Frozen Food has emerged as a key part of the consumer products market in recent years due to the growing focus on the convenience of food products to the increasingly busy urban users. Frozen food can be prepared days, even months, after packaging, and retains its freshness and nutritive value, which makes it highly attractive for consumers in developed, industrialized urban centres. Urban users are increasingly finding it difficult to make time for preparing food as per traditional preferences, as their hectic lifestyle has forced them to find alternatives that allow for easy and quick consumption and preparation. The frozen food market has benefitted majorly from these trends and likely to exhibit a strong growth trajectory over the coming years as a result.
Market Research Future (MRFR) has announced a new report on the global frozen food market. The report analyses the market from the perspective of its product segmentation and regional segmentation and delivers forecasts till 2023. According to the report, the global frozen food market is likely to grow at a CAGR of 4.21% from 2017 to 2023.
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Major Key Players
The report examines the strategies of key market players such as
- Aryzta AG,
- Kraft Foods Group Inc.,
- Cargill Inc.,
- General Mills Inc
- Nestle S.A.
Based on product type, the global frozen food market has been segmented into ready to eat products, vegetables and fruits, potatoes, meat and poultry, sea food, soups, and others. Of these, ready to eat foods emerged as the largest segment of the global frozen food market in 2017 and are likely to dominate the market scenario till 2023 due to their growing demand from urban users. Ready to eat foods lighten the time-consuming task of preparing food, thus making meals easy for busy urban users.
The sea food segment is expected to exhibit a high growth rate in the global frozen food market in the coming years due to the growing demand for sea food from inland regions. While sea food has always been a popular food choice in coastal regions, modern refrigeration techniques have allowed for smooth transportation of frozen sea food from the seashore to inland regions, allowing for a smooth rise in demand. The frozen food market is likely to benefit from the growing popularity of sea food in regions such as India, where sea food has not been a traditional part of the cuisine but is now rising in popularity.
Based on region, Europe is expected to remain dominant throughout the forecast period. Europe has been an early consumer of Frozen Foods and is also home to many urban consumers, who prefer frozen food to raw foods. This is expected to ensure Europe’s continued dominance in the global frozen food market in the coming years. The advanced transport infrastructure in North America and Europe is also likely to benefit the frozen food market.
However, emerging regions such as APAC and Latin America present significant scope for the global Frozen Food Market. The frozen food market is expected to grow at a CAGR of 4.81% in Asia Pacific over the 2017-2023 forecast period on the back of the rapid urbanization in countries such as China, India, Japan, and other ASEAN countries. The growing consumption of processed food in these developing economies is likely to strengthen the prospects of the frozen food market in the coming years.
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