The global frozen food market is estimated to garner $306 billion by 2023, registering a CAGR of 4.1% throughout the forecast period 2018 - 2023. The deep-frozen food products which can be stored and utilized over a long period are referred to as frozen foods. The most widely used frozen food products are frozen ready-to-eat meals, fruits & vegetables, meat & poultry, seafood, soups, and a similar array of products.
Market Drivers and Restraints:
The growth of the frozen food market would initially be driven by the growing demand and consumption of frozen foods in the developing markets across Asian countries like India and China. The rise in disposable incomes together with a change in lifestyle and food habits are key factors that fuel the market growth in these regions. Furthermore, a quick increase in several big retail chains, including hypermarkets and supermarkets, has bolstered the demand for frozen food in the developing Asian countries. Nevertheless, lack of proper refrigeration facility in retail stores and small distribution facility in semi-urban and rural areas are the key challenges for the industry in developing markets.
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Key geographic regions are North America, Europe, Asia-Pacific, and LAMEA. North America and Europe are the huge developed markets of frozen food, whereas developing markets, including Asia-Pacific and LAMEA, are catching up fast.
Important market players:
Major companies that work in this market have adopted acquisition and new product development as their major business strategies to gain a competitive edge over the other players. Aryzta is one of the biggest suppliers of a frozen bakery in North America and Europe. Nestle is a dominating player in frozen pizza segment in North America and Europe. Mac. Cain foods launched local food variants in India, explicitly developed as per the traditional food habits of customers. Leading players in the market include Aryzta A.G., General Mills Inc., Kraft Foods Group Inc., Ajinomoto Co. Inc., Cargill Incorporated, Europastry S.A., JBS S.A, Kellogg Company, Nestle S.A., and Flower Foods.
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