The global frozen food market size was USD 231.38 billion in 2020. The market is projected to grow from USD 256.46 billion in 2021 to USD 385.04 billion in 2028, at a CAGR of 5.98% during 2021-2028. This information is provided in a report titled "Frozen Foods Market, 2021-2028" by Fortune Business Insights.

As per the research conducted by our expert analysts, the market is witnessing high growth due to the increasing demand for easily available food products such as ready-to-eat meals and cold cuts.

Impact of the new coronavirus infection:

Reduced workforce in production department due to spread of new coronavirus infection hinders market growth

Frozen food market sees sales jump due to demonstrated fear buying among consumers due to fears of global lockdowns being imposed amid the COVID-19 pandemic increased. Additionally, frozen products bundled with other basic products were the ready-to-eat foods sold in the early days of the lockdown due to their long shelf life.

Source: https://www.fortunebusinessinsights.com/frozen-food-market-104138

Report scope:

We provide reports based on a comprehensive research approach, primarily focused on providing detailed documentation. Our academics have applied data triangulation techniques, which allows us to provide reliable assessments and accurately test prevailing market conditions. Additionally, our analysts have access to a wide range of globally and regionally funded records to provide up-to-date material to help sponsors and business professionals invest only in essential zones. I got it.

segmentation:

Based on type, the market is segmented into frozen ready meals, frozen seafood and meat products, frozen snacks and bakery products, etc. Of these, the frozen seafood and meat sector is expected to hold a large share of the market.

Based on distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail.

Geographically, the global market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Driver and restraints:

Increasing demand for instant foods will revitalize the market

The packaged food industry is fueled by the convenience of packaged foods, which attracts consumers of all ages. Consumers' trend toward ready-to-eat foods and his RTE foods is causing rapid changes in the global market. Frozen meals require less effort and time than preparing a complete meal from scratch. These are the key aspects driving the growth of the frozen food market.

Regional insights:

Europe is projected to dominate the frozen food market share due to increasing adoption of vegan lifestyle in the region, which is projected to drive frozen vegetables sales. Key aspects of the region's growth include high consumer purchasing power, financial health, and changing food preferences.

Asia Pacific recorded significant growth in the global market due to consumer acceptance of digital retail platforms. The increasing number of cold chain facilities in many developing countries is further driving the growth of the regional market.

North America is expected to hold the third largest market share due to high consumer awareness of the benefits of frozen foods.

Competitive environment:

Breakthrough product presentations by key players guiding market growth

Key players in the market are deploying various approaches to strengthen their market position as pioneering companies. One such important plan is for companies to increase their brand value among consumers. Another key strategy is to comprehensively assess the market and its target audience to continuously introduce innovative products.

Industry development:

June 2021: Pilgrim's Pride Corporation acquires the meat and meals business owned by Kerry Consumer Foods in the UK and Ireland. This procurement is expected to strengthen PPC's portfolio with well-known brands such as Richmond, Denny and Fridge Raiders joining the brand collection.

List of major companies mentioned in the Frozen Foods market report:

General Mills Inc. (Minnesota, USA)
Nestle SA (Vevay, Switzerland)
Conagra Brands Inc. (Illinois, USA)
Kellogg Company (Michigan, USA)
Group Bimbo SAB DE CV (Mexico City, Mexico)
Lantmannen Unibake International (Copenhagen, USA) Denmark)
Kraft Heinz Company (Illinois, U.S.)
Unilever PLC (London, U.K.)
Wawona Frozen Foods (California, U.S.)
Tyson Foods Inc. (Arizona, U.S.)