Frozen Food Market Is Projected To Reach $360.36 Billion By 2024: Grand View Research, Inc.

According to report published by Grand View Research, The increasing number of working married women is expected to favor the frozen food industry over the forecast period.

According to a report, “Frozen Food Market Analysis By Product (Fruits & Vegetables, Fish & Sea Food, Potato, Meat, Soup, Ready Meal) And Segment Forecast To 2024” , published by Grand View Research, Inc., The global frozen food market is expected to reach USD 360.36 billion by 2024. They also contain more vitamins and minerals compared to fresh produce. Quick Freezing technology is incorporated fresh picked items to offer the consumers with exotic flavor and taste. 
However, if these products are kept open or unused for a long time, they tend to lose their nutritional value and can be affected by microbial growth. In recent years, manufacturers introduced newer technologies that can freeze products in less than seven minutes and ponder upon their packaging material so that they do not lose their nutritional content. Frozen food producers via promotional events and exhibitions are introducing newer products also.

Key Takeaways from the report:

  • Frozen ready meals had the highest penetration in 2015 with a valuation of over USD 80 billion. Owing to busy lifestyles, consumers prefer easy cooking techniques. These food products just need to be heated for two-three minutes before human consumption.

  • A new model called time specific defrosting is likely to emerge in future years where products are defrosted slowly and potentially cooked once they are taken out

  • Asia Pacific is expected to witness the highest growth of 5.0% over the next eight years. Traditional cooking can often be time consuming and labor intensive for Indian & Chinese consumers. As a result, such convenient products often prove to be a lucrative opportunity for meal preparation.

  • The industry is highly fragmented with a presence of both multinational corporation and domestic companies. In a recent study by ConAgra Foods, it was reported that frozen meals are eaten as a part of a reduced calorie diet that helps the consumers learns the amount and correct options of eating.

  • Industry participants majorly include McCain Foods, General Mills, Inc, Dole, Nestle, The Schwan Food Company, Rich Products Corporation and Heinz.

U.S. Frozen Food Market Revenue By Product, 2014 – 2024 (USD Billion)

U.S. Frozen Food Market Revenue By Product, 2014 - 2024 (USD Billion)

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Liquid Flavor Market: Growth of key end-use industries such as beverages and processed foods is expected to remain a key driving factor for global liquid Flavor market. Increasing consumer awareness regarding detrimental effects of synthetic chemicals in artificial food ingredients has also prompted demand for natural and organic liquid Flavor.

Companies are trying to introduce leverage new freezing techniques which include thermo-acoustic and magnetic freezing for resource efficiency in the manufacturing process. There have been innovations pertained to packaging by both manufacturers and retailers. In the U.S., edible packaging named Wikicell has been developed that offers sufficient protection for foods and helps them to maintain their flavor quality & packaging waste.

Grand View Research has segmented the frozen foodmarket on the basis ofproductand region,

Product Outlook (Revenue, USD Billion, 2014 – 2024)

  • Frozen fruits & vegetables

  • Frozen potatoes

  • Frozen ready meals

  • Frozen meat

  • Frozen fish/seafood

  • Frozen soup

  • Other products

Regional Outlook (Revenue, USD Billion, 2014 – 2024)

  • North America

    • U.S.

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • Japan

    • China

    • India

  • Central & South America

  • Middle East & Africa

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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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