Food and Beverages
Frozen Food Market: Well-Equipped Cold Storage Facilities Mushrooming
Global Frozen Food Market: Snapshot
Daily diets to cope up with the restless modern lifestyle is flourishing the scope for frozen foods. The rising number of large format retail stores with well-equipped cold storage facilities are boosting the growth of the frozen food market. The American Frozen Food Institute (AFFI) states that frozen food market produces $57 billion in retail sales. Most advanced individual quick-frozen (IQF) technology plays a domineering role in preserving the freshness of food products and also lock in nutritional value until it gets consumed, thus frozen food has become a healthier option to packaged products.
Frozen does not contain any kind of preservatives as the storage temperature stops the microorganisms growth. Recent development in freezing technique, “cryogenic freezing” is highly accepted and implemented by a large number of food manufacturers as it is more efficient and cost-effective. According to IndustryARC analysis, in 2018, the global frozen food market valued in between $225 billion - $228 billion and the same is projected to grow at a CAGR of around 3.5%-5% during the forecast period 2019-2025. The report is titled: “Frozen Food Market: Product Type (Ready to Eat Meals, Vegetables, Fruits, Meat, Seafood, Soups) Distribution Channel (Supermarkets, Hypermarkets, Online Vendors, Convenience Stores) Geography - Forecast (2019-2025).”
The growing number of young professionals and working women is driving the demand for ready to eat meals by adopting western culture and staple diet as well. Ready meals held a leading share in frozen food marketplace in 2018 and is expected to grow with at a CAGR of 2.5%-4% during the aforementioned period. Ease of accessibility to longer shelf life food are attracting the foodies to cool their burning desire to eat. Different types of packaging such as cartons, lidded trays, crystallized PET trays, composite and plastic cans, pouches, boil-in-bags, and boxes are widely used to pack the frozen food so that it can directly get heated in the microwaves. The integrity of frozen food packaging should be maintained throughout filling, sealing, freezing, storage, transportation, and thawing.
According to Frozen Food Europe, frozen confectionery and frozen fish on-trend products holds 21.5% and 13.6% market shares respectively in the frozen food market. Europe accounts for a governing share of 30%-32% in 2018. Competitive spirit among manufacturers in this region to compete with the booming ice cream Halo Top Brand is increasing the growth of the frozen food market. Innovative and powerful campaigns to educate people regarding the benefits of frozen food have a greater impact on the growth of frozen food in this region.
Global Frozen Food Market Companies: Recent Developments
Some of the key players listed in the frozen food market are Nestle SA, Unilever, Kellogg Company, General Mills Inc, Conagra Brands, Inc., Grupo Bimbo S.A.B. de C.V., McCain Foods Limited, Kraft Heinz Company, Associated British Foods plc, Ajinomoto, and Vandemoortele NV.
- In May 2018, Unilever introduced 20 new frozen treats across ice cream and frozen novelty brands named Breyers, Good Humor, Klondike, MAGNUM Ice Cream and Popsicle. These innovations have increased the growth of its ice-cream segment, out of which major sales were recorded from the Kinder ice cream and Magnum Praline. Owing to its continued delivery of high-quality products, estimated the sales growth with a CAGR of 3%-5% by 2020
- Nestle SA, recently invested to plant seeds in the frozen food market through its Outsiders Pizza Co. and Wildscape. It was aimed to maintain its brand and mark in the frozen food category
- Frozen Ready Meals Market
- APAC Ice-creams & Frozen Desserts Market
- Frozen Desserts Market
