Edison, NJ -- (SBWIRE) -- 08/26/2021 -- HTF Market Intelligence released a new research Study of 90 pages on title 'Global Frozen Food Market 2021-2026' with in-depth analysis, forecast and business moves. The study covers key regions that includes North America, Europe, Asia-Pacific, South America, Middle East and Africa and important players such as Cargill, Nestle, JBS, Tyson, Kraft Heinz, General Mills, Ajinomoto, BRF , Conagra.
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The global frozen food market is expected to expand at a CAGR of 4.5% and will be worth USD 377.3 Bn by 2023. The main factor driving the market is the change in population composition and the change in lifestyle. The proportion of millennials in the population has increased considerably in the recent past. They are starting to consider frozen food as a viable alternative because it is more convenient to use and befits their busy schedule. Additionally, restaurants and fast food chains have also increased the usage of frozen food to make their offerings more cost effective.
Segmentation based on product
The various frozen food products available in the market are meals, fruits and vegetables, meat and seafood, and snacks, among others. The frozen meal market is expected to have the highest global revenue generation of USD 149.9 Bn by 2023 growing at a CAGR of 4.2%. The frozen meat and seafood market is expected to be the second-largest market segment having a global revenue of USD 120.3 Bn by 2023 and CAGR of 3.3%. The growth can be attributed to convenience, availability of various cuisine options and the change of perception of people towards frozen food. Moreover, due to hectic lifestyle, time available for home cooking and grocery shopping is expected to witness a decline. These factors will also contribute heavily to the growth of the market.
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North America is the leading contributor to the global frozen food market. The North American frozen food market is projected to expand at a CAGR of 3.4% during (2021-2026), leading to a regional revenue of USD 183.4 Bn by 2023. However, the Asia-Pacific (APAC) region is anticipated to expand at the highest CAGR of 7.3% between 2018 and 2023. The growth can be attributed to increase in per capita income and rapid urbanization. In the LATAM frozen food market, Brazil, Argentina and Mexico are the key contributing countries. In the MEA frozen food market, Saudi Arabia and the United Arab Emirates are the key contributors.
- Kraft Heinz
- General Mills
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Chapter 1. Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered
1.3. Executive summary
Chapter 2. Global frozen food market – overview
2.1. Market definitions
2.2. Market overview
- Global market revenue (USD Bn)
- Global market revenue 2015 – 2023 (USD Bn)
- Geography-wise market revenue 2018, 2023 (USD Bn)
2.3. Global market trends
2.4. Global drivers
2.5. Global market challenges
Chapter 3. Global frozen food market – based on product
3.1. Global frozen food market overview – based on product
3.2. Fruits and vegetables
- Market overview
- Forecasted market segment revenue 2018, 2023 (USD Bn)
- Market o
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