Global Frozen Food Market: Demand Analysis and Growth Forecast
According to the Food and Agriculture Organization of the United Nations, food losses and waste amount to $680 billion in industrialized countries and $310 billion in developing countries. This wastage can be significantly reduced by implementing the freezing technologies for preserving food and transporting them to the needs. This factor is adding significant impact on the global frozen food market, according to a recently published market research report from IndustryARC. The analyst of the report has evaluated the global frozen food market to be worth $225 billion to $228 billion in 2018, and the demand to increment at a substantial compounded annual growth rate (CAGR) of 3.5% to 5% during the forecast period of 2019 to 2025. The report is titled “Frozen Food Market: Product Type (Ready to Eat Meals, Vegetables, Fruits, Meat, Seafood, Soups) Distribution Channel (Supermarkets, Hypermarkets, Online Vendors, Convenience Stores) Geography – Forecast (2019 - 2025).”
Browse 52 Market Tables, 176 Figures spread through 159 slides and an in-depth TOC “Frozen Food Market (2019 - 2025)”
Global Frozen Food Market: Leading Segments
The analyst of the report identifies the ready meal- product segment as the leader among all application catered by the frozen food market companies, projecting its value to multiply at a CAGR of around 2.5% to 4% during the forecast period 2019 to 2025. Frozen ready-meals such as frozen fish and seafood, frozen meat and poultry, and frozen fruits and vegetables have much long shelf life as well as aid in transportation across distances. Owing to factors such as growing working women population, the rising number of single-person households, and the desire for convenience reflecting positively over the frozen food market.
Based on the geographical analysis provided in the report, Europe held the largest share, accounting for around 30% to 32% in the global frozen food market in 2018. The increasing number of options in the frozen food sector as well as the growing number of time-starved consumers and the rising preference for convenience food are driving the growth of the frozen food market in this region.
The rising disposable income among emerging economies’ urban populations has augmented the purchasing power, making frozen food market products affordable for greater masses. Advancements in freezing technologies, packaging technologies, adoption of environmental measures, and further customized options will offer its consumers a wide range of services in the frozen food marketplace in the near future.
Cryogenic freezing, one of the most widely used methods for food preservation, uses ultra-low liquid nitrogen temperature −196 °C (−320 °F) for quick freezing. This method disallows any added preservatives as microorganisms do not grow when the temperature of the food is below −9.5 °C (15 °F), a temperature that is sufficient on its own in preventing food spoilage. Frozen food is packed in cartons and crystallized PET trays to preserve the food more effectively. This technological innovations and methods are propelling the growth of the frozen food market.
Frozen Food Market Trends
Premiumisation is a key trend which is growing frozen food. The broad-spectrum of consumer insight about superior products is that they are made using high-quality ingredients and are better than conventional products is hastening the sale of premium frozen food products.
Lyophilization or freeze-drying is a very amiable dehydration process used for preserving high-quality foods. This will freeze the foods hastily in order to avoid the formation of large ice crystals, which deteriorate the final product quality.
Frozen Food Market Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global frozen food market are: Nestle SA, Unilever, Kellogg Company, General Mills Inc, Conagra Brands, Inc., Grupo Bimbo S.A.B. de C.V., McCain Foods Limited, Kraft Heinz Company, Associated British Foods plc, Ajinomoto, and Vandemoortele NV.
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Frozen Desserts Market: Product Type (Ice-creams, Frozen Yogurt, Frozen Cakes, Others) Buying Type (Impulse, Take-Home) Distribution Channel (Supermarkets/Hypermarkets, Food Service Outlets, Specialty Stores, Online Stores, Others)-Forecast (2018 - 2023)
Food Flavors Market: By Type (Flavor Additives and Flavor Enhancers), By Application (Beverages, Bakery and Confectionery, Dairy and Frozen Products, Snacks and Savory, Animal and Pet Food) - Forecast (2018-2023)
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