Frozen Food Market to See Profit with an increasing CAGR Value of 5.9% during 2022-2028

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Frozen Food Market to See Profit with an increasing CAGR Value of 5.9% during 2022-2028

According to our most recent study, "Frozen Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Distribution Channel," th

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According to our most recent study, “Frozen Food Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Distribution Channel,” the market’s growth drivers are described, revenue is estimated and forecast, significant market players are identified, along with their key initiatives, and market share is analysed. The frozen food market is expected to grow from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028; it is expected to grow at a CAGR of 5.9% from 2022 to 2028.

Ice cream, frozen yoghurt, frozen meat, frozen fish, frozen ready meals, snacks, soups, fruits, and vegetables are all examples of frozen cuisine. At a temperature of about -25 degrees Celsius, these goods are frozen to preserve them. The absence of artificial preservatives in frozen food products makes them healthier than other processed foods. Additionally, they can be conveniently kept in household freezers at 0 degrees Fahrenheit. The rise of the frozen food market is being driven by the increased demand for convenience food as a result of people’s busy lifestyles.

The frozen food market is divided into supermarkets and hypermarkets, convenience stores, internet shopping, and other outlets based on the distribution channel. The supermarkets and hypermarkets segment accounted for a sizeable portion of the market in 2021, but due to the convenience of online shopping and product delivery, the online retail segment is anticipated to grow at the fastest rate. Customers can conveniently purchase desired goods remotely from online retail stores, which conveniently offer a broad choice of products at steep prices. Additionally, a lot of people choose e-commerce platforms to shop because of the door-step service. Due to the availability of home delivery options, frozen food sales through online retail channels surged significantly during the COVID-19 epidemic. These elements are anticipated to accelerate the segment’s growth in the near future.

Geographical divisions of the frozen food market include North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). The major portion of the market was accounted for by Europe. The growing demand for convenience frozen food is propelling the development of the frozen food business in Europe. The market is anticipated to have considerable expansion in the upcoming years as a result of the prominence of key players like Nestle S.A. and Bounduelle Group, which are active players throughout Europe. These businesses also provide a wide selection of frozen items, such as frozen desserts, frozen bakery, frozen ready meals, frozen meat, and frozen soups. Over the course of the forecast period, this aspect is anticipated to fuel market expansion for frozen foods.

Impact of COVID-19 Pandemic on Frozen Food Market

In the pre-pandemic period, the frozen food market was mainly driven by high demand for ready-to-eat, ready-to-cook, and instant frozen snack products owing to people’s hectic lifestyles. However, many industries faced unprecedented challenges due to the COVID-19 outbreak in 2020. The food & beverage industry declined due to the shutdown of manufacturing units and supply chain disruption. However, the outbreak provided lucrative opportunities for the manufacturers of frozen food. During the initial phase of the pandemic, almost all the countries in the world have proposed a country-level lockdown in which people are restricted from going outside their houses. This global panic situation has propelled the demand for frozen food products owing to their higher shelf life. This factor is expected to propel the frozen food market.

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The frozen food market is bifurcated into type and distribution channel. Based on type, the market is segmented into frozen desserts; frozen bakery; frozen meat, poultry, and seafood; frozen ready meals; frozen snacks and appetizers; others. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. By geography, the frozen food market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

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