Frozen Food Global Market Report 2022: Sector to Reach $408 Billion by 2029 at a 5.2% CAGR

DUBLIN, Jan. 30, 2023 /PRNewswire/ -- The "Frozen Food Market by Product (Ready Meals, Meat & Poultry, Seafood, Dairy Products, Bakery Products, Vegetables, and Fruits), Type (Raw, Half-cooked, and Ready-to-eat), and Distribution Channel (B2B and B2C) - Global Forecasts to 2029" report has been added to  ResearchAndMarkets.com's offering.

The research report provides an in-depth analysis of the frozen food market across five major geographies and emphasizes on the current market trends, market size, market shares, recent developments, and forecast till 2029. The Global Frozen Food Market is expected to reach $408.05 billion by 2029, at a CAGR of 5.2% during the forecast period, 2022-2029.

The growth of this market is mainly attributed to the increasing demand for convenience food, the growing global cold-chain market, and changing consumer tastes and preferences. Moreover, the increasing digitalization in the retail industry and emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa provide significant opportunities in this market.

Based on product, the ready meals segment is expected to account for the largest share of the frozen food market in 2022. The large share of this segment is mainly attributed to the changes in the lifestyle, increasing workload amongst the corporate and the working-class population, and the growing preference for ready frozen meals owing to the convenience. Also, the rising popularity amongst the younger generation and the adolescent population as it acts as a cheaper alternative to junk food, and it is easily accessible at different convenience stores and supermarkets, which in turn will further boost the growth of the frozen ready meals market.

Based on type, the bread segment is expected to account for the largest share of the frozen bakery products market in 2022. The large share of this segment is mainly attributed to the rising bread consumption across the globe, growing preference for fast food, changing lifestyles, and an increasing number of ready-to-eat product chains and QSRs. Increasing consumer preference for healthy products is expected to further support the frozen bread segment's growth.

Based on type, the raw material segment is expected to account for the largest share of the frozen food market in 2022. The large share of this segment is mainly attributed to the increased awareness about the nutritional properties of raw frozen food, increasing incidences of obesity and other related diseases, and the growing number of raw labeled food and drink products.

Based on distribution channel, the business-to-business segment is expected to account for the larger share of the frozen food market in 2022. The large share of this segment is mainly attributed to the growing B2B frozen food trading, a growing number of Quick Service Restaurants (QSRs), and rising demand from hotels, restaurants, food chains, cafes, and the food service sector. However, the business-to-consumer segment is expected to witness significant growth during the forecast period.

Market Dynamics

Drivers

• Increasing Demand for Convenience Foods
• Growing Global Cold-Chain Market
• Consumers' Changing Tastes & Preferences

Restraints

• Rising Preference for Fresh & Natural Food Products
• Constant Temperature Monitoring Requirements of Frozen Food Products

Opportunities

• Increasing Digitalization in the Retail Industry
• Emerging Economies in Asia-Pacific, Latin America, and the Middle East & Africa

Challenges

• Lack of Cold-Chain Infrastructure in Developing Countries

Scope of the Report
Frozen Food Market, by Product

• Ready Meals
• Meat & Poultry
• Seafood
• Dairy Products
• Bakery Products
• Bread
• Pizza Crust
• Cakes & Pastries
• Cookies & Biscuits
• Doughnuts
• Waffles
• Other Frozen Bakery Products
• Vegetables
• Fruits
• Other Frozen Products

Frozen Food Market, by Type

• Raw
• Half-cooked
• Ready-to-eat

Frozen Food Market, by Distribution Channel

• Business-to-business (B2B)
• Food Services
• Food Manufacturers
• Quick Service Restaurants (QSRs)
• Business-to-consumer (B2C)
• Offline
• Supermarkets & Hypermarkets
• Convenience Stores
• Other Stores
• Online

Key Topics Covered:

Companies Mentioned

• General Mills Inc. (U.S.)
• Conagra Brands Inc. (U.S.)
• Nestle S.A. (Switzerland)
• Unilever PLC (U.K.)
• Kellogg Company (U.S.)
• McCain Foods Limited (Canada)
• The Kraft Heinz Company (U.S.)
• Tyson Foods Inc. (U.S.)
• Associated British Foods plc (U.K.)
• Ajinomoto Co. Inc. (Japan)
• Vandemoortele NV (Belgium)
• Lantmannen Unibake International (Denmark)
• Cargill Incorporated (U.S.)
• Europastry S.A. (Spain)
• JBS S.A. (Brazil)
• ARYZTA AG (Switzerland)
• Nomad Foods Limited (U.K.).

For more information about this report visit https://www.researchandmarkets.com/r/lay51e-food?w=5

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SOURCE Research and Markets