-cooked, and ready-to-eat. In 2022, the raw material segment is expected to account for the largest share of the frozen food market. The large market share of this segment is attributed to the rising consumer awareness about the nutritional properties of raw frozen food and the increasing number of raw frozen food product launches.
However, the ready-to-eat segment is expected to witness significant growth during the forecast period. The growth of this segment is driven by the rising demand for frozen ready-to-eat food coupled with the increasing demand for specific meal solutions. Also, the growing demand for ready-to-eat food, high nutritional value, high shelf life, and easy availability drive their global demand.
Based on distribution channel, the frozen food market is segmented into business-to-business (B2B) and business-to-consumer (B2C). In 2022, the business-to-business segment is expected to account for the larger share of the frozen food market. The large market share of this segment is attributed to the growing B2B frozen food trading, the growing number of Quick Service Restaurants (QSRs), and rising demand from hotels, restaurants, food chains, cafes, and the food service sector
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However, the business-to-consumer segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the rising population density in urban areas, the increasing trend of online shopping, the rising popularity of the franchising concept, growing preference for personalization, consumer convenience, and greater product selection
Based on geography, in 2022, Europe is expected to account for the largest share of the frozen food market. The major market share of Europe is attributed to the rising preference for ready-to-eat food, favorable regulations, a well-established cold chain in the region, innovative practices by key players in the industry, technological innovation in the frozen food sector, busier lifestyles of consumers, introduction of various healthy and diet-related frozen meals, and the growing import of frozen foods.
In 2022, Germany is expected to account for the largest share of the frozen food market in Europe. The large market share is attributed to the rising popularity of seasonal frozen food, the increasing number of high-quality frozen bakery products, and the increased demand for frozen food.
Some of the key players operating in the frozen food market include General Mills, Inc. (U.S.), Conagra Brands, Inc. (U.S.), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), Kellogg Company (U.S.), McCain Foods Limited (Canada), The Kraft Heinz Company (U.S.), Tyson Foods, Inc. (U.S.), Associated British Foods plc (U.K.), Ajinomoto Co., Inc. (Japan), Vandemoortele NV (Belgium), Lantmännen Unibake International (Denmark), Cargill, Incorporated (U.S.), Europastry, S.A. (Spain), JBS S.A. (Brazil), ARYZTA AG (Switzerland), and Nomad Foods Limited (U.K.).
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