Kenneth Research, in its repository of market research reports, have recently added a report on Frozen Food Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Frozen Food Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Frozen Food Market was valued at USD 140.14 Billion in the year 2017. Global Frozen Food Market is further estimated to grow at a CAGR of 4.91% from 2018 to 2025 to reach USD 204.2 Billion by the year 2025. Europe region holds the highest Market share in 2017 followed by North America while Asia-Pacific is considered as the fastest growing Market in the estimated period with convenience as a major driving factor. The U.S. is the major Market in 2017 at country level and it is further anticipated to grow at a steady pace in the next 5 years. The growth factors are rising consumption and demand of ready to eat food.
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The major players in Frozen Food Market are Birds Eye Foods Inc., Aryzta A.G., Ajinomoto Co. Inc., Bellisio Foods Inc., Kraft Foods Group Inc., Cargill Incorporated, JBS S.A., Kellogg Company, Nestle S.A., General Mills Inc. and other 13 companies detailed information is provided in research report. Acquisitions and new product development are their key business strategy to gain Market share.
SWOT Analysis of Frozen Food Industry
Safe and Preservative free food
No risk of food poisoning
An excess amount of added sodium
Technology and Automation
Relaxation in Government Regulations.
A boom for Private Label frozen products
Lack of innovations
Increasing Number of Unorganized Sector
By product, frozen ready meals segment hold the highest Market share among all other frozen products in 2017 with frozen vegetables & fruits estimated to grow at highest CAGR in near future. On the other hand, Foodservice Market segment by end users types for this Market is expected to grow at the highest CAGR during the year 2018-2025.
By End Users
Hotels, restaurants, and caterers
By Product Type
Frozen Ready Meals
Bakery & Desert
Frozen meat & poultry
Frozen vegetables & fruits
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*Rest of Europe
*Rest of Asia-Pacific
*Middle East & Africa
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