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The global frozen food market held a market size of USD 254 Billion in 2021 and is anticipated to grow at a CAGR of 8.37% from 2022 to 2030. Around 37,034 million kgs of frozen food were sold in 2021 globally.
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Increasing demand of ready to cook or ready to eat food coupled with a wide range of offering by the domestic and international brands are driving the market growth. However, preference towards natural and fresh foods among the health-conscious people are somehow restraining the market growth during the study period.
The global frozen food market is classified based on type, and distribution channel. Based on type, the meat & poultry segment is estimated to cross USD 70 billion by 2027. Increased consumption of meat in the developed countries like the U.S., Germany and others as well as in the developing countries are fueling the segmental growth. Ready meals held the highest market share in 2021 in global frozen food market. Ease of use, and convenient to have in the busy schedule is one of the supporting reasons for the segmental dominance during the study period. Based on distribution channel, the retail segment is likely to capture market of more than USD 46 billion during 2022-2030.
Based on region, the global Frozen Food market has been divided into Middle East & Africa, Europe, North America, Asia Pacific, and South America. The Europe region held the lion’s share in the market of more than 35% in 2021 owing to the developed cold chain facility and advanced lifestyle.
Key players functioning in the global Frozen Food market include Cargill, Unilever, Nestle SA, Ajinomoto Co. Ltd., ConAgra Brands, Inc., McCain Foods, General Mills Inc., Nichirei Corporation Limited, Maruha Nichiro Corporation, CJ Foods, and Sanquan Food Co. Ltd., among others. The cumulative market share of the ten major players is close to 40%.
Recent Developments by Market Players in the Global Frozen Food Market
Segmentation Overview
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