Global industry trends and strategic analysis from Cargill, Unilever, Nestle, Ajinomoto, General Mills, ConAgra Brands, McCain Foods and more

Global frozen food market

Dublin, May 23, 2024 (GLOBE NEWSWIRE) — The Global Frozen Food Market report has been added to The Offer.

The global frozen food market is expected to expand significantly, with the market value expected to grow from $331.83 billion in 2023 to $732.41 billion by 2031, growing at a compound annual growth rate of 10.79%. Moreover, the market size is expected to reach 38.42 billion kilograms in 2023, indicating significant consumer demand for frozen food.

The market growth is driven by increasing foreign direct investment (FDI) in developing countries and the changing lifestyle of consumers who demand convenience. However, the growing preference for natural and fresh foods poses a challenge to the market. Nevertheless, the convenience and shelf life of frozen foods continue to support the market expansion.

In terms of regions, Europe is the market leader, holding over 30% of the market share with a revenue of around $110.33 billion in 2023. It is closely followed by the Asia Pacific region, which is registering the fastest growth with a compound annual growth rate of over 12.59%. North America, the Middle East & Africa, and South America also contribute significantly to the market.

By product type, the prepared foods segment holds the largest market share with over 29% in 2023, while meat and poultry sales are expected to exceed $110 billion by 2027. Retail distribution channels, including online and supermarket/hypermarket sales, represent an opportunity of over $275 billion during 2023-2031.

Segment overview

By product type

• fruit

• Vegetables

• Dairy products

• Meat & Poultry

  • Red meat

  • pork

  • Poultry meat

  • seafood

• Baked goods

  • Breads

  • Pizza base

  • Cakes & Pastries

  • Miscellaneous

• Soups

• Ready meals

• Miscellaneous

By sales channel

• retail

• Corporate Sales (B2B)

Regional overview

• North America

• Europe

• Asia-Pacific

• Middle East and Africa

• South America

Competitive environment

The market consists of major players with the top 10 companies accounting for about 40% of the market share. These include industry giants such as Cargill, Unilever, Nestle SA, Ajinomoto Co. Ltd., General Mills Inc., ConAgra Brands, Inc., McCain Foods, Nichirei Corporation Limited, Maruha Nichiro Corporation, CJ Foods, Sanquan Food Co. Ltd and others that are driving market trends and innovations.

The report offers a detailed analysis of consumer preferences towards natural and fresh foods, including insights into purchasing patterns by item, cuisine, channel, brand, frequency, and demographics. It also includes a cost structure analysis for various product categories, an overview of market players’ strategies during the COVID-19 pandemic, a SWOT analysis of the Japanese market, and a demographic analysis of the top 10 consumer markets.

The story continues

Companies mentioned in this report include:

• Ajinomoto Co. Inc.

• Associated British Foods PLC

• Cargill Inc.

• CJ Food

• ConAgra Brands, Inc.

• General Mills Inc.

• Grupo Bimbo SAB de CV

• Kellogg Company

• Lantmannen Unibake International

• Maruha Nichiro Holding Inc.

• McCain Foods Limited

• Nestlé SA

• NH Foods Ltd.

• Nichirei Corporation

• Nissui Corporation

• The Kraft Heinz Company

• Tyson Foods, Inc.

• Unilever

Important features

For more information about this report visit https://www.researchandmarkets.com/r/7cdcd

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