Cibi e Bevande
Frozen Food Market to reach US$ 346.4 Bn by end 2027, Says Coherent Market Insights
https://www.coherentmarketinsights.com/insight/request-sample/3084
Rapid development in the retail sector and growing demand for convenience food due to hectic lifestyle is driving growth of the frozen food market. The rise in the processed food industry across developing nations is again augmenting growth of the market. According to the India Brand Equity Foundation, the Indian food processing industry accounts for 32 percent of the country's total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export, and expected growth. It contributes around 8.80 and 8.39 percent of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13 percent of India's exports and six percent of total industrial investment
Rapid urbanization is another major factor propelling growth of the . According to the United Nation, by 2019, the share of the urban population increased to 55.7 percent. It is generally higher in the developed (80.5 per cent in 2019) than in the developing world (51.1 percent), with transition economies in between the two (65.4 percent).
The digitalization of the retail sector coupled with the advent of new food delivery online apps is expected to offer potential growth opportunities. For instance, in July 2019 , Amazon.com Inc has entered into the burgeoning online food delivery business in India . Similarly, in June 2019 , Unicorn Swiggy has launched a separate app for ordering home-cooked meals via a service called Swiggy Daily.
The rise in awareness regarding the health benefits of frozen food is increasing consumption which is projected to provide new and profitable market opportunities. Moreover, the growing female working population will further favor growth of the market. Furthermore, technological advancement in the cold chain is again expected to have a positive impact on the growth of the frozen food market over the forecast period.
Continuous launch of new and variety in frozen food is one of the major trends in the frozen food market. For instance, in November 2020 , Sumeru Frozen food, the heritage brand of Innovative Foods Limited, has launched its signature 'frozen gourmet meals' in collaboration with Michelin star chef Alfred Prasad . The frozen food range consists of four products, namely millet khichadi, roasted chicken, shahi paneer, and pepper chicken.
Key players in the market are expanding their distribution channels in the market which is expected to be one of the trend. For instance, in December 2019 , ITC Ltd has expanded its portfolio and distribution network for its frozen foods brand ITC Master Chef. The products are available in retail stores, hotels, restaurants, and banquets.
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Ready to Eat Food Market, By Product Type (Meat/Poultry, Cereal Based, Vegetable Based, Others), By Packaging (Canned, Frozen/Chilled, Retort, Others), By Distribution Channel (Hypermarket/Supermarket, Convenience Stores/Departmental Stores, Specialty Stores, Online Stores), and By Region ( North America , Latin America , Europe , Asia Pacific , Middle East and Africa (MEA)) - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
Global Food Stabilizer Market, By Food Categories (Dairy Products, Confectionary, Meat and poultry, Sauces and Dressing, Bakery, Ready to eat Food), Functionality (Texture, Stability, Moisture Retention), and Geography - Insights, Opportunity Analysis, and Industry Forecast till 2025
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Mr. Raj Shah
Senior Client Partner – Business Development
Coherent Market Insights
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