The frozen food market is estimated to account for about USD 244.3 billion in 2020 and is projected to reach a value of about USD 312.3 billion by 2025, at a CAGR of 5.0%. 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 the frozen food market.
The convenient & ready meals segment is estimated to dominate the global market in 2020.
By product, the convenient & ready meals segment is estimated to dominate the global market in 2020. 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.
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The offline segment is estimated to account for the largest share in the frozen food market in 2020.
By distribution channel, the offline segment is estimated to account for the largest share in the market in 2020. 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.
The ready-to-cook segment is projected to grow at the highest CAGR during the forecast period in the market.
By type, the ready-to-cook segment is estimated to grow at the highest CAGR. Factors such as changing lifestyles and increasing population of working women are driving the growth of ready-to-eat frozen food, globally.
Europe accounted for the largest share in the frozen food market
Europe accounted for the largest market share in the market. Population growth, rapid urbanization, and the rise in consumer awareness about the benefits of frozen food are the key factors driving the demand for frozen food in the region.
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 (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), Cargill (US), Europastry S.A. (Spain), JBS (Brazil), Kidfresh (US), Aryzta (US), Kuppies (India), OOB Organics (New Zealand), Omar International Pvt Ltd (India), Bubba Foods (US), Shishi He Deming (China), and Smart Price Sales & Marketing (US), Chevon Agrotech Pvt Ltd (India), and Omar International Pvt Ltd (India).
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