Research report presented by UnivDatos, Emphasis on Product Category (Ready to Eat, Ready to Drink, Ready to Cook), Product Type (Frozen Meat Products, Frozen Fish/Seafood, Frozen Ready Meals, Frozen Bakery Products, Frozen Pizza, Frozen Potato Products, Others), Distribution Channel (Hypermarkets/Supermarkets, Independent Retailers, Convenience Store, Others (Specialist Retailers, Online)) and Geographical analysis (key regions and countries).
As per the research report, Global Frozen Food Market was valued at US$ 232.42 billion in 2019 and is anticipated to reach US$ 320.06 billion by 2026 displaying an elevated CAGR of 4.6% over the forecast period (2020-2026). Frozen foods are becoming an increasingly important aspect of people's everyday diets. Due to the rise in demand for ready-to-eat meals, the food processing industry has been forced to develop new products in the form of frozen foods to satisfy the rising demand. For the global frozen foods industry, rising demand for convenience and Ready-to-Eat (RTE) food items is a significant growth driver. Frozen foods' longer shelf life and lack of oxidation are also driving up demand around the world. Furthermore, the widespread availability of these foods in a variety of forms has fuelled demand. The growing population, combined with rising disposable income levels, has had a positive effect on overall product demand, especially in emerging regions such as Asia Pacific. Furthermore, cold chain technology plays a critical role in propelling the frozen food industry, as it aids in the transportation of goods both domestically and internationally. As the eating patterns of the urban population have changed drastically, the global market for fresh and processed fruits and vegetables has skyrocketed. This demand is met by using cold chain logistics to keep frozen food supplies at the proper temperature and consistency. The powerful global cold chain services available in developing economies have sparked an increase in the export and import of frozen food. According to the International Association of Refrigerated Warehouses (IARW), a founding member of the Global Cold Chain Alliance (GCCA), global refrigerated warehouse volume rose to 616 million cubic metres (m3) in 2018, up from 552 million cubic metres (m3) in 2014.
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Furthermore, almost 25% of the population purchased food and groceries via online shopping outlets in 2018. Retail grocery shopping is now one of the outlets for businesses to showcase and market their frozen food items as the internet and mobile use grows. Fruits and vegetables, dairy products, baking products, meat and fish products, convenience food and ready meals, and other products make up the frozen food products industry. Because of their high purchasing ability, developed countries such as the United States, Germany, France, and Japan lead the frozen food industry. Although fast foods and ready meals have the highest market share, this can be due to people's hectic work schedules around the world, which has led to increased global consumption of frozen foods.
“Amongst Product Category, Ready-to-Eat food segment dominated the market in 2019, accounting for 42.9% share in terms of value”
The global frozen food industry is divided into three categories: ready to eat, ready to prepare, and ready to drink frozen foods. The rising success of ready-to-eat meals can be attributed to the sheer comfort and ease they provide, as well as an increase in the number of working women, disposable income, and changing lifestyles. By 2026, the segment is expected to produce sales of US$ 138.52 billion.
“Frozen Ready Meals dominated the product type segment of the frozen food market in 2019, followed by Frozen Fish/Seafood”
The global frozen food industry is divided into Frozen Meat, Frozen Fish/Seafood, Frozen Ready Meals, Frozen Bakery, Frozen Pizza, Frozen Potato, and other categories based on product type. The market's rise has been fuelled by a growing preference for frozen ready meals, increased fitness literacy, and increased spending on health and wellness. In 2019, the division brought in US$ 54.05 billion in sales. During the forecast period 2020-2026, the Frozen Bakery Products segment is expected to rise at the fastest rate of 5.1 percent.
“Frozen Foods are majorly sold through Supermarket/Hypermarket, followed by Independent Retailers”
The global frozen food market is divided into supermarkets/hypermarkets, independent retailers, convenience stores, and other outlets such as specialty retailers and online modes based on delivery platform. Due to cost-effectiveness and usability, the preference for supermarkets/hypermarkets in terms of ease of selection over traditional delivery outlets for purchasing frozen goods has skyrocketed. Via the selling of frozen food goods, the market is projected to produce revenue of US$ 226.26 billion by 2026.
“Europe was the largest market for the frozen food industry in 2019, accounting for 38.5% share”
A comprehensive country-level study of the frozen food industry was performed for major regions/countries such as the Americas (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea), and the Rest of the World. It has been noted that the majority of European countries favour goods produced domestically. Increased government effort and funding to improve domestic frozen food demand, such as meat and poultry products, is projected to boost the frozen food industry globally in the near future. Furthermore, evolving habits, a growth in the female workforce in the business sector, and a rising market for vegan frozen food are all contributing to a rise in demand for frozen food items in the area over the projected period. By 2026, Asia-Pacific is forecast to produce $81.74 billion in sales.
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