Market Research Future (MRFR) expects the frozen foods market 2020 to possibly attain a growth rate of 4.21% between 2020 and 2023 (appraisal period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Top Challenges
With the world currently on a strict lockdown post the COVID-19 outbreak and people mostly stuck at home, frozen food and ready-to-cook products are flying off the racks. Although SARS-CoV-2 has disrupted supply chains, sales of frozen foods have observed an incredible surge, since the panic-stricken public has been stockpiling on all the essential items. As a result, the frozen food market has been performing well following the onset of the novel coronavirus. The fact that frozen food are able to retain the nutritional value for a long period, and in turn helps bring down the number of times consumers have to visit the shop or outlet, also works in favor of the market.
Over the year, the preference for quality regardless of the high price has risen significantly, while traders are increasingly focusing on efficient monitoring of frozen food so that they maintain their nutritional importance. Although the COVID-19 impact on the cold chain supply has been significant, the evolving buying patterns of the consumers with more inclination towards health has helped the frozen food market develop faster than expected. The increasing employment rate worldwide has also steered consumers towards RTE/Ready-to-Eat foods since these types take less cooking time. Add to it the hectic lifestyle; consumers are more interested in purchasing frozen foods like meat, ready meals, fish and frozen potatoes.
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Since the pandemic and the scarcity of workforce in the food industry, leading market firms have been putting additional emphasis on maintaining continuous stock supply to hypermarkets and supermarkets. These firms are also taking up strategies such as mergers, collaborations, acquisitions and product portfolio expansion to boost their market presence around the globe.
A case in point, in August 2020, Nestle expanded its presence in the frozen food industry by launching Life Cuisine, a frozen food range that caters to mainly consumers with meatless/plant-based, high-protein, low-carb or gluten-free lifestyles.
Some of the highly renowned players active in the Frozen Food Market include Nestle S.A. (Switzerland), Kraft Foods Group Inc. (US), Cargill Incorporated (US), Ajinomoto Co. Inc. (Japan), Kellogg Company (US), General Mills Inc. (US), Aryzta AG (Switzerland), to mention a few.
Global Frozen Food Market can be considered for product type, end user and distribution channel.
The product types covered in the extensive study are meat & poultry, ready-to-eat products, potatoes, vegetable & fruits, sea food, soup, and more. The demand for ready-to-eat food has been the highest, making it the top market segment. The sea food type, however, can obtain the fastest growth rate over the next few years.
Frozen food market, depending on end user, comprises retail customers as well as food service. Between both the segments, food service can advance at a better rate compared to retail customers segment during the assessment timeline.
The primary distribution channels considered in the market report are specialty retailers, hyper markets & supermarkets, independent stores, and convenience stores.
Frozen Food industry can be regionally considered for Europe, North America, Asia Pacific/APAC, and RoW/rest of the world.
Europe can remain the biggest gainer in the global market all throughout the review period, attaining a growth rate of 4.03%. Europe has been significantly impacted by the SARS-CoV-2 pandemic, with food and beverage industry hit significantly. Government reports confirm that over 50 thousand individuals have died owing to the pandemic in Germany, Italy, Spain and France, as of April 2020. Belgium, Netherlands and U.K have also been severely affected by the pandemic. These statistics have led to higher sales of frozen food in the region, giving a boost to the market growth.
With a rate of 4.81%, the APAC market is presumed to observe the fastest growth in the following years, with most of the contribution from fast emerging countries like India, China and Japan. The emerging trend of ready-to-eat food among college grads and the working-class population has resulted in the market attractiveness in the region. In terms of spending on frozen food, the region has reached an all-time high as more and more people are finding less time to cook while maintaining a hectic lifestyle.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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