LONDON--(BUSINESS WIRE)--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.
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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Report Highlights:
- 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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Technological Innovations will be a Key Market Trend
To achieve a competitive edge in this global market, companies are focusing on adopting various strategies and technological innovations. Vendors have started launching products in resealable pouch packaging and are using multi-use recyclable carton packages to avoid the loss of nutrients in frozen foods. It has also helped in minimizing the use of harmful plastic packaging. The adoption of quick frozen (IQF) technology that helps produce superior food products and providing products in heat-and-eat containers that allow consumers to cook their products in a short period are some of the other strategies adopted by companies. As a result of these factors, the frozen food market will grow during the forecast period.
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Frozen Food Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist frozen food market growth during the next five years
- Estimation of the frozen food market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the frozen food market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of frozen food market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- , of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product placement
- Frozen ready meals - Market size and forecast 2019-2024
- Frozen meat and poultry - Market size and forecast 2019-2024
- Frozen fish and seafood - Market size and forecast 2019-2024
- Frozen fruits and vegetables - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Product
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- 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.
- Tyson Foods, Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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