World Quick-Frozen Food Market Segment Analysis By Product Category
The ready-to-eat segment held the largest share in the World Quick-Frozen Food Market in 2020 and is estimated to grow at a CAGR 5.1% during the forecast period 2021-2026. This is owing to the growing urbanization which has made the life of consumers, especially in tier I cities extremely busy. To cope up with the busy life, consumers including millennials and gen Z are adopting ready-to-eat frozen foods which are convenient to consume, source and nutritious at the same time. On the other hand, ready-to-drink frozen food is also gaining a lot of traction which is attributable to the key competitors continuously innovating with their existing product line-ups in order to provide healthier drinks keeping the flavour quotient high. Milk-based frozen drinks are enriched with nutrients, like calcium, potassium, magnesium, and vitamin A and D, protein, and a number of other essential vitamins and minerals. Ready-to-drink segment is estimated to register the higher CAGR over the period 2021-2026.
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World Quick-Frozen Food Market Segment Analysis By Distribution Channel
Hypermarkets/Supermarkets segment held the largest share in the World Quick-Frozen Food Market in 2020 and is estimated to grow at a CAGR 5.4% during the forecast period 2021-2026. This is owing to the wide variety of product line-ups available from a multitude of brands, under one single roof. This makes the buying experience convenient for consumers. Due to the availability in abundance, hypermarkets can also give coupons and offers, thereby creating good deals for consumers. However, with internet penetration, the sub-urban and rural areas surrounding most of the metropolitan cities, online sales channels are also getting a lot of limelight from the consumers. The online channels segment is estimated to register the higher CAGR over the period 2021-2026.
World Quick-Frozen Food Market Segment Analysis By Geography
Europe dominated the World Quick-Frozen Food Market with a major share of 38% in 2020. This is attributed to the attitude of customers which has been changing toward frozen food and has transformed significantly in Europe since the last decade, primarily attributable to an improvement in living standards and an increasing need for convenience. Most manufacturers in this region has been successful over the recent past, and the growth trajectories in markets such as the United Kingdom, France, and Germany, is immense.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising disposable income of the majority of the households throughout the region and the rapid growth of urbanization which has led to the progressive adoption of ready-to-eat and ready-to-cook food products, across various countries like Pakistan, India, Malaysia, and Singapore, among others.
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World Quick-Frozen Food Market Drivers
Rising demand for convenience food due to its ease of consumption is driving the market growth
In the recent past, the growing inclination of consumers towards convenience foods indirectly supplemented the rising need for frozen products because they require less time and effort than conventional cooking. The quick-frozen food market is majorly augmented by the greater demand for convenience foods owing to the busy lifestyles of consumers. According to The World Bank, the U.S. had an 83% urbanization in 2020 as compared to 77% back in 1995. This, in turn, bolsters the demand for frozen products. Thus, increasing the growth of the World Quick-Frozen Food Market during the forecast period 2021-2026.
Rising disposable income of consumers is poised to increase the growth of the market
Rising disposable income of consumers across all the major economies has positively impacted the growth of the quick frozen foods market. This is mainly because it increases the buying power of consumers. According to the Bureau of Economic Analysis, disposable personal income in the U.S. increased to USD 18,048.10 billion in July 2021 from USD 17,272 billion in December 2020. Thus, increasing the growth of the World Quick-Frozen Food Market during the forecast period 2021-2026.
World Quick-Frozen Food Market Challenges
Lack of cold chain infrastructure in developing economies is likely to challenge the market growth
Some of the factors that are set to impede the growth of the World Quick-Frozen Food Market is the cold chain logistics which is a pivotal requirement to magnify the market share of frozen food, irrespective of the economy. However, developing countries are still lacking in cold chain infrastructure and are unable to supply safe frozen food products to their citizens. According to International Trade Administration, North America had a cold chain infrastructure market valuation of USD 98.47 billion in 2020 as compared to USD 89.76 billion in 2019, which is not a significant increase in order to cope with the growing demand for frozen foods. Frozen food usually comes with a longer shelf life but attributing to insufficient infrastructure, products get wasted. Poor infrastructure in cold chain logistics has directly impacted the import, storage, and export business of frozen food products in developing countries namely Bangladesh, South Africa, and Myanmar. Whereas, these countries have a commendable adoption of frozen foods throughout.
World Quick-Frozen Food Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the World Quick-Frozen Food Market. In 2020, the World Quick-Frozen Food Market share is fragmented by the top ten players present in the market. The World Quick-Frozen Food Market, top 10 companies are:
Nomad Foods Ltd
Real Good Foods Company
Associated British Foods plc
McCain Foods Limited
Kraft Heinz Company
Real Good Foods Company, revealed the launch of 7 fresh line-ups of frozen foods across roughly 1,500 Kroger stores across the U.S, on 17th August 2021. The new products are low in carbohydrates, high in protein, grain-free, and gluten-free, thereby aiding consumers with their fitness goals.
With frozen food sales rising from 17.4% between November 2019 and November 2020, Nestlé USA is investing USD 100 million to expand its frozen foods factory in Gaffney, South Carolina.
Europe dominated the World Quick-Frozen Food Market in 2020 owing to the growing living standards and an increasing need for convenience. The World Quick-Frozen Food Market scope for different regions will be provided in the final report.
Rising demand for convenience food due to its ease of consumption coupled with the growing disposable income of consumers are likely to aid the market growth of the World Quick-Frozen Food Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be World Quick-Frozen Food Market report.
Lack of cold chain infrastructure in developing economies is poised to create the hurdles for the World Quick-Frozen Food Market.
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