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The frozen food market size is forecast to increase by USD 132.77 billion between 2022 and 2027, accelerating at a CAGR of 7.73%. In 2017, the US held the largest market share, projecting an annual revenue of USD 53.31 billion. The market trends and analysis report covers industry forecast and is segmented into Product Type encompassing frozen ready meals, frozen meat and poultry, frozen fish and seafood, frozen fruits and vegetables, and others, Distribution Channel encompassing offline and online, and Geography encompassing Europe, North America, APAC, South America, and Middle East and Africa. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the above segments.
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The expansion of retail stores offering frozen food is a key factor driving the market growth. The expansion of the retail landscape and the increasing availability of products through various distribution formats is an emerging trend in the products market in Europe. The organized retail sector is undergoing a significant expansion, as indicated by the growing presence of supermarkets, hypermarkets, and specialty stores worldwide. Large, organized retailers primarily sell products such as frozen fish and seafood, frozen meat and poultry, and frozen fruits and vegetables. One of the major factors expected to drive the market growth and trends is the significant increase in the expansion of retail stores offering frozen food.
Product Type Segment Leads the Market
The frozen ready meals segment was the largest segment and was valued at USD 63.57 billion in 2017. Frozen food encompasses complete meals like pizza, pasta, croissants, and more. Its popularity is driven by convenience, but it's high in sulfur content and can affect blood pressure. To cater to health-conscious consumers, companies are expanding their frozen-ready meal options.
For example, in June 2021, Conagra Brands, Inc. introduced new frozen meals like Four Meat Pizza and Sesame Chicken with Zoodles. Similarly, in September 2022, Prasuma expanded its range with chicken nuggets, spring rolls, and samosas to attract younger customers. Key global vendors include Nomad Foods, Nestle, and Tyson Foods. The availability of diverse options is expected to impact segment growth.
Market - Revenue Share by Product Type Segment, 2017-2027
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North America Holds a Prominent Position in the Market
North America is estimated to contribute 44% to the growth of the global market during the forecast period.
Another region contributing to the market growth is Europe. Major European markets include the UK, Germany, and Spain. The growth of the European market is driven by vendor consolidations, innovative marketing, and the premiumization of products. For example, in September 2021, Nomad Foods acquired Fortenova Group's frozen food business for USD 637 million, expanding its reach. Some vendors, like Young Seafood, focus on marketing campaigns to enhance cooking skills.
Western Europe's market is expected to grow with increased product innovation and launches by vendors like Nomad Foods and Young Seafood. However, challenges lie ahead. Rising obesity levels may lead consumers to seek lower-calorie options due to health concerns like high blood pressure, diabetes, and joint issues. This preference for low-calorie foods could reduce consumption due to its higher calorie content.
Market Size, By Region, Global, 2017-2027
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The market is fragmented in nature. Some significant players include Ajinomoto Co. Inc., Aryzta AG, Conagra Brands Inc., Dr. August Oetker Nahrungsmittel KG, General Mills Inc.
The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Hanover Foods, J.R. Simplot Co., JBS SA, Kellogg Co., Lantmannen Unibake International, McCain Foods Ltd., Nestle SA, Nomad Foods Ltd., PNW Veg Co. LLC dba NORPAC, Smith Frozen Foods Inc., The Kraft Heinz Co., Tyson Foods Inc., Unilever PLC, Vandemoortele NV, and Wawona Frozen Foods Inc.
The market forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Frozen Food Market Scope |
|
Market Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.73% |
Market growth 2023-2027 |
USD 132.77 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.23 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ajinomoto Co. Inc., Aryzta AG, Conagra Brands Inc., Dr. August Oetker Nahrungsmittel KG, General Mills Inc., Hanover Foods, J.R. Simplot Co., JBS SA, Kellogg Co., Lantmannen Unibake International, McCain Foods Ltd., Nestle SA, Nomad Foods Ltd., PNW Veg Co. LLC dba NORPAC, Smith Inc., The Kraft Heinz Co., Tyson Foods Inc., Unilever PLC, Vandemoortele NV, and Wawona Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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