Global Frozen food Market - Segmented by Type, Application, Freezing Technique, and Geography - Growth, Trends and Forecasts (2018 - 2023)

The global frozen food market accounted for USD 268.77 billion in 2016 and is expected to grow at a CAGR of 4.1% during the forecast period. Growing population of working women, growing millennial population, busy work schedules, and on-the-go consumption habits are some of the factors that are expected to fuel revenue growth of the global frozen ready-to-eat/cook/drink food products market.

Availability is the Key Driving Factor

Frozen food products can be made easily available anywhere for a longer duration. This easy availability of staple, seasonal, and regional food products has influenced the purchasing patterns of consumers. They are now placing frozen food on their list of daily consumables. Frozen products are often cheaper than their fresh or chilled form. Frozen food also help reduce food waste, as consumers use what they require. Growing consumption of frozen food in the developing markets across Asia-Pacific and South America is driving the market. Improved standard of living and higher disposable incomes have led to an increase in demand for frozen food products in these regions. New and improved freezing technologies, innovative refrigerator, better supply chain solutions are responsible for the increased consumption.

Ready-To-Eat Food Segment Accounts Major Share

The major types of frozen ready-to-eat foods are meat/fish/poultry-based, cereal-based, vegan-based. Meat/fish/poultry-based frozen ready-to-eat foods hold the largest share in the market. Globally, the growth of organized retail has led to a widespread supply of frozen ready-to-eat food products through a wide distribution network. North America holds the largest consumer base of the frozen ready-to-eat food market, and it is estimated grow at a healthy rate owing to technological innovations, busy lifestyles of consumers and high disposable incomes. Frozen yoghurt drinks, frozen smoothies and frozen fruit juices are the most popular ready-to-drink products, globally.

Europe dominates the market

Europe dominates the global market followed by North America. Customer attitude towards frozen foods has transformed significantly in Europe, driven by an improvement in living standards and an increasing need for convenience. The American consumers prefer greater convenience and on-the-go food, and the trend is inclined towards smaller and more frequent meals. Frozen ready-meals are expected to witness a rapid surge in demand during the forecast period. Frozen ready meals record a dramatic growth in regions, like France, where consumers are more particular about quality and taste.

Key Developments in the Market

• January 2018: Sysco has agreed a deal to acquire UK-based frozen food distributor Kent Frozen Foods for an undisclosed sum, though the deal is subject to approval from the Competition and Markets Authority. Kent Frozen Foods will continue to operate independently from its distribution centres in Aylesford and Witney.
• January 2018: Mississippi lifestyle food company Billy’s Original Foods as it launches its line of frozen entrees in Target stores.

Reasons to Purchase this Report

• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
• 3 months analyst support along with the Market Estimate sheet in excel.

Customization of the Report

• Value chain analysis
• Volume of the global frozen food market by type, application, freezing technique and geography
• Consumer behavior analysis in country level