The global frozen food market size is poised to grow by USD 64.69 billion during 2020-2024, progressing at a CAGR of about 11% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Frozen Food Market 2020-2024 (Graphic: Business Wire)
The growing consumer inclination toward vegan frozen food is one of the key factors driving the frozen food market growth. With the rising awareness about the health benefits of vegan food, the demand for plant-based dairy alternatives and food products has increased. In addition, the demand for meat alternatives in countries such as the UK and the US has increased. This is further encouraging vendors to innovate frozen vegan products to provide healthy alternatives such as tofu and wheat-based protein products. Companies are launching new products, including frozen food items such as vegan frozen burgers, fillets, and vegetable balls.
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The major frozen food market growth came from frozen ready meals segment. The increasing availability of nutrient-rich varieties of frozen ready meals and the rise in consumer shift toward healthy food options are contributing to the frozen food market share growth by the frozen ready meals segment. The frozen food market growth by the frozen ready meals segment will be slower than the growth of the market by the frozen fruits and vegetables segment.
North America will offer several growth opportunities to market vendors during the forecast period. The increasing number of consolidations through M&As and the growing innovative marketing campaigns by vendors as well as the premiumization of frozen foods products are some of the factors that will significantly drive the frozen food market growth in this region over the forecast period.
The global frozen food market is fragmented. Ajinomoto Co. Inc., Bonduelle SCA, Conagra Brands Inc., Dr. August Oetker Nahrungsmittel KG, George Weston Ltd., Kerry Group Plc, McCain Foods Ltd., Nestlé SA, Nomad Foods Ltd., and Tyson Foods Inc. are some of the major market participants. To help clients improve their market position, this frozen food market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global frozen food market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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