PUBLISHER: DataM Intelligence | PRODUCT CODE: 1325330
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1325330
Global Frozen Food Market reached US$ 30.1 billion in 2022 and is expected to reach US$ 46.8 billion by 2030 growing with a CAGR of 5.7% during the forecast period 2023-2030. The increasing demand for frozen snacks and frozen convenience food is driving the global frozen food market growth.
The various product launches and acquisitions worldwide are boosting the frozen food market growth. For instance, in May 2023, Bikano, India's snack and packaged food manufacturing company, announced the launch of frozen products in the international market wide range of savoury snacks, sweets, and frozen items. The availability of various frozen snacks, such as frozen pizza, desserts, and various frozen fruits and vegetables, is expanding the market.
The development in the retail landscape, increasing demand for convenience food and technological advancement in the cold chain market are major driving factors for the market. In addition, the high employment population, changing lifestyles, and increasing demand for ready-to-cook or ready-to-eat food drive the frozen food market.
The Growing Employment-Population Ratio is Driving the Global Frozen Food Market Growth.
The increase in the employment-population ratio positively influences the frozen food market growth. For instance, US employment-population ratio is about 60.30 % for May 2023. In 2022, Germany had around 80.6 percent of men and 73.1 percent of women employed. The increase in employment-population directly affects market growth due to its convenience.
The diverse increase in the working female population is left them with very little for cooking. The female employment in United States, as of 2022, was about 54.7 %. The female labor force participation rate in China was around 61.07 % in 2022. The frozen meals take less time and little amount to prepare meals, providing convenience to working women and driving market expansion.
New Product Launches Drive the Frozen Food Market Growth.
Launching new and innovative products from the key players in the market is driving market growth. The manufacturers are focussing on consumer requirements, changing preferences, and releasing new products like frozen meat, and frozen seafood into the market. For instance, in April 2022, Prasuma, India's leading chilled meat and frozen food brand, launched new products in its frozen food portfolio in a bid to continue captivating its customers.
Establishing several new food processing plants is proving the more significant expansion of the market. For instance, in April 2022, JBS S.A., a Brazilian meat processing enterprise, brought two new processed food plants in Saudi Arabia and the United Arab Emirates that mainly produce frozen food to expand its business in the Middle East.
The Health Concerns Related to Frozen Food Restrains the Market Growth.
There is an increased chance of nutrient loss in frozen food materials as they are stored at varying temperatures. Frozen foods are stored at a constant low temperature and tend to lose nutrients like vit C and folate. The difference in the nutritional values of frozen food to that of fresh and natural food is hindering market growth. The increasing healthy food habits and growing demand for fresh food restrain market expansion.
Frozen food undergoes many processing procedures. The heavy processing of the food may cause diseases, including increased blood pressure, diabetes, heart disease, and other health concerns. Furthermore, microbial contamination of defrosted meat can lead to food poisoning. The lack of infrastructure and food safety concerns is hindering the frozen food market growth.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The global frozen food market is segmented based on product type, and region.
In the Global Frozen Food Market, the Dessert Segment Holds the Largest Market Share.
The global frozen food market has been segmented by product type into meat & poultry, fish/seafood, fruits and vegetables, desserts, and others. The dessert products segment held the largest frozen food market share of 38.8% in 2022 in the frozen food market analysis report. The increasing demand for frozen convenience food and frozen desserts is raising the expansion of the segment's market growth.
The cool and refreshing nature of the frozen deserts is always people's favourite. The delicious taste and availability of various types & flavors of frozen desserts fuel the segment's growth. The new and premium product launches, such as vegan ice creams, are boosting the segment's growth. For instance, in 2022, Ben & Jerry's, an American manufacturer of ice cream, frozen yogurt, and sorbet, launched two plant-based ice cream flavors, including, chocolate milk & cookies and dirt cake.
The North America Region Held the Largest Frozen Food Market Share.
The global frozen food market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American frozen food market held the largest market share of 38.6% in 2022 in the frozen food market analysis. The rising demand for convenient and ready-to-eat foods is driving market growth in this region.
The increasing product launches in this region are driving market growth. For instance, In April 2023, JBS S.A., through its brand Seara, announced to launch of ten innovative frozen breaded poultry products in order to expand its portfolio of breaded chicken products in Brazil and satisfy its customers through its expansion. In addition, the rising disposable income and hectic lifestyle are increasing the market growth in this region.
The major global players in the market include Nestle, Tyson Foods, ConAgra Foods, Unilever, Pinnacle, Kraft Heinz, General Mills, Schwan's, Kellogg's, and Grupo Bimbo S.A.B. de C.V.
The unprecedented COVID-19 pandemic in 2020 profoundly affected the food industry. COVID-19 has considerably impacted the global food supply chain phases involving frozen food production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.
Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.
The COVID-19 pandemic issue has had an impact on the food industry as well. The COVID-19 pandemic is upending life, and the food sector is seeing increased trends like frozen food. The food businesses are launching innovative programs, including frozen food, that are straightforward to utilize.
The Global Frozen Food Market report would provide approximately 45 tables, 40 figures and 165 Pages.
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