Frozen Processed Food Market Overview
The frozen food industry was worth USD 89.3 billion in 2021 and is expected to grow at a CAGR of 5.0 percent to USD 199.24 billion by 2027. The industry is being driven by changes in the retail landscape, increased demand for convenience foods, and technical developments in the cold chain market. The growing desire for fresh as well as natural food products, on the other hand, is a stumbling block for the frozen food business.
One of the primary reasons supporting the development of the frozen processed food market outlook is the preserved organoleptic quality and nutritional value of the finished product. Frozen processed food sales are being boosted by a shift in customer living habits and a rising demand for "grab-and-go" food.
Key Players
Grupo Bimbo (Mexico),Tyson Foods Inc (USA),Nestle S.A. (Switzerland),Ajinomoto Company (Japan),Associated British Foods Plc (UK),General Mills (USA),Unilever Plc. (UK),Conagra Brands Inc (USA),Kraft Heinz Company (USA),McCain Foods Limited (Canada) are some of the frozen processed food market key players
Market Segmentation
Type, service, technology, and marketing differentiate the frozen processed food sector.
The market is separated into ready-to-cook and plant-forward foods depending on service.
The frozen processed food market insights are separated into recyclable and reusable pouches depending on technology.
Meat and poultry products, frozen dinners and entrees, frozen pizza, frozen dairy desserts, frozen fruits and vegetables, different varieties of frozen potatoes, plus frozen pieces of bread and uncooked dough are the various forms of frozen potatoes.
Depending on the vertical, this market is divided into supermarkets, specialty stores, hypermarkets, retail stores, and online stores.
Regional Classification
The frozen processed food market in North America is expected to lead the world in all areas. The strong consumer preference for convenience foods is a major factor in North America's growing industry. The fast-paced lifestyle and growing population of working women, particularly in the United States, have a beneficial impact on the frozen processed food market share. The industry is also benefiting from increased investments by key companies in the RD sector. However, growing consumer awareness of the drawbacks of processed food intake is one of the major roadblocks to industry expansion.
Industry News
Because frozen items involve less time and effort than cooking from scratch, rising customer preference for convenience foods implicitly encourages growing demands for frozen products. Because of customers' hectic lifestyles, the processed food sector is driven by a higher need for ease. As a result, demand for frozen foods rises. Increasing disposable income is another aspect that has a significant impact on the frozen food market's development because it enhances consumers' purchasing power.
Subway, KFC, Pizza Hut, McDonald's, as well as Frozen Potatoes have all increased their use of frozen food products, which is driving the worldwide frozen food sector. Furthermore, the adoption of these items by a variety of end-users, including full-service restaurants, hotels, and resorts, as well as quick-service restaurants, is projected to propel the industry forward.
Online grocery shopping and the development of new apps are two recent industry advancements that make it easier for consumers to select their chosen products. Consumers like internet purchasing because of the convenience and variety it offers. As per Eurostat, about 25% of the population purchased food and consumables through online retail channels in 2018. Retail grocery shopping is becoming one of the channels for businesses to exhibit and sell their food goods as the Internet as well as smartphone usage grows.
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