Global Frozen Food Market will grow by USD 64.69 bn during 2020-2024.
There are a few reasons why the frozen category has shown strong resilience recently. Primarily, it’s been driven by the need for frozen to transform amidst all of the new healthy-ingredient, snack and meal options that consumers have today. A great of example are frozen meals we has seen many established brands refresh their offerings and a significant amount of new brands entering the space.
Major Players in the global frozen food market are including General Mills Inc., Conagra Brands, Inc., Grupo Bimbo S.A.B. De C.V., Nestle SA, Unilever, Kellogg Company, Mccain Foods Limited, Associated British Foods PLC, Ajinomoto, Vandemoortele NV, and others.
General Mills investing in frozen-food plant. They would spend “millions” to improve operations at the site for the facility “to be more productive and efficient, increasing overall capacity”. General Mills’ North American retail business saw its net sales increase by 8% to $10.75 billion, driven by this call for dynamic issues and two percentages of expansion through week 53 of the fiscal year. On a biological basis, sales increased to 6%..
The top five frozen department categories were ice cream ($6.7 billion), pizza ($4.8 billion), seafood ($4.8 billion), novelties ($4.6 billion) and complete meals ($4.5 billion). Pizza, seafood, novelties, vegetables and prepared potatoes all showed solid growth with an increased percentage of dollar sales ranging from 3.7 to 5.1 percent versus the prior 52 weeks. The Livekindly Collective brand Oumph has launched Oumph Kebab Spiced in Sainsbury’s stores across the UK from October 12. The product is made from soy and a unique blend of herbs and spices. They offering frozen plant-based and increase the variety of products available to meet consumer demand.
Frozen Food Market is segmented as by product Frozen Ready Meals, Frozen Meat and Poultry, Frozen Fish and Seafood, Frozen Fruits and Vegetable. By type it has Raw material, half cooked and Ready-to-eat. By Geographic Landscape Asia-Pacific, Europe, MEA, North America, South America. A huge opportunity has opened up mainly in East Asian nations, which are looking for alternative suppliers for frozen food. Although, India ranks second in 2020 terms of global food production, it processes only 10% of its total output due to infrastructure challenges such as the shortage of cold storages. The government’s push may help it earn more foreign currency at a time when some sectors are struggling because of the virus, and would be another step toward Prime Minister Narendra Modi’s pledge to double farmers’ income by 2022.
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