Frozen Food Market to reach US$ 346.4 Bn by end 2027, Says Coherent Market Insights

SEATTLE, Oct. 19, 2021 /PRNewswire/ -- Frozen food is not only beneficial for its nutritional values but also ensures a safe way to eat as it thaws out slowly in the freezer. There are various benefits of frozen food like it helps in retaining the nutritional values of the product that one harvest at the garden or farm. This means that the product will be more nutritious, free of bad tastes, and free of toxins. It also helps in preserving the vitamins and minerals present in the produce by maintaining the pH balance of body. Fruits and vegetables that are not easily frozen have lost all the valuable nutrients due to quick cooling, oxidation, bacterial action, etc.

The global frozen food market is estimated to account for 346.4 Bn in terms of value by the end of 2027 witnessing a CAGR of 4.9%

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Market Drivers:

Rapid development in the retail sector and growing demand for convenience food due to hectic lifestyle is driving growth of the frozen food market. The rise in the processed food industry across developing nations is again augmenting growth of the market. According to the India Brand Equity Foundation, the Indian food processing industry accounts for 32 percent of the country's total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export, and expected growth. It contributes around 8.80 and 8.39 percent of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13 percent of India's exports and six percent of total industrial investment

Rapid urbanization is another major factor propelling growth of the frozen food market. According to the United Nation, by 2019, the share of the urban population increased to 55.7 percent. It is generally higher in the developed (80.5 per cent in 2019) than in the developing world (51.1 percent), with transition economies in between the two (65.4 percent).

Market Opportunities:

The digitalization of the retail sector coupled with the advent of new food delivery online apps is expected to offer potential growth opportunities. For instance, in July 2019, Amazon.com Inc has entered into the burgeoning online food delivery business in India. Similarly, in June 2019, Unicorn Swiggy has launched a separate app for ordering home-cooked meals via a service called Swiggy Daily.

The rise in awareness regarding the health benefits of frozen food is increasing consumption which is projected to provide new and profitable market opportunities. Moreover, the growing female working population will further favor growth of the market. Furthermore, technological advancement in the cold chain is again expected to have a positive impact on the growth of the frozen food market over the forecast period.

Market Trends:

Continuous launch of new and variety in frozen food is one of the major trends in the frozen food market. For instance, in November 2020, Sumeru Frozen food, the heritage brand of Innovative Foods Limited, has launched its signature 'frozen gourmet meals' in collaboration with Michelin star chef Alfred Prasad. The frozen food range consists of four products, namely millet khichadi, roasted chicken, shahi paneer, and pepper chicken.

Key players in the market are expanding their distribution channels in the market which is expected to be one of the trend. For instance, in December 2019, ITC Ltd has expanded its portfolio and distribution network for its frozen foods brand ITC Master Chef. The products are available in retail stores, hotels, restaurants, and banquets.

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Competitive Landscape:

1. Nestlé S.A.
2. Ajinomoto Co., Inc.
3. Kraft Foods Group, Inc.
4. ConAgra Foods, Inc.
5. General Mills, Inc.
6. H. J. Heinz Company
7. Tyson Foods, Inc.
8. Unilever Plc
9. Maple Leaf Foods, Inc.
10. Pinnacle Foods, Inc.

Market segmentation:

By Product Type

• Frozen Fruits
• Frozen Vegetables
• Dairy Products
• Bakery Product
• Frozen Meat
• Frozen Seafood
• Convenience Foods & Ready Meals
• Others

By Category

• Raw Material
• Half-Cooked
• Ready-To-Eat

By End User

• Food Service
• Retail

By Distribution Channel

• Online
• Offline

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa

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