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The Frozen and Convenience Food market size is projected to increase by USD 377.55 billion and the market size is estimated to grow at a CAGR of 7.1% between 2022 and 2027.
One of the main factors driving the market is the growing consumer inclination toward vegan frozen foods. There is an increasing preference for vegan food among the consumer segment. The main segments in vegan food include plant-based food products and plant-based dairy alternatives. There is a significant increase in demand for vegan foods in so many countries, especially the UK and the US. This demand is further fuelled by the rising demand for meat alternatives among consumers in these countries. As a result, several companies in the market are launching new frozen vegan products to cater to consumer preferences. For instance, in January 2020, Nestle SA introduced plant-based sausages in Europe and the US. By the introduction of this product line, the company is catering to the consumer demand for meat-free evening meals. Hence, such factors are expected to drive the global market during the forecast period.
The report includes an in-depth analysis of drivers, trends, and challenges.
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A key factor shaping the market is the increasing need for convenience. There is an increasing preference for ready-to-eat meals due to the increasingly hectic lifestyles of consumers. The main reason for the growing preference for ready-to-eat meals is that it reduces the preparation or cooking time and clean-up time.
Hence, convenience is a vital factor that is fuelling the demand for ready-to-eat foods which in turn positively impacts the convenience and frozen food market. Factors such as advancements in refrigeration, an increasing number of single-person and smaller households, and a growing number of working women are fuelling the demand for these foods. Hence, such factors are expected to drive the market during the forecast period.
Health risks associated with the consumption of frozen foods are a major challenge hindering the market during the forecast period. Frozen foods are referred to as processed foods that are required to be stored at very low temperatures to prevent spoilage and improve their shelf life. Several frozen food manufacturers are often using low-cost alternatives instead of healthy ingredients.
Additionally, the daily consumption of frozen food can lead to several health issues such as kidney disease, diabetes, dementia, and obesity. Furthermore, daily consumption of frozen food can lead to an increasing risk of developing high blood pressure and other health issues. Hence, there are many side effects and health issues regarding the frequent consumption of frozen food which is expected to hinder the market growth during the forecast period.
The increasing preference for the convenience food segment is increasing the market growth during the forecast period. There is an increasing preference for the convenience food segment and this segment mainly caters to those consumers who lack cooking skills and long work hours. Hence, it has become increasingly easy for consumers to prepare convenience foods as they do not have to buy preserved ingredients separately. Furthermore, the rising number of grocery stores increases the availability of packaged foods for consumers which has significantly contributed to the growth of this segment. Hence, such factors are expected to drive market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The offline segment mainly comprises supermarkets/hypermarkets, convenience stores, grocery stores, and local merchants. The wide availability of different kinds of frozen and convenience food products such as peas, chips, fish fillets, bread, preserved fruit, nuts, snacks, pizza sausages, and chicken across these stores are fuelling the growth of this segment which, in turn, is positively impacting the convenience and frozen food market growth. In the offline segment, hypermarkets and supermarket segments are mainly offering various brands at competitive prices.
The offline segment was the largest segment and was valued at USD 527.43 billion in 2017.
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Some of the key factors that influence the purchasing decision of consumers in several retail outlets such as hypermarkets, supermarkets, convenience stores, and clubhouse stores include convenience, huge SKUs, and a wide brand variety. There is an increasing preference for department stores among consumers due to the availability of a wide variety of products under a single roof. Several retailers in the market are introducing new business strategies such as competitive pricing, discount offers, and attractive to cater to a large consumer segment. Hence, such factors are expected to fuel the growth of the offline segment which in turn will drive the market growth during the forecast period.
North America is estimated to contribute 45% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to companies is Europe. Some of the prominent markets in Europe for frozen food include UK, Germany, and Spain. Factors such as the rising number of M&A between companies, innovative marketing campaigns by companies, and premium offering of frozen food products are significantly contributing to the growth of the convenience and frozen food market in the region.
For instance, one of the prominent examples of M&A in Europe is General Mills acquiring a rapidly expanding away-from-home pie in 2022. The prime example of an innovative marketing campaign by a prominent vendor in Europe is a new advertising campaign launched by Young Seafood in 2020. It involved the participation of volunteers in demonstrating the company's contribution to improving their cooking skills. Some of the prominent companies in Europe which are offering frozen food include Nomad Foods and Young Seafood. Hence, such factors are expected to drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global market witnessed a significant slowdown due to the negative impact on the economies of several countries and the temporary closure of many food service processing units However, in 2021, the initiation of large-scale vaccination drives has lifted the lockdown and travel restrictions, which led to the restoration of operations food services, resulting in an increase in demand for frozen foods. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing rapid growth, driven by the increasing popularity of Ready-To-Eat and Ready-To-Cook products. Among the various Product Types available, including Frozen Fruits and Vegetables, Frozen Meat and Fish, and Frozen-Cooked Ready Meals, Frozen Snacks are particularly in demand.
This market is considered one of the Fastest Growing and Largest markets in the food industry. Distribution Channels such as HoReCa (Hotel/Restaurant/Café) and Retail play a crucial role in reaching consumers effectively. Innovations like Chocolate Shavings and Go-Gurt Freeze & Reveal tubes are reshaping the industry, offering unique and convenient options for consumers. The market overview highlights the importance of Frozen Dough and the role of facilities like the Joplin Production Facility in meeting consumer needs. Innoget provides a platform for industry players to collaborate and innovate, further driving the growth and trends in the Frozen Food Market. The market is witnessing significant growth, driven by Ready-To-Eat and Ready-To-Cook products. Frozen Fruits and Vegetables, Frozen Meat and Fish, and Frozen-Cooked Ready Meals are popular Product Types. Technological innovation, the clean-label trend, and sustainable packaging are shaping market trends.
The Global Frozen Food Market continues to expand, driven by insights from Food & Beverage Research, Processed Food Research, and Preserved Food Research. Frozen Food Research unveils trends in product categories like ready-to-eat and ready-to-cook, with various types including frozen fruits, vegetables, meat, fish, cooked meals, desserts, snacks, and more. Notably, Europe Dominates the Market, with key players like Frosta AG, General Mills India, Pillsbury, and Yoplait shaping the Frozen Food Industry Overview. Frozen yogurt has emerged as a popular choice. Distribution Channels encompass HoReCa and retail sectors, propelling this sector as the Fastest Growing Market in the industry.
Frozen And Convenience Food Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
Market growth 2023-2027 |
USD 377.55 billion |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
6.92 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 45% |
Key countries |
US, Japan, China, Germany, and the UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ajinomoto Co. Inc., Amys Kitchen Inc., Associated British Foods Plc, Bakkavor Group PLC, Cargill Inc., Conagra Brands Inc., Corporativo Bimbo SA de CV, EUROPASTRY SA, General Mills Inc., JBS SA, Kellogg Co., Lantmannen ekonomisk forening, McCain Foods Ltd., MTR Foods Pvt. Ltd., Nestle SA, Omar International Pvt. Ltd, The Kraft Heinz Co., Tyson Foods Inc., Unilever PLC, and Vandemoortele NV |
Market dynamics |
Parent market analysis, Market Forecasting, 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 the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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