NOIDA, India, Aug. 6, 2020 /PRNewswire/ -- UnivDatos Market Insights released a report titled "Frozen Food Market By Product Category (Ready to Eat, Ready to Cook, and Ready to Drink), Product Type (Frozen Meat, Frozen Fish/Seafood, Frozen Ready Meals, Frozen Bakery, Frozen Pizza, Frozen Potato and Others), Distribution Channel (Supermarket/Hypermarket, Independent Retailers, Convenience Stores and Others (Specialist Retailers, Online)) and Region (Americas, Europe, Asia-Pacific and Rest of World) - Current Analysis and Forecast (2020-2026)." Frozen Food Market is expected to grow at a CAGR of 4.6% from 2020-2026 to reach US$ 320.06 billion by 2026.
The major factors enhancing the market include the introduction of longer shelf-life products, an increase in working population worldwide and rising demand from various end-user such as hotels and restaurants from fast-food chains. Easy availability of frozen foods has influenced the buying patterns of shoppers concerning dietary merchandise, rendering a firm place for frozen foods in their list of daily consumables. The proactive and busy lifestyle of the working class has increased the demand for frozen food products. Millennial parents became a core market section for frozen entrees, growing the convenience that they provide.
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COVID-19 Impact on Frozen Food Market
Today, the millennials seek convenient options moving into a new life stage while being grown up in an era of instant gratification. The demand for frozen food products in households has been observed to increase amid the COVID-19 pandemic due to the longer lockdown period. According to the study conducted on behalf of the German Frozen Food Institute, the lockdown caused a third of those surveyed households to intensify the use of frozen products such as vegetables/herbs, followed by fish and pizza. Specifically, the adult consumers stated that they used more frozen products during the lockdown period due to the longer shelf life.
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Global Frozen Food Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on the product category, the market is bifurcated into
- Ready to Eat
- Ready to Drink
- Ready to Cook
The Ready-to-Eat food segment dominated the market in 2019, accounting for 42.9% share in terms of value owing to the feasibility and consumption at the desired period without worrying about the deterioration of the product. The segment is anticipated to generate revenue of US$ 138.52 billion by 2026. However, the Ready-to-Cook food segment is expected to grow at the highest CAGR during the forecast period.
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Based on product type, the market is segmented into
- Frozen Meat Products
- Frozen Fish/Seafood
- Frozen Ready Meals
- Frozen Bakery Products
- Frozen Pizza
- Frozen Potato Products
The frozen ready meals segment generated revenue of US$ 54.05 billion in 2019 owing to the increase in consumer preference and rising disposable income.
Based on distribution channels, the market is fragmented into
- Independent Retailers
- Convenience Store
- Others (Specialist Retailers, Online)
The supermarket/hypermarkets dominated the market followed by other channels including online modes. The growing penetration of the online platforms, rising demand for convenience food and increasing assortment of frozen prepared meals at convenience stores are expected to end in inflated revenue share in a predictable future.
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Frozen Food Market Geographical Segmentation Includes:
- Americas (the United States, Canada and Rest of America)
- Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific)
- Rest of World
Europe is observed to dominate the global frozen food market and is anticipated to maintain its dominance during the forecast period followed by the Americas and Asia-Pacific. The changing consumer preferences for a vegan diet contributing to the growth of the frozen food market, particularly the fruit and vegetable segment is amongst the major drivers for the rising growth in the region.
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The major players targeting the market includes
- Ajinomoto Inc.
- Goya Foods
- ConAgra Foods
- General Mills
- Heinz Company
- Tyson Foods
- Unilever PLC
- Maple Leaf Foods
- Nomad Foods
- McCain Foods Limited
- Dr. Oetker
These companies have adopted numerous growth strategies including innovative product launches, investment in R&D, partnership, mergers, etc. to sustain in the growing frozen food market. For instance, in 2019, Nestle has reported its strongest start to a year since 2016, as the company raised prices and experienced growth with its previously underperforming US frozen food brands Hot Pockets and Stouffer's. In July 2019, McCain invests in its first frozen French fry factory in Brazil. With this investment, McCain continued to strengthen its expansion strategy in the Brazilian market.
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SOURCE UnivDatos Market Insights