Frozen Food Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Aug 2020
  • Pages: 120
  • SKU: IRTNTR41071

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The frozen food market size will grow by USD 64.69 billion during 2020-2024. The market’s growth momentum will accelerate during the forecast period.

This frozen food market research report provides a detailed analysis of the market by product (frozen ready meals, frozen meat and poultry, frozen fish and seafood, frozen fruits and vegetables, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Ajinomoto Co. Inc., Bonduelle SCA, Conagra Brands Inc., Dr. August Oetker Nahrungsmittel KG, George Weston Ltd., Kerry Group Plc, McCain Foods Ltd., Nestlé SA, Nomad Foods Ltd., and Tyson Foods Inc.

Statistical Analysis of Frozen Food Market

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Market Competitive Analysis

The frozen food market is fragmented owing to the presence of many vendors operating in the market. Established vendors in the global frozen foods market have strong access to distribution channels and offer products in compliance with regulations. Several vendors offering frozen foods exist in the market. The market is also expected to witness moderate growth during the forecast period. In addition, frozen foods offered by vendors are available at low cost and are undifferentiated. Kerry Group Plc, McCain Foods Ltd., Nestlé SA, Nomad Foods Ltd., and Tyson Foods Inc. are some of the major market participants.

According to the frozen food market report, the vendors are mainly focusing on organic growth strategies and introducing new products and launching marketing campaigns. They are also opting for inorganic growth strategies such as mergers and acquisitions. Although the growing consumer inclination toward vegan frozen food will offer immense growth opportunities, the frequent number of product recalls will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this frozen food market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this report also provides information on the upcoming frozen food market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This frozen food market analysis report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Ajinomoto Co. Inc.
  • Bonduelle SCA
  • Conagra Brands, Inc.
  • Dr. August Oetker Nahrungsmittel KG
  • George Weston Ltd.
  • Kerry Group Plc
  • McCain Foods Ltd.
  • Nestlé SA
  • Nomad Foods Ltd.
  • Tyson Foods, Inc.

Frozen Food Market: Segmentation by Region

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North America will offer several growth opportunities to market vendors during the forecast period. The increasing number of consolidations through M&As and the growing innovative marketing campaigns by vendors as well as the premiumization of frozen foods products are some of the factors that will significantly drive the frozen food market growth in this region over the forecast period.

33% of the market’s growth will originate from North America during the forecast period. The US is the key market for frozen food in North America. Market growth in this region will be faster than the growth of the market in other regions.

Frozen Food Market: Segmentation by Product

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The increasing availability of nutrient-rich varieties of frozen ready meals and the rise in consumer shift toward healthy food options are contributing to the frozen food market share growth by the frozen ready meals segment.

The frozen food market growth by the frozen ready meals segment will be slower than the growth of the market by the frozen fruits and vegetables segment. This report provides an accurate prediction of the contribution of all the frozen food market segmentation.

Frozen Food Market Dynamics

The growing consumer inclination toward vegan frozen food is one of the key factors driving the the growth of frozen food market size. With the rising awareness about the health benefits of vegan food, the demand for plant-based dairy alternatives and food products has increased. In addition, the demand for meat alternatives in countries such as the UK and the US has increased. This is further encouraging vendors to innovate frozen vegan products to provide healthy alternatives such as tofu and wheat-based protein products. Companies are launching new products, including frozen food items such as vegan frozen burgers, fillets, and vegetable balls.

To achieve a competitive edge in this global market, companies are focusing on adopting various strategies and technological innovations which is one of the key frozen food market trends influencing the growth of the market during the forecast period. Vendors have started launching products in resealable pouch packaging and are using multi-use recyclable carton packages to avoid the loss of nutrients in frozen foods. It has also helped in minimizing the use of harmful plastic packaging. The adoption of quick frozen (IQF) technology that helps produce superior food products and providing products in heat-and-eat containers that allow consumers to cook their products in a short period are some of the other strategies adopted by companies. As a result of these factors, the frozen food market will grow at a CAGR of about 11% during the forecast period.

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Key Highlights of the Frozen Food Market Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive frozen food market growth during the next five years
  • Precise estimation of the frozen food market size and its contribution to the parent market
  • Frozen food market facts & figures and accurate predictions on upcoming trends and changes in consumer behaviour
  • Estimation of potential frozen food market by product and geography
  • Identification of key countries across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of frozen food market vendors 

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The frozen food market growth will increase by $170.00 billion during 2019-2024.
The frozen food market is expected to grow at a CAGR of 11.08% during 2019-2024.
Technavio has segmented the frozen food market by product (Frozen ready meals, Frozen meat and poultry, Frozen fish and seafood, Frozen fruits and vegetables, and Others) and geographic (Europe, North America, APAC, South America, and MEA).
Ajinomoto Co. Inc., Bonduelle SCA, Conagra Brands Inc., Dr. August Oetker Nahrungsmittel KG, George Weston Ltd., Kerry Group Plc, McCain Foods Ltd., Nestlé SA, Nomad Foods Ltd., Tyson Foods Inc. are a few of the key vendors in the frozen food market.
North America will register the highest growth rate of 41.97% among the other regions. Therefore, the frozen food market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the frozen food market growth are:
  • Expansion of retail stores offering frozen food
  • Technological innovations
The frozen food market vendors should focus on grabbing business opportunities from the frozen ready meals segment as it accounted for the largest market share in the base year.

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