Frozen Food Market Projected to Reach $282.5 Billion by 2023 | Top Key Players are General Mills Inc, Conagra Brands, Inc., Nestle SA, Unilever, Kellogg Company, McCain Foods Limited

September 25 19:38 2019
Frozen Food Market Projected to Reach $282.5 Billion by 2023 | Top Key Players are General Mills Inc, Conagra Brands, Inc., Nestle SA, Unilever, Kellogg Company, McCain Foods Limited

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Developments in the retail landscape, rising demand for convenience food, and technological advancements in the cold chain market are the major driving factors for the market. On the other hand, the rising preference for fresh and natural food products is a restraining factor for this market.

The report Frozen Food Market by Product (Fruits & Vegetables, Dairy, Meat & Seafood), Type (Raw Material, Half Cooked), Consumption, Distribution Channel, and Region (North America, Europe, Asia Pacific, South America, and MEA) – Global Forecast to 2023″, The frozen food market is estimated to account for about USD 219.9 billion in 2018 and is projected to reach a value of nearly USD 282.5 billion by 2023, growing at a CAGR of 5.1% from 2018. The retail food industry has witnessed significant growth over the past few years, globally. The development of retail channels in the form of supermarkets, hypermarkets, and convenience stores has driven the growth of the frozen food market. These large food chains form an important growing outlet for frozen food products, owing to the latest trend of on-the-go consumption. The rising per capita income and increasing number of working women, globally, have further accelerated the market growth.

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The convenient & ready meals segment is estimated to dominate the global market in 2018.

By product, the convenient & ready meals segment is estimated to dominate the global market in 2018. This is due to the changing and busy lifestyles of people, globally, which has increased the consumption of frozen foods, globally. Frozen foods are easy to prepare and take less time for preparation. They are healthy and have high nutritional value. Frozen food export business has also increased in recent times due to the high acceptance of these products among consumers and brand awareness among developing countries.

The offline segment is estimated to account for the largest share in the frozen food market in 2018.

By distribution channel, the offline segment is estimated to account for the largest share in the global market in 2018. The infrastructure of the convenience stores and hypermarkets includes freezing and temperature-controlled facilities, which are driving the growth of this segment as a distribution channel for frozen products.

Europe is estimated to dominate the frozen food market in 2018.

Europe is estimated to account for the largest market share in the frozen food market in 2018. The region is projected to offer huge growth potential to the frozen food market. The market in Germany is estimated to be the major contributor to the growth in the region. The European market is driven by the robust growth of the food industry, which has supported the ready-to-eat snack food industry to gain acceleration in this market.

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Key Market Players:

The key players in this market include General Mills Inc (US), Conagra Brands, Inc. (US), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Unilever (the Netherlands), Kellogg Company (US), McCain Foods Limited (Canada), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), Lantmannen Unibake International (Denmark). These players are focusing on improving their presence by undertaking acquisitions, expansions, and developing products specific to the requirements of consumers and their preferences. These companies have a strong presence in Europe and North America. They have also set up manufacturing facilities in various regions and have strong distribution networks.

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