Frozen Food Market Worth US$ 504.41 Billion by 2030 - Exclusive Research by Astute Analytica
NEW DELHI, Jan. 14, 2022 /PRNewswire/ -- The study conducted by Astute Analytica, the Global Frozen Food Market anticipates a phenomenal growth in revenue from US$ 254 Bn in 2021 to US$ 504.41 Bn by 2030, registering a CAGR of 8.37% for the forecast period 2022-2030. With respect to the volume, the market is expected to grow at a CAGR of 4.55% during the forecast period. The growth in this market is attributed to rising FDI in developing countries. Furthermore, busy lifestyles of individuals have led to a growing demand for ready to eat food products as they are instant, convenient, affordable, and equally healthy alternatives to fresh food products.
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The challenge in the global frozen food market is consumers perception towards frozen food products of being inferior as compared to natural and fresh food products. COVID-19 pandemic has further escalated the demand for fresh food products.
The frozen food products market is divided into various segments such as product type, distribution channels and region and sub-segments to get a holistic picture of the market.
Significance of the frozen food market
The world has 3.3 billion working population with the age of 15 and above and this huge working population is gradually shifting towards frozen food products for easy preparation of meals. Furthermore, busy lifestyles and increasing proportion of working women are driving the growth for Ready Meals. The revenue generated by ready meals is US$ 65.42 Bn in 2021 and is expected to reach US$ 138.56 Bn by 2030.
The growth in the frozen food market is accredited to rising FDI in developing world. Developing countries are becoming increasingly attractive investment destinations due to the process of privatization and globalization.
The retail segment is projected to grow with a CAGR of 8.59% for the forecast period of 2022-2030. Online food and beverage growth has sparked the overall growth of retail sector of frozen food market because of the convenience and variety it offers. Asia Pacific frozen food industry is reported to have a CAGR of 9.12% by 2030, registering a growth in revenue from US$ 68.74 Bn in 2021 to US$ 145.22 Bn by 2030.
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Challenges In the Global Frozen Food Market
Perception of individuals towards frozen food is a challenge for the market, as people consider frozen food products to be inferior to natural and fresh food products. However, the US Food and Drug Administration (FDA) and International Food Information Council has stated that Frozen foods have led to an increase in the shelf-life of the food without losing its nutrients.
Impact of COVID-19
COVID-19 pandemic has further increased the demand for organic products. Moreover, the pandemic has placed an unprecedented stress on supply chains, with bottlenecks in farm labor, processing, transport and logistics, as well as momentous shifts in demand.
Asia Pacific will be the gamechanger in the Global Marketplace for Frozen Food Products
Asia Pacific frozen food market is reported to have a CAGR of 9.12% by 2030, registering a growth in revenue from US$ 68.74 Bn in 2021 to US$ 145.22 Bn in 2030. Countries in Asia Pacific such as India and China, with their ever-increasing population and increased per capita spending, make a preferred destination for the frozen products markets. By product type, ready meals is expected to offer a major jump in revenue in APAC. Japan frozen food market is projected to grow at a CAGR of 6% during the forecast period, followed by India and China.
A glance at the competitors
- Ajinomoto Co., Inc. is a Japanese multinational food and biotechnology corporation which produces seasonings, interlayer insulating materials for semiconductor packages for use in personal computers, cooking oils, frozen foods, beverage, sweeteners, amino acids and pharmaceuticals.
- Conagra Brands, Inc. (formally known as ConAgra Foods) is an American consumer packaged food company. It makes and sells products under various brand names that are available in supermarkets, restaurants, and food service establishments.
- General Mills Inc. is a manufacturer and marketer of branded consumer foods worldwide. The company's manufacturing plants are available in 13 countries that are distributed in more than 100 countries.
- Grupo Bimbo is in bakery industry, and it is an important player in snacks. The company has over 203 bakeries, approximately 1,700 sales centers located throughout 33 countries worldwide
- Kellogg Company is a producer of cereal, savory snacks and frozen foods and it's the second largest producer of crackers. The trusted food brands include Kellogg's Corn Flakes, ringles, Kellogg's Frosted Flakes Cheez-It, Special K, Pop-Tarts, Rice Krispies, Eggo, Mini-Wheats, MorningStar Farms, Kashi, RXBAR, and many more.
- Nestle SA is a Swiss multinational food and drink processing corporation headquartered in Veyvey, Switzerland. It is the largest food company in the world, measured in terms of revenue and other metrics.
- Unilever is organised into three main divisions: Food and Refreshments, Home care, and Beauty & Personal Care. It has research and development facilities in China, India, the Netherlands, the United Kingdom, the United States.
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Overview of Market Segmentation in Frozen Food Industry
Global Frozen Food Market is segmented based on product type, distribution channels and region. These segments are sub-divided to get a holist picture of the market.
Following are the different segments of the Global Frozen Food Market:
Segmentation Overview
- By Product Type
- Fruits
- Seasonal
- Regular
- Vegetables
- Peas
- Corn
- Potatoes
- Others
- Dairy Products
- Milk
- Butter
- Cheese
- Others
- Meat & Poultry
- Red Meat
- Pork Meat
- Poultry Meat
- Seafood
- Bakery Products
- Bread
- Pizza Crust
- Cakes & Pastries
- Others
- Soups
- Ready Meals
- Dumplings
- Rice based
- Italian (Pastas)
- Indian
- Korean
- Chinese
- Others
- Others
- By Distribution Channel
- Retail
- Online
- Supermarket/ Hypermarket
- Convenience Stores/ Standalone Stores
- Enterprise Sale (B2B)
- HoReCa (Hotel, Restaurants, Café) – Food Service
- Travel (Railway/ Airline/ Others)
- Educational Institutes
- Food Processing Industry
- By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Italy
- Spain
- Russia
- Netherlands
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- Korea
- ASEAN
- Rest of Asia Pacific
- Middle East and Africa
- UAE
- Saudi Arabia
- Egypt
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost effective, value added package from us, should you decide to engage with us.
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