World Quick-Frozen Food Market size in 2019 is estimated to be $228 billion, growing at a CAGR of 5.2% during the forecast period 2020-2025. Frozen food is a food products that are preserved under low temperature until used. Frozen foods products contain crystalline ice within freeze-concentrated solids. It retain their vitamin and minerals and there is no change to the carbohydrate, fat and protein content. Frozen food products are convenient and affordable also healthful food including whole grains, fruits, vegetables, protein and dairy. Increasing demand for convenience food coupled with increasing expenditure on ready to eat food products are the major factors driving the growth of the market. Moreover, hectic lifestyle and tight work schedule of the working professionals further enhance the overall market demand for World Quick-Frozen Food during the forecast period 2020-2025.
World Quick-Frozen Food Market Segment Analysis – By Product Type
Based on the Product Type, World Quick-Frozen Food Market is segmented into Fruits & Vegetables, Dairy products, Bakery products, Meat & seafood products, Convenience food & ready meals and others. The Convenience food & ready meals segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 6.1% during the forecast period 2020-2025. This is mainly owing to rising consumption of convenience food and ready-to-eat meals owing to hectic lifestyle of the people. Moreover, it takes less time for preparation and easy to cook are contributing to the growth of this segment.
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World Quick-Frozen Food Market Segment Analysis – By End user
Based on the End user, World Quick-Frozen Food Market is segmented into Foodservice industry, Retail service. In 2019, Food service industry held the largest share in the World Quick-Frozen Food market. This is mainly owing to rising demand of frozen food in food service industry as it takes less time to cook so that it reduce customer waiting time. Moreover, food service industry adopted frozen food as substitutes to fresh ingredients owing to convenient procedures is also contributing to the growth of this segment.
World Quick-Frozen Food Market Segment Analysis – By Distribution Channel
Based on the Distribution channel, World Quick-Frozen Food Market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online Retailers. In 2019, online retailers held the largest share in the World Quick-Frozen Food market. This is mainly owing to hectic lifestyle of the people who prefer online home delivery for their convenience coupled with most of food chains are shifting towards online portal to enhance online food ordering is also contributing to the growth of this segment.
World Quick-Frozen Food Market Segment Analysis – By Geography
Europe dominated the World Quick-Frozen Food market share accounting for 41% of the market in 2019. This is mainly owing to increasing consumption of frozen food products coupled with rising awareness among people about health benefits of frozen food products.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income of the people coupled with hectic lifestyle of the people.
World Quick-Frozen Food Market Drivers
Increasing Demand For Convenience Food
Growing consumer preference towards convenience food products as it takes less time for preparation are some factors driving the growth of World Quick-Frozen Food market. Moreover, increasing disposable income of the people coupled with rising purchasing power of the people is also set to increase the market growth.
Growing Working Women Populace
Growing number of women employment across the globe so that they prefer frozen ready meal owing to lack of time to cook meal are some factors driving the growth of the market. According to Unites States Department of Labor, in 2019, the U.S. female employment rate was 46%, in China the women employment rate was around 43.7%, and in South Africa it was around 45%.
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World Quick-Frozen Food Market Challenges
Growing preference for fresh and natural food products are challenging the growth of the market. Moreover, lack of cold chain infrastructure in developing countries are further restraining its market growth during the forecast period 2020-2025.
World Quick-Frozen Food Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the World Quick-Frozen Food Market. World Quick-Frozen Food top 10 companies are General Mills Inc., Nestle, McCain Foods Limited, Cargill, Associated British Foods plc., Ajinomoto, Kraft Heinz Company, Tyson Foods, Nomad Foods Ltd., JBS S.A.
In June 2018, Conagra Brands, Inc. has acquired Pinnacle Foods Inc. This acquisition helps pinnacle foods to expand its portfolio of frozen, refrigerated and shelf-stable products.
In February 2017, Grupo Bimbo has acquired Panattiere, a Colombia based frozen bakery firm.
In 2019, Europe dominates the World Quick-Frozen Food Market owing to increasing consumption of ready-to-eat foods coupled with rising awareness among consumers about benefits of frozen food.
Increasing technological development in cold chain market is driving the market growth of World Quick-Frozen Food.
Detailed analysis of the Strength, Weaknesses, and opportunities of the prominent players operating in the market will be provided in the World Quick-Frozen Food Market report.
Rising preference of fresh and natural food products coupled with lack of cold chain infrastructure in developing countries are challenging the growth of the market.
Related Reports :
A. Frozen Bakery Market
B. Dairy Products Market
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