According to the latest market study released by Technavio, the global frozen food market is expected to reach USD 311.9 billion by 2021, growing at a CAGR of more than 6%.
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Technavio has published a new report on the global frozen food market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Frozen Food Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global frozen food market will register a steady growth during the forecast period, owing to the increasing demand for convenience. A high percentage of the female workforce, increased purchasing power, and expansive product portfolios are the factors that are expected to boost the market's growth. Frozen food is also available in gluten-free, dairy-free, and non-genetically modified organism (non-GMO) varieties. The increased shelf life of frozen food products along with easy storage conditions will likely enhance their sales during the forecast period. Frozen food products will witness increased adoption in countries such as the US, Germany, the UK, and China.
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Technavio's food and beverage research analysts categorize the global frozen food market into the following segments by product. They are:
- Frozen ready-to-eat meals
- Frozen meat and poultry
- Frozen fish and seafood
- Frozen fruits and vegetables
- Frozen potato products
- Frozen soup
The top three revenue-generating product segments for the global frozen food market are discussed below:
Frozen ready-to-eat meals
The rise in the number of single-person households, growing working women population, and desire for convenience are the factors responsible for the rapid growth of the market.The Americas is the largest consumer of frozen ready-to-eat products, and frozen pizza is one of the most favored types of frozen ready-to-eat meals. Frozen ready-to-eat meals include Indian-style chicken curry, beef lasagna, chicken korma, Chinese chicken curry, creamy butter chicken, and Singapore noodles.
According to Manjunath Reddy, a lead food research analyst from Technavio, "Increase in the number of childrenand the growing older population base who favor instant meals rather than a fully cooked meal are responsible for the rising demand for frozen ready-to-eat meals."
Frozen meat and poultry
One of the popular frozen food product is meat and poultry as they are available in hygienic packages that are convenient to store. Moreover, Fresh meat bought from the market needs instant cleaning to avoid any deterioration in the taste or texture, whereas frozen meat just requires defrosting. Frozen meat also has a longer shelf life than fresh meat as ice crystals tend to freeze the meat's moisture.
"The easy accessibility of food items in convenience stores and supermarkets in huge varieties is adding value to these products. The popular frozen food products are meat, and poultry products are frozen beef, frozen duck, frozen turkey, frozen chicken, frozen bacon, and frozen gammon," says Manjunath.
Frozen fish and seafood
An increase in the number of working women, changes in purchasing patterns of consumers, busy lifestyles, and the availability of a wide range of frozen fish products is driving the frozen fish and seafood segment. Seafood and fish are light snacks that can be served at get-togethers as an appetizer. The growth of modern distribution channels along with technological advancements in processing, packaging, and storage of seafood products will also aid in the market's growth.
Europe is the largest market for frozen fish and seafood. Increased consumption of fish and seafood, high imports and exports, and increased disposable income drive the market in the region. Europe is one of the major fish producers, consumers, and traders. The UK, Denmark, France, Germany, Ireland, Italy, the Netherlands, Poland, Spain, and Sweden are key contributors to the market in this region.
The top vendors highlighted by Technavio's research analysts in this report are:
- Amy's Kitchen
- Conagra Brands
- McCain Foods
- Tyson Foods
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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