Dublin, Dec. 06, 2021 (GLOBE NEWSWIRE) -- The "Frozen Food Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global frozen food market is expected to grow from $167.34 billion in 2020 to $174.4 billion in 2021 at a compound annual growth rate (CAGR) of 4.2%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $224.2 billion in 2025 at a CAGR of 6%.
Asia Pacific was the largest region in the global frozen food market, accounting for 40% of the market in 2020. North America was the second largest region accounting for 30% of the global frozen food market. Africa was the smallest region in the global frozen food market.
Frozen food manufacturers are using technologies such as individual quick freezing (IQF) to improve yield and quality of frozen foods. The IQF method involves transferring the individual food items on a conveyor belt into a blast freezer that quickly freezes the items. With IQF method, every individual piece of food is frozen separately, as opposed to bulk or block freezing. This method boosts yield by 1.5-3% and results in better quality products with high nutritional value and less wastage. Examples of IQF foods include fruits such as blueberries, strawberries and peaches, and vegetables such as corn, peas and green beans. The global IQF vegetable market is expected to reach $2 billion by 2026, thus indicating significant demand for IQF food products in future.
The frozen food manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider frozen food market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The frozen food market section of the report gives context. It compares the frozen food market with other segments of the frozen and fruit & veg market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, frozen food indicators comparison.
Companies Mentioned
- Tyson Foods
- Nestle
- Conagra Brands
- Kraft Heinz Company
- General Mills Inc
For more information about this report visit https://www.researchandmarkets.com/r/h0wd7j
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