Global Frozen Food Market Is Expected To Attain A Market Value Of Us$ 320.06 Billion By 2026
The Global Frozen Food market is anticipated to reach the market valuation of US$ 320.06 billion by 2026 expanding at a reasonable CAGR of 4.6% in the course of the forecasted period 20202026) from US$ 232.42 billion in 2019. Consumers globally have recognized frozen food as one of the healthier options in the ambit packaged products available. Today frozen foods have become more accessible owing to the increase in number of large format retail stores. Major factors driving the industry constitute to be the customer craving, rising awareness and acceptance, increase in selling points, deeper penetration by organized players and surging availability of freezer space at the retail domain. Advances in freezing technologies, innovative refrigerator displays in supermarkets, better and faster supply chain solutions have been owing to the increasing consumption and therefore growing demand of frozen foods. Increase of the global population, scarcity of food in some regions, strong demand from emerging economies and specific demographic changes in the modern world have been the prime reasons for the growth of frozen foods market. The increasing number of women at workplace together with growing number of one-person households has also determined the upward trend of the demand for frozen foods. Frozen foods have become a regular part of daily diet worldwide accredited to changing lifestyles and increasing lifestyles.
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Online grocery shopping trend and new applications in the retail sector have also created several opportunities for overall processed food market thereby accelerating the frozen foods market. Globalization and increasing international trade have been the major factors responsible for the development of the frozen food industry. With economic development and increasing purchasing power parity (PPP), consumers now can afford premium products with improved nutritional value and shelf life. International trade of frozen foods products has gained prominence, complemented by improved transportation facilities. Increased consumption of frozen food products in the emerging markets of Asia Pacific and South America has also contributed to an increase in the sale of frozen bakery products while the demand in developing regions is driven by an increase in disposable income. Cold chain infrastructure has played an important role in driving the frozen food market, as it helps to transport products at both the domestic and international level. The rise in the export and import of frozen food is possible due to the strong global cold chain services available in developed economies.
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Based on the product category, the global frozen food market is fragmented into ready to eat, ready to cook and ready to drink frozen foods. The popularity of ready to eat meals has witnessed a rapid rise accredited to immense convenience and ease offered coupled with increasing working women population, increasing disposable income and changing lifestyles. The segment is anticipated to generate revenue of US$ 138.52 billion by 2026. Based on product type, the global frozen food market is bifurcated into Frozen Meat, Frozen Fish/Seafood, Frozen Ready Meals, Frozen Bakery, Frozen Pizza, Frozen Potato and others. Frozen Ready Meals segment generated revenue of US$ 54.05 billion in 2019. The Frozen Bakery Products segment is anticipated to register the highest CAGR growth of 5.1% during the forecast period 2020-2026. Based on distribution channel, the market is bifurcated into supermarket/hypermarkets, Independent Retailers, Convenience...
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