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Frozen foods are the food products that are processed in the preservation method to preserve nutrients, flavors, and colors of the food. The main objective of frozen food is to make the cooking process easier for consumers and have a longer shelf life. It is considered as an important component of meals prepared and served in homes and restaurants.The key drivers that are contributing to the growth of the frozen food market include the increasing number of women workforces, which is leading to an upsurge in demand for frozen foods as it decreases the cooking and preparation time. The easy availability of the various types of frozen food, along with the significant change in the consumption habits of consumers, will further attract many consumers to opt for frozen food products. Additionally, increasing consumer acceptance and the accelerating demand for healthy food is further expected to boost the frozen food market growth. Various manufacturers are adopting different innovative strategies and technological innovations to decrease the loss of nutrients in frozen foods and reduce the use of harmful plastic packaging to capture the growing demand of the market.
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The emergence of the COVID-19 pandemic has surged the demand for frozen food products in the coming years. People who are stranded any from their homes are actively looking for frozen food and ready-to-cook meals as they do not have access to big kitchens to prepare meals. Furthermore, the restaurants and other fast food outlets are closed, which is promoting the consumers to opt for frozen fast food options as their evening snacks. The combination of these factors is responsible for the expansion of the frozen food market size over the coming years. On the other hand, the high maintenance and logistics costs are likely to hamper the growth of the frozen food market.
On the basis of product, the convenience foods & ready meals segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is attributed to the growing consumer preference towards convenience food products driven by the exceptional advantages offered by these food products such as no or minimum cooking requirement, highly cost-effective, and other benefits. The processed food market is witnessing strong demand due to the increasing need for convenience-driven by the busy lifestyle of the consumers. Moreover, the rising disposable income of the consumers and the growing number of the working population are other factors that are having a positive impact on the demand of this segment.
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Based on the type, the ready-to-eat segment is predicted to witness considerable growth in the next six years. The ready-to-eat food products are fully cooked and can be consumed directly at any desired time and place without further cooking requirements. The accelerating demand for desserts such as frozen ice creams and frozen yogurts are the key factors that are surging the demand of the segment in the market. The consumers are becoming more health-conscious, which is encouraging them to consume low-calorie ice creams and yogurt. All these factors are responsible for the frozen food market growth over the coming years.
On the basis of consumption, the food service segment is projected to maintain its dominance over the forecast period. The food services industry includes pubs, hotels, restaurants, QSRs, and other foodservice providers. The food service segment experiences strong demand for frozen food as these service providers use frozen food items on a regular basis to save cooking time and enhance the quality and taste of the food items.
Based on the distribution channel, the online segment is poised to expand in the coming years owing to the growing penetration of the Internet, especially in the developing economies. Online shopping is more convenient and feasible as compared to offline shopping services. All these factors, along with the free home delivery option, are encouraging the consumers to opt for online shopping rather than visiting the stores.
On the basis of the region, Europe is anticipated to dominate the Frozen Foods market in the next six years. This is due to continuous improvement in living standards of people and consumer preference towards hygiene-related frozen food products in the market. Furthermore, the implementation of strict government regulations to maintain the quality and certifications/tags with the product and to make it more appealing is another factor that is driving the market growth in this region. On the other hand, the Asia-Pacific and Rest of the world region are expected to witness a higher CAGR owing to the growing awareness related to the benefits of frozen food and the increasing number of fast-food outlets.
The key players of the frozen food market include General Mills, Inc., Conagra Brands, Inc., Grupo Bimbo S.A.B. de C.V., Nestle SA, Unilever, Kellogg Company, McCain Foods Limited, Kraft Heinz Company, Associated British Foods plc, and Ajinomoto.
The research report on the frozen food market provides an in-depth analysis of the market revenue based on the product, type, consumption, distribution channel, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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