Frozen Food Market to hit US$ 373,767.59 million, Globally, by 2028 at CAGR 5.9%: The Insight Partners

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Frozen Food Market to hit US$ 373,767.59 million, Globally, by 2028 at CAGR 5.9%: The Insight Partners

The market is anticipated to increase from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028, growing at a CAGR of 5.9% from 2022 to 20

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The market is anticipated to increase from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028, growing at a CAGR of 5.9% from 2022 to 2028, according to a recent research study titled “Frozen Food Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Type, Distribution Channel, and Geography.”

One of the largest changes in the food sector over the past few years has been the increase in the consumption of premium convenience foods. Consumers can save time and effort by using convenience foods including frozen snacks, frozen dinners, cold cuts, and ready-to-eat foods to prepare and cook meals, consume, and complete post-meal activities. Due to their demanding work schedules, millennials prefer to use their time wisely rather than wasting it on menial things.

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They therefore have a higher propensity to spend their money on fast food. Additionally, the rise in demand for convenience foods that are ready to eat can be linked to the rise in the number of one- or two-person families. Food items that are frozen have a longer shelf life and are suitable for single servings. These elements are anticipated to accelerate the market expansion for frozen foods.

Key players operating in the frozen food market are Conagra Brands, Inc.; General Mills Inc.; Pepperidge Farm Incorporated; Bonduelle Group; Mccain; Bellisio Foods, Inc.; Tyson Foods, Inc.; Kellogg’s Company; Nestlé S.A.; and The Kraft Heinz Company. These key players are adopting product innovation strategies and investing in business expansions to meet consumers’ rising demand for frozen food, further driving the frozen food market.

Impact of COVID-19 Pandemic on Frozen Food Market

The imposition of lockdown restrictions and the closing of manufacturing facilities during the early stages of the COVID-19 pandemic resulted in a production shortfall, which caused a demand and supply gap. The profitability of numerous small- and large-scale frozen food firms was affected by these reasons. The closure of production facilities in major North American, European, Asian Pacific, South and Central American, and Middle Eastern and African nations disrupted global supply chains, manufacturing operations, delivery schedules, and sales of a variety of essential and non-essential goods.

However, since schools and universities were closed, kids had ample time to have breakfast, which also had a favourable effect on the sales of frozen breakfast foods such pancakes, frozen breakfast cereals, frozen breakfast pizzas, and frozen breakfast cakes. For instance, The Kellogg Company claimed that higher demand for its frozen waffles and breakfast cereals was the reason why its financial results in the second quarter of 2020 were better than anticipated. The market for frozen foods could grow as a result of the large inventories held by a number of top frozen food companies.

Market segments for frozen foods include kind and distribution methods. The frozen desserts, frozen bakery, frozen meat, poultry, and seafood, frozen ready meals, frozen snacks and appetisers, and others categories make up the market’s type-based segments. The market is divided into sections based on the distribution channel, including supermarkets and hypermarkets, convenience stores, online retail, and others. Geographically speaking, the market is mainly divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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