Global Frozen Food Market to be Worth USD 377.3 Bn by 2023
A new report published by Research on Global Markets titled 'Global Frozen Food Market (2018 – 2023)' studies the performance of the global frozen food market over a five-year assessment period, from 2018 till 2023. The report forecasts the value of the global frozen food market, and provides key insights into the factors driving market growth, as well those restraining it. According to the report, the global frozen food market is projected to expand at a compound annual growth rate (CAGR) of 4.5% during the 2018-2023 period, and will generate a revenue of approximately USD 377.3 Bn by 2023.
The global frozen food market is segmented based on meals, fruits and vegetables, meat and seafood, and snacks, among others.
According to the report, the frozen meal market is poised to generate the highest global revenue generation of USD 149.9 Bn by 2023, expanding at a CAGR of 4.2%. The frozen meat and seafood market is expected to be the second-largest market segment with CAGR of 3.3% and global revenue of USD 120.3 Bn by 2023. The growth of this segment can be attributed to convenience, availability of various cuisine options and the changing consumer perception towards frozen food. Moreover, owing to the hectic lifestyle, time available for home cooking and grocery shopping is bound to decline in the coming years. These factors are also expected to contribute significantly to the growth of the market, according to Research On Global Markets.
Check out the Research on Global Markets report featured in this article:
Research on Global Markets tracks the performance of the global frozen food market across the key geographies of North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. According to the report, North America is leading the global frozen food market, in terms of market share. The North American frozen food market is projected to expand at a CAGR of 3.4% during 2018-2023, and generate revenue of USD 183.4 Bn by 2023. However, despite the dominance of North American region in this market, the Asia-Pacific (APAC) region is anticipated to expand at the highest growth rate (7.3%) during the forecasted period. The unparallel growth forecast of frozen food in the APAC region is mainly down to an increase in per capita income and rapid urbanization in the region. In Latin America, the frozen food markets of Brazil, Argentina and Mexico contributing significantly to the growth. Similarly, in the MEA frozen food market, Saudi Arabia and the United Arab Emirates are the key contributors.
The report covers some of the key players operating in the global frozen food market, such as Cargill, Nestle, JBS, Tyson, Kraft Heinz, General Mills, Ajinomoto, BRF, and Conagra
Key highlights of the report:
- Scope and segmentation of the global frozen market
- A comprehensive overview of the historical, current and predicted market size, revenue, and market attractiveness analysis
- Market segmentation based on product – meals, fruits and vegetables, meat and seafood, snacks, and others
- Regional market analysis of North America, Asia-Pacific, Europe, South America, and the Middle East and Africa
- Overview of the competitive landscape and analysis of the key players operating in the industry