The frozen food market is estimated to account for about USD 219.9 billion in 2018 and is projected to reach a value of about USD 282.5 billion by 2023, at a CAGR of 5.1%. Developments in the retail landscape, rising demand for convenience food, and technological advancements in the cold chain market are the major driving factors for the market. On the other hand, the rising preference for fresh and natural food products is a restraining factor for the frozen food market.
The convenient & ready meals segment is estimated to dominate the global frozen food market in 2018.
By product, the convenient & ready meals segment is estimated to dominate the global frozen food market in 2018. This is due to the changing and busy lifestyles of people, globally, which has increased the consumption of frozen foods, globally. Frozen foods are easy to prepare and take less time for preparation. They are healthy and have high nutritional value. Frozen food export business has also increased in recent times due to the high acceptance of these products among consumers and brand awareness among developing countries.
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The offline segment is estimated to account for the largest share in the frozen food market in 2018.
By distribution channel, the offline segment is estimated to account for the largest share in the frozen food market in 2018. The infrastructure of the convenience stores and hypermarkets includes freezing and temperature-controlled facilities, which are driving the growth of this segment as a distribution channel for frozen products.
The ready-to-cook segment is projected to grow at the highest CAGR during the forecast period in the frozen food market.
By type, the ready-to-cook segment is estimated to grow at the highest CAGR. Factors such as changing lifestyles and increasing population of working women are driving the growth of ready-to-eat frozen food, globally.
The Middle East & Africa market is projected to grow at the highest CAGR during the forecast period.
The Middle East & Africa is expected to witness the fastest growth during the forecast period. Population growth, rapid urbanization, and the rise in consumer awareness about the benefits of frozen food are the key factors driving the demand for frozen food in the region.
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Key Market Players:
The key players in this market include General Mills Inc (US), Conagra Brands, Inc. (US), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Unilever (the Netherlands), Kellogg Company (US), McCain Foods Limited (Canada), Kraft Heinz Company (US), Associated British Foods plc (UK), Ajinomoto (Japan), Vandemoortele NV (Belgium), Lantmannen Unibake International (Denmark). These players are focusing on improving their presence by undertaking acquisitions, expansions, and developing products specific to the requirements of consumers and their preferences. These companies have a strong presence in Europe and North America. They have also set up manufacturing facilities in various regions and have strong distribution networks.
- In June 2018, Lantmännen Unibake opened up a new production plant in Nowa Sól, Poland to increase its production capabilities.
- In October 2018, Conagra acquired Pinnacle Foods Inc. (US); the acquisition helped Pinnacle foods to widen its frozen meals & snacks and sweet treats categories.
- In September 2018, Grupo Bimbo added four frozen bakery lines to its Argentina plant. This step was taken to increase the export business of the company in neighboring countries such as Chile.
- In November 2018, Nestle launched Wildspace, a range of healthy frozen meals in reusable and recyclable containers. Wildscape meals include six different varieties, such as the gochujang cauliflower with Brussel sprouts, quinoa, chickpeas, pickled onions, riced cauliflower, and cashews.
- In May 2018, Nestlé launched meat-free brand—Garden Gourmet—in the UK. Garden Gourmet offers healthy meat-free products and is expected to strengthen the frozen ready meals segment in the UK.
Key questions addressed by the report:
- What are the new trending products that the frozen food companies are exploring?
- Which are the key players in the market and how intense is the competition?
- What are the upcoming growth trends that the frozen food manufacturers are focusing on in the future?
- What are the high growth opportunities in the frozen food market, for each segment?
- What are the key growth strategies adopted by major market players in the frozen food market?
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