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Frozen Food Market Expected to Reach $278.47 Billion by 2030 - Grand View Research, Inc.
Major food manufacturers have been ramping up their production capacity as well as improvising supply change strategies to cater to the unprecedented demand for frozen food among consumers worldwide. For instance, in August 2020 , Marks & Spencer launched a frozen food brand Picard in France . The product line includes brioche, crepes and mini croque monsieurs in flavors of raspberry and macarons. The initiative was taken due to the growing inclination for the abovementioned products among consumers. According to 'The Grocer' in April 2020 , demand for frozen food spiked up to 263% in March, the same year.
The ready meals segment held the largest revenue share in 2021 and is expected to maintain its dominance over the forecast period. Changing food consumption patterns, due to increasing urbanization, is one of the prevalent factors driving the growth of this segment. According to an article published in foodprocessing.com, in January 2020 , 61% of consumers in the region prefer ready meals while 63% of them actively purchase time and effort-saving products. These trends are expected to promote the scope of these products and thus, in turn, will fuel the growth of the frozen food industry.
The offline segment held the largest revenue share in 2021. The increasing penetration of independent retail giants such as Walmart and Costco is boosting product visibility and attracting a larger consumer base. Consumers prefer to physically verify these products before buying, which is driving sales through offline channels. For instance, Amy's Kitchen offers frozen foods across supermarkets in Canada .
Grand View Research has segmented the global frozen food market based on product, distribution channel, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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