The global frozen food market size is expected to reach USD
380.5 billion by 2027, expanding at a CAGR of 3.4%, according to a new report
by Grand View Research, Inc. Rising consumers preference for the ready-to-eat
food products which needs least preparation as well as cooking time and offers
higher shelf life is the key driving factor for the market. Moreover, shifting
consumer dietary preference in hectic and busy life across the global is
anticipated to offer new scope for the market over the forecast period.
Over the past few years, people are finding
less time for cooking at home owing to their busy schedule. This, in turn, is
driving demand for frozen food across the globe as it can be cooked in less
time. Thereby, in order to sever better, the manufacturers are launching all kinds
of frozen items such as frozen potatoes, ready meals, meat, fish products,
which is expected to promote frozen food market scope over the next few years.
The sudden breakdown of coronavirus across the
globe has significantly surged the demand for frozen food owing to its property
of keeping nutrition for long time and higher shelf life as compared to the
fresh veggie, fruits, and meat. Almost all the countries in the world have
proposed a country level lockdown in which people are restricted to go outside
their houses. This panic situation around the globe has propelled the demand
for the frozen food products as it helps the customers to avoid regular market
visits.
Europe and North America have got affected
severely due to this pandemic. According to the local news of U.S., the demand
for frozen meat especially hotdog has increased by around 300.0% in the second
week of March, 2020. These market trends are anticipated to expand the scope of
frozen foods as shelf-stable products over the forecast period.
For full research report on Frozen Food
Market visit here:
https://www.grandviewresearch.com/industry-analysis/frozen-food-market
Further key
findings from the report suggest:
- Frozen potatoes are anticipated to be the
fastest growing product segment with a CAGR of 4.0% from 2020 to 2027
owing to increasing demand for french fries as well as rising application
of potatoes in various types of cuisines across the globe
- Frozen ready meals was the largest product
segment with a market share of more than 30.0% in 2019 and expected to
maintain the dominance over the forecast period owing to large consumption
among working class people around the globe specially in North America and
Europe
- Europe was the largest market for frozen food,
accounting for a share of more than 35.0% in 2019. Strong acceptance of
long-shelf products among the consumers of key markets including Germany,
U.K., and France is expected to remain a key favorable factor for the
industry
- Asia Pacific is anticipated to be the fastest
growing region with a CAGR of 3.9% from 2020 to 2027 owing to increasing
trend of ready-to-eat food among the working-class people and college
grads of countries such as China and India
- Mergers and acquisitions is expected to remain
a key strategy among the industry participants. For instance, in October
2018, ConAgra Brands Inc. completed the acquisition of Pinnacle Foods at
USD 10.9 billion.
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/frozen-food-market/request/rs1
Grand
View Research has segmented the global frozen food market on the basis of
product and region:
Frozen Food
Product Outlook (Revenue, USD Billion, 2016 - 2027)
- Fruits &
Vegetables
- Potatoes
- Ready Meals
- Meat
- Fish/Seafood
- Soup
- Others
Frozen Food
Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Central & South
America
- Middle East &
Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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