Frozen Food Market Size Worth $380.5 Billion by 2027: Grand View Research, Inc.

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Aug 17, 2022, 06:00 ET

SAN FRANCISCO, Aug. 17, 2022 /PRNewswire/ -- The global frozen food market size is expected to reach USD 380.5 billion by 2027, expanding at a CAGR of 3.4%, according to a new report by Grand View Research, Inc. Rising consumers preference for the ready-to-eat food products which needs least preparation as well as cooking time and offers higher shelf life is the key driving factor for the market. Moreover, shifting consumer dietary preference in hectic and busy life across the global is anticipated to offer new scope for the market over the forecast period.

Key Industry Insights & Findings from the report:

Frozen potatoes are anticipated to be the fastest growing product segment with a CAGR of 4.0% from 2020 to 2027 owing to increasing demand for French fries as well as rising application of potatoes in various types of cuisines across the globe.
Frozen ready meals was the largest product segment with a market share of more than 30.0% in 2019 and expected to maintain the dominance over the forecast period owing to large consumption among working class people around the globe specially in North America and Europe.
Europe was the largest market for frozen food, accounting for a share of more than 35.0% in 2019. Strong acceptance of long-shelf products among the consumers of key markets including Germany, U.K., and France is expected to remain a key favorable factor for the industry.
Asia Pacific is anticipated to be the fastest growing region with a CAGR of 3.9% from 2020 to 2027 owing to increasing trend of ready-to-eat food among the working-class people and college grads of countries such as China and India.
Mergers and acquisitions is expected to remain a key strategy among the industry participants. For instance, in October 2018, ConAgra Brands Inc. completed the acquisition of Pinnacle Foods at USD 10.9 billion.

Read 100-page full market research report for more Insights, "Frozen Food Market Size, Share & Trends Analysis Report By Product (Fruits, Vegetables, Ready Meals), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 - 2027", published by Grand View Research.

Frozen Food Market Growth & Trends

Over the past few years, people are finding less time for cooking at home owing to their busy schedule. This, in turn, is driving demand for frozen food across the globe as it can be cooked in less time. Thereby, in order to sever better, the manufacturers are launching all kinds of frozen items such as frozen potatoes, ready meals, meat, fish products, which is expected to promote frozen food market scope over the next few years.

The sudden breakdown of coronavirus across the globe has significantly surged the demand for frozen food owing to its property of keeping nutrition for long time and higher shelf life as compared to the fresh veggie, fruits, and meat. Almost all the countries in the world have proposed a country level lockdown in which people are restricted to go outside their houses. This panic situation around the globe has propelled the demand for the frozen food products as it helps the customers to avoid regular market visits.

Europe and North America have got affected severely due to this pandemic. According to the local news of U.S., the demand for frozen meat especially hotdog has increased by around 300.0% in the second week of March, 2020. These market trends are anticipated to expand the scope of frozen foods as shelf-stable products over the forecast period.

Frozen Food Market Segmentation

Grand View Research has segmented the global frozen food market on the basis of product and region:

Frozen Food Market - Product Outlook (Revenue, USD Billion, 2016 - 2027)

Fruits & Vegetables
Potatoes
Ready Meals
Meat
Fish/Seafood
Soup
Others

Frozen Food Market - Regional Outlook (Revenue, USD Billion, 2016 - 2027)

North America

U.S.

Europe

U.K.
Germany
France

Asia Pacific

China
India
Japan

Central & South America
Middle East & Africa

Check out more related studies published by Grand View Research:

Frozen Meat Market - The global frozen meat market size is anticipated to reach USD 99.2 billion by 2025, expanding at a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by increase in adoption of ready to eat food and change in lifestyle and food preference, where seasonality remains the major factor.
Processed & Frozen Vegetables Market - The global processed & frozen vegetables market size is expected to reach USD 101.88 billion by 2028, registering a CAGR of 3.9% from 2022 to 2028, according to a new report by Grand View Research, Inc. The rapidly developing processed food industry and rising spending on food products, particularly packaged vegetables, are expected to promote market growth in the coming few years.
Non-Dairy Frozen Dessert Market - The global non-dairy frozen dessert market size is expected to reach USD 11.50 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 8.7% from 2022 to 2030. The non-dairy frozen dessert market has reported substantial growth in recent years and has caught consumers' attention owing to its health benefits.

Browse through Grand View Research's Consumer F&B Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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