Frozen Meat and Fish Market - Growth, Trends, and Forecasts ( 2022 - 2027)

The frozen Meat and Fish Market is projected to register a CAGR of 5.78% during the forecast period (2022-2027).

During the COVID-19 pandemic, the majority of nations experienced varied degrees of lockdown or self-quarantine, which had an influence on frozen meat and fish-eating habits. Meat delivery was forbidden in locations where the pandemic was more severe and widespread, such as parts of Italy. To go grocery shopping in countries such as Greece, France, and Italy, people had to apply for permits. Fresh meat, frozen meat, and canned meat all saw large increases throughout that time period, with frozen meat being one of the most popular since it is not as perishable as fresh meat.

Over the medium term, it is expected that the frozen meat and fish market will grow significantly. Companies have recognized the importance of e-commerce, and several players are now partnering with third-party retailers to deliver products to customers' homes. Transparency is another factor that is expected to influence the market. There have been reports of improperly labelled and counterfeit items being sold in the market. For example, Conagra Brands, Inc. recalled frozen beef goods in March 2022 owing to misbranding and undisclosed allergies.

People are willing to spend a greater price for superior quality. Consumers always favour brands that focus on producing frozen meat items that contain no preservatives or have less of them. Thus, consumer's preference for healthy eating will drive the demand for frozen meat and fish items branded "organically" and free of preservatives. Individuals's attitudes about frozen food are also expected to drive the industry and people increasingly buy frozen meat products without hesitation because of the benefits they offer over fresh meat, such as shelf life.

All these factors such as perpection of people towards frozen meat, rise in sale of organic frozen meat and fish, prematuriztion and other factors will propel the market in the forecast period.

Key Market Trends

Longer shelf lives, expenditure on frozen meals, and price point, these factors are pushing the market

The introduction of products with longer shelf lives, consumer desire to stock up in case of food shortages, perishability, and shopping frequency are the primary drivers of the market. These circumstances have resulted in the necessity to stockpile eatables in homes that may endure for a longer period without spoiling, which has increased sales of frozen meat and fish. For example, the American Frozen Food Institute (AFFI) announced in February 2021 that sales of frozen meals such as seafood and chicken were 21.0% higher than in 2019, with double-digit sales of all sorts of frigid/chilled meals. Furthermore, retail demand for the aforementioned goods has been 15-20% greater than it was during the pandemic. Perception of people regarding frozen meat is also changing, more people are considering frozen meat and fish as good as fresh meat and fish. This perception of people increased annual expenditure on frozen meals, as per the data from the Bureau of Labor Statistics, the average annual expenditure on frozen meals per consumer unit in the United States in 2020 was USD 53.81. In short term, an increase in these numbers is expected which will push the frozen meat and fish market heavily.

Apart from all these factors, price is still one of the most important factors considered by the consumers, Generally fresh meat and fish are more expensive than frozen fish and meat. Taking all these factors into consideration, it is expected that in the forecast period (2022-2027), the market for frozen meat and fish will grow at a faster pace.

Europe is the largest Market

Europe is the largest market for frozen meat and fish, and the per-capita consumption of meat has increased in the last few years in the region. Germany, Poland, France, Italy, Spain, and the United Kingdom are showing significant growth in sales of frozen meat and fish, and the market share of frozen seafood is expected to grow faster than the other product types, as per the Eurobarometer poll 2021, the vast majority of Europeans (64%) continue to consume fish regularly, ideally, at home, frozen items are the most popular, slightly ahead of fresh and canned goods. As per the poll, Nearly 80% of people buy fish or seafood items at the grocery store, supermarket, or hypermarket, considerably outnumbering any other location. These numbers depict the need to develop online-sales channels to push the market further. It is expected that players will expand their reach further across Europe by investing heavily in online platforms. The poll also indicated that one-fifth of Europeans (21%) claim they eat seafood at least once a month. This is also a good indicator for the market, as frequent consumption leads to frequent shopping, but due to the dynamic lifestyle of people getting fresh meat and fish is generally difficult, this generates the need for frozen meat and fish, as they have longer shelf-life. All these factors coupled together will push the market significantly in Europe in the forecast period.

Competitive Landscape

The Frozen meat and fish Market is very competitive, with several regional and worldwide rivals. Conagra Brands Inc., Clearwater Seafoods, Pilgrim's Pride Corporation, and others dominate the market. Major firms are working on increasing their manufacturing facilities in order to increase their worldwide market presence and develop their brand portfolio in order to cater to varied customer demands. Mergers and acquisitions are one of the favored strategies used by firms to enter foreign markets, as example, Nomad Foods Limited announced in March 2021 that it has signed an agreement to buy Fortenova Group's Frozen Food Business Group (FFBG) on a debt-free, the cash-free basis for an aggregate price of approximately EUR 615 million. Nomad Foods Limited will be able to explore new and intriguing markets in Central and Eastern Europe as a result of this Expansion. FFBG is the market leader in various European countries.

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