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Global frozen foods market to reach $240 bn by 2031: Persistence Market Research
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Friday, 17 June, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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The global frozen foods market is presently valued at nearly $ 161 billion, and is expected to rise at a steady CAGR of 4% to attain an estimated worth of nearly $ 240 billion by 2031.
Busy life schedule is influencing consumers to shift their dietary preferences towards ready-to-eat food products. Hence, frozen foods have become an important part of modern diet.
Freezing or refrigeration allows consumers to have access to foods which were either unavailable or available only during particular season. Also, freezing helps the consumers to preserve their food products for future use.
Availability of wide range of frozen foods products in different food categories is the factor driving the global frozen foods market. Other driving factors are changing customer purchasing pattern and increasing urban population.
In the recent rise of vegan and plant-based food, demand for frozen vegan food has also gone up.
• To cater to this demand, plant-based frozen food brand Tattooed Chef exceeded its distribution goal of 10,000 stores, and is on a charge to become a major provider of plant-based frozen foods. The company also has plans to expand into refrigerated and ambient products soon.
• On August 17, 2021, Real Good Foods Company, a known name in the frozen foods industry, announced the launch of seven new frozen products in 1,500 Kroger stores across the United States. These new entrées are high in protein, low carb, grain-free, and gluten-free, and hence, help consumers stay on track with their health goals and enjoy a good meal at the same time. This is an addition to the line of entrées that the company launched back in 2020.
Additionally, increasing number of working women is driving the global frozen foods market. Majority of working women in the western countries don’t cook food at home.
Europe has the largest market share for frozen foods, followed by North America and Asia Pacific. In Asia Pacific, economic developments paired with increasing urbanization and disposable income are some factors driving the frozen foods market in the Asia-Pacific region. Owing to these factors, Asia Pacific is expected to witness highest growth in the forecasted period.
The global frozen foods market is currently being spearheaded by ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills, BRF SA (Brazil), Tyson Foods Inc.
BRF SA (Brazil), and Mother Dairy Fruit & Vegetable Pvt. Ltd. (India), are some of the companies operating at regional level and dominating the market.
The frozen foods market has gained an impressive impetus owing to increase in demand for convenient ways of life in this modern fast-paced age. This intelligence study on the frozen foods market has placed the market value at around $ 161 billion.
Revenue is expected to increase 1.4 times by 2031 with the market expanding at a CAGR of 4% over the next ten years. The frozen foods industry also depicts an absolute dollar opportunity worth $ 77.6 billion by the end of the decade.
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