Global Frozen Food Market, by value, is projected to grow at the CAGR over 4.21% by 2023
Market Research Future published a cooked research report on global frozen food volume market which is estimated to grow at 4.21% by 2023.
Market Overview
Frozen food involves basic food chemistry under which food is conserved by a freezing process and kept in a freezer before cooking. Frozen food can be of various types such as ready meals, meat & poultry, vegetables & fruits, soup, sea food and others. Organized foodservice includes chain and licensed standalone players operating across quick service restaurants, full service casual and fine dining restaurants, hotels, bars, lounges, frozen desserts outlets and cafes that majorly relies on frozen food as an ingredient to prepare the final dish. Thus due to growing demand from various end users, globally the market for frozen food is estimated to grow at the rate of about 4.21% from 2017 to 2023.
Market Forecast
The foodservice industry plays a key intermediary role between producers and processors at one end and consumers at the other end. The consolidation and market concentration of foodservice industry creates multitude of opportunities for the market growth of frozen food market. Evolving economic standards and social habits coupled with trend of fast-food consumption has considerably impacted the growth of in-store restaurants, take-away shops, or pub- restaurants.
Today, frozen food is commercially available in great abundance and is far beyond the concept of convenience. Socio-economic factors, demographic trends, changing dietary pattern, industrial players focusing on youth marketing considering the food habits of youth are certain factors supporting the sales of frozen food at the global level. These factors will play a key role in the growth of frozen food market at the CAGR of 4.21% during 2017-2023.
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By Application Analysis-
Ready meals segment is projected to account maximum market proportion of the total frozen food market in the year of 2017. However, sea food segment is expected to register highest CAGR during the forecast period owing to the busy life schedule of the consumer as well as for the increasing working female population in developing economy. Meat & poultry segment will also grow at an above CAGR during the forecast period. Among the end user segment, food service industry will observe high growth during the period of 2017 to 2023. However, retail customer will retain its dominance throughout the forecast period. Among the distribution channel, hypermarkets is projected to account maximum market proportion over the forecast period.
Competitive analysis-
This report includes a study of strategies used in the market, mergers and acquisitions in frozen food, multiple product launch by frozen food market players. It further includes product portfolios and developments of leading major players which includes
- Aryzta AG (Switzerland)
- General Mills Inc. (U.S.)
- Ajinomoto Co. Inc., (Japan)
- Nestle S.A. (Switzerland)
- Kraft Foods Group Inc. (U.S.)
- Cargill Incorporated (US)
- Kellogg Company (US).
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The global frozen food market is mainly occupied by some key manufacturers. The competitive environment in this market is estimated to increase, with an increase in product portfolio from current key players. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality. Regional Analysis
The global Frozen Food market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, Europe region is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. Asia-pacific will be the fastest growing region in the frozen Food market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offers ample opportunities for expansion to major players. The high consumption of processed and convenience food products in growing economies of Asia-Pacific and Latin America and growing demand for ready meals and sea food especially in China and India will be the crucial factor for the market growth.
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Posted by
Vivian Dsena
on Thursday December 07 2017, 1:01 PM EST.
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