Market Research Future Insights:
The key drivers of the frozen food market are the growing need for quick, simple, and easy to prepare meals. People who lead busy lives search for ways to prepare meals that save time and offer the comfort of home cooking. The market for frozen meals is expanding dramatically because to the quick deliveries offered by food delivery services and online grocers. Therefore, the market for frozen food will experience considerable growth due to the increase in demand for simple food products, the reduction in cooking time, and online grocery delivery services.
The frozen foods market Overview 2022, is predicted to grow at a CAGR of 5.93% from 2022 to 2030, reaching USD 338.5 billion.
Regional Analysis:
The market for frozen and chilled goods is predicted to develop fastest in the European Union. In 2022, the European Union held around 39.90%. There is more demand for frozen food due to the working population's hectic lifestyle, higher purchasing power, and higher income.
Similar reasons predict that North America will likewise experience a major increase in frozen food demand. China has experienced exponential growth in the Asia-Pacific region, and future growth is anticipated to be robust. It is anticipated that Asia-Pacific will experience the highest growth rate during the forecast period due to a larger middle class and the availability of disposable income.
Market Segmentation:
The market for frozen meals is divided into four categories that is service, technology, type, and vertical.
Using Service, there are foods that emphasise plants based on the services offered by the manufacturers of frozen foods. This covers cutting-edge methods for producing meat from plants. Most consumers have a need for this type of cutting-edge, nutritious frozen food production.
Using technology, the development of technology is what motivates the use of technology to both add variety and increase the nutrient concentration in frozen foods. The development of recyclable packaging and resealable goods is another advantage of technology. They demonstrate the benefits of better frozen food preservation, a longer shelf life, longer nutritional value retention, and environmental friendliness.
By type, the frozen food market trends report is divided into the following categories based on type which is poultry and meat products, dinners and entrees from frozen, frozen dairy sweets, iced pizza, frozen vegetables and fruits, several varieties of frozen potatoes, frozen bread slices and uncooked dough.
Using Vertical, It is based on where frozen food products are sold. Supermarkets, hypermarkets, specialised shops, brick-and-mortar shops, and online retailers all exist.
Key Players:
The significant manufacturers and processors of frozen foods are Associated British Foods Plc, General Mills, Tyson Foods Inc., Grupo Bimbo, Conagra Brands Inc., Unilever Plc. and Nestle S.A., Ajinomoto Corporation, firm Kraft Heinz, McDonald's Limited.
Industry Updates:
May 2021 Tesco's plant-based brand Wicked Kitchen has collaborated with Beyond Meat in a new variety of vegan prepared meals débuting in stores in May. Tesco's select plant-based range, Wicked Kitchen, revealed its partnership with Beyond Meat recently. The vegan brands have joined forces to launch a stirring new range of frozen ready meals. The recent ready meals made with Beyond Meat consist of Cowboy Chilli, Naked Burrito, and Bangin' Biryani, Korean Inspired Bowl, Peng Panang Tofu Curry and Seriously Sriracha Tofu Rice are also showcased in the range.
Apr 2021 Fortenova Group d.d. and Nomad Foods Limited have engaged in a Sale and Purchase Agreement (SPA) for the Frozen Food Business Group (FFBG) comprising of Ledo plus d.o.o., Ledo Čitluk d.o.o. and Frikom d.o.o. together with more than a few smaller affiliated businesses. The value of the business is EUR 615 million, on a cash-free basis, debt-free, with a completion strategy for Q3 2021. Upon conclusion, Nomad Foods will become the proprietor of FFBG. With more than a long period of tradition, the FFBG is the major producer and supplier of ice cream and frozen foods in its markets.
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