14-Mar-2023 | Zion Market Research
The Global Frozen Foods Industry size was nearly USD 250.1 Billion in 2022 and is predicted to increase to approximately USD 553.1 Billion by 2030 along with registering a CAGR of nearly 5.2% from 2023 to 2030.
Generally, frozen foods retain nutrient value, vitamins, and minerals with no change in the carbohydrate, protein, and fat contents of the frozen foods. In certain cases, frozen foods possess a large proportion of vitamins & minerals in comparison to fresh foods which lose vitamins and minerals over a specific timespan when they freeze food to preserve nutrients. Moreover, frozen foods are a convenient, healthy, and affordable diet that is available in myriad flavors. Frozen foods include fruits, vegetables, whole grains, and dairy products.
Surge in demand for frozen foods has led to humungous demand for these products from McDonald, KFC, Pizza Hut, and Subway, thereby driving the global frozen foods market trends. Furthermore, a rise in the intake of these frozen food products in hotels, restaurants, and resorts will promulgate the scope of the growth of the global market. Increase in the popularity of convenience food items such as ready-to-eat meals will proliferate the revenue of the frozen foods market across the globe. Consumer spending on the shelf-stable diet has witnessed a steep rise over the past couple of years, thereby augmenting the demand for frozen foods across the globe.
However, the growing preference for fresh & natural foods can decimate the growth of the global frozen foods industry. Moreover, there is a notion among consumers that processed food is not nutritious and this factor can have a negative impact on the growth of the global industry. Nonetheless, growing online grocery shopping trends among consumers with thriving online retail stores have created new growth opportunities for the frozen foods industry across the globe.
The global frozen foods market is divided into product, type, distribution channel, and region.
In terms of distribution channel, the global frozen foods market is divided into offline and online segments. Furthermore, the offline segment, which accounted for the major market share in 2022, is projected to dominate the global market in the coming years. The segmental expansion can be attributed to the presence of strong infrastructure & storage and freezing facilities for hypermarkets/supermarkets and convenience as well as retail stores.
On basis of type, the global frozen food industry is sectored into raw material, ready-to-cook, and half-cooked segments. Moreover, the ready-to-cook segment is anticipated to record the highest CAGR during the assessment period. The segmental surge can be subject to aspects such as altering lifestyles and an increase in the working women population creating demand for ready-to-cook foods.
The frozen foods market in Europe, which accounted for a major share of the global market in 2022, is projected to register notable growth in the next couple of years. Furthermore, the regional market expansion in the next eight years can be due to the rapid increase in the population of Europe, swift urbanization, and growing consumer awareness about the benefits offered by frozen foods.
Furthermore, the frozen foods industry in North America is predicted to witness noticeable growth due to the rise in demand for frozen foods by the millennial population. In addition to this, growing demand for frozen food flavors such as mozzarella and savory chicken meatballs in countries such as Canada will steer the regional market trends. Rise in the consumption of frozen diets in countries such as Brazil and Mexico will embellish the growth of the frozen foods market in Latin America.
This review is based on a report by Zion Market Research, titled “Frozen Foods Market By Product (Convenience Food & Ready Meals, Fruits & Vegetables, Meat & Seafood, Bakery Products, And Dairy Products), By Type (Ready-To-Cook, Raw Material, And Half-Cooked), By Distribution Channel (Offline And Online), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/frozen-food-market
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