Pune, India, July 31, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Frozen Food Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Distribution Channel, and Geography,” the frozen food market is expected to grow from $ 251.16 Billion in 2021 to $ 373.77 Billion by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028.
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Frozen food consists of frozen desserts, meat, poultry, seafood, snacks, ready meals, fruits, vegetables, soups, etc. These products are preserved by freezing which prevents them from microbial and pathogenic attacks. Frozen food has an extended shelf life of 3-6 months making them highly convenient. Moreover, freezing retains the essential vitamins, minerals, and other nutrients in the food which makes them more nutritious. Frozen food products are gaining massive traction among working population as they are convenient to consume and require minimum preparation time. Due to the hectic lifestyle, people are seeking for products that help them in saving cooking time and hassle. This factor is primarily driving the growth of frozen food market.
Growing Consumption of Convenience Food to Provide Lucrative Growth Opportunities to Frozen Food Market Players
Over the past few years, the lifestyles of people across the world have evolved dramatically. Due to hectic work schedules, people’s dependency on products saving time and effort has increased. The surge in the consumption of high-quality convenience food is one of the biggest trends in the food industry. Convenience food, such as frozen snacks, frozen meals, cold cuts, and ready-to-eat products, allows consumers to save time and efforts associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. The development and popularity of these food items are ascribed to many social changes; the most notable of these are the increasing number of smaller households and the rising millennial population across the world. Due to hectic work schedules, millennials prefer to be efficient with their time, rather than spending it on tedious tasks. Thus, they are more likely to spend their money on convenience food. These factors are significantly boosting the demand for convenience food among consumers, eventually boosting the growth of the frozen food market.
In recent decades, women's participation in workforces in different countries has increased tremendously. Such a significant rise in the employment of women boosts the popularity of convenience food, such as frozen food, among working-class populations.
Frozen Food Market: Segmental Overview
Based on type, the frozen food market is categorized into frozen desserts; frozen meat, poultry, & seafood; frozen bakery; frozen snacks & appetizers; frozen ready meals; and others. The frozen meat, poultry, and seafood segment held the largest share of the market in 2022. Frozen meat includes beef, goat, lamb, and pork. Poultry consists of white meat derived from chicken & turkey. Seafood includes fish, crustaceans such as crabs & lobsters, and mollusks such as clams, oysters, scallops, and mussels. The rising consumption of meat products, especially poultry meat, is driving the frozen meat, & poultry segment growth. According to the US Department of Agriculture (USDA), in 2021, the beef production in the US was US$ 5,866.54 million, pork production accounted for US$ 2,872.6 million, and poultry production accounted for US$ 5,267.81 million. Frozen meat products are growing in popularity as they can be stored conveniently, which reduces food wastage. The rising demand for frozen meat, poultry, and seafood products owing to their extended shelf life and requirement of minimum preparation time are driving the segment’s growth in frozen food market.
Based on distribution channel, the frozen food market is categorized into supermarkets & hypermarkets, convenience stores, online retail, and others. Supermarkets and hypermarkets segment held largest share in 2022. Supermarkets and hypermarkets are large retail establishments that offer a wide range of products, such as groceries, foods and beverages, and other household goods. Products from various brands are available at reasonable prices in these stores, allowing consumers to shop quickly and find the right product. Supermarkets and hypermarkets provide an array of frozen food brands to cater to consumers’ demands. In such stores, products are properly arranged on the shelves for easier customer access.
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Impact of COVID-19 Pandemic on the Frozen Food Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry.
In the pre-pandemic period, the frozen food market was mainly driven by high demand for ready-to-eat, ready-to-cook, and instant frozen snack products owing to people's hectic lifestyles. However, many industries faced unprecedented challenges due to the COVID-19 outbreak in 2020. The food & beverage industry declined due to the shutdown of manufacturing units and supply chain disruption. The pandemic disturbed the manufacturing processes with restrictions imposed by government authorities in various countries. However, the outbreak provided lucrative opportunities for the manufacturers of frozen food. During the initial phase of the pandemic, almost all the countries in the world have proposed a country-level lockdown in which people are restricted from going outside their houses. This global panic situation has propelled the demand for frozen food products owing to their higher shelf life.
Frozen Food Market: Competitive Landscape
Conagra Brands, General Mills, Pepperidge Farm Incorporated, Bonduelle Group, McCain Foods Limited, Bellisio Foods, Inc., Tyson Foods, Inc., Kellogg's Company, Nestlé S.A., and The Kraft Heinz Company are among the players operating in the frozen food market. These players are focusing on new product launches and geographic expansions to meet the growing consumer demand worldwide. The widespread presence of these companies in the world helps them serve a large range of customers, subsequently allowing them to increase their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios, further surging the frozen food market growth.
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