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.
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 2018-2023, 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.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook