Billion-Dollar Frozen Food Market Analysis through 2023-2027 | Discover Top Trends and Drivers and Market Pioneers
The Frozen Food Market is all set to become a billion-dollar industry, with a revenue forecast of USD 132.77 billion between 2022 and 2027, accelerating at a CAGR of 7.73%. When it comes to the determinates of the growth drivers the expansion of retail stores offering frozen food is propelling the frozen food market advancement.
When it comes to market trends, the rising popularity of private-label frozen food products is trending in the marketplace as Private-label frozen food products are becoming a key focus area for retailers. Some retailers promote their brands by providing more shelf space for their products compared with branded products.
"In 2019, the sale of private-label frozen foods increased by 3.8%.Consumers are more inclined toward private brands to save money without any compromise on taste, selection, or quality. "
Retailers also pushing in-store promotions for their brands of frozen foods. Online retailers like Amazon have been rolling out private-label frozen foods, while Consumer Value Stores (CVS) are expanding their frozen food section by adding private-label frozen foods to grow their grocery businesses.
Snapshot of the Market Trends for Frozen Food Market
Navigating through the business growth drivers of the market, it has been observed that the advancement of the retail landscape and the increasing availability of frozen food products through various distribution formats in the frozen food products market in Europe. The organized retail sector is undergoing significant growth, as indicated by the growing presence of supermarkets, hypermarkets, and specialty stores worldwide. Hence this can be one of the major factors expected to drive market growth during the forecasted period
Leading companies such as Ajinomoto Co. Inc., BONDUELLE SA, Conagra Brands Inc., Dr August Oetker KG, George Weston Ltd., Kerry Group Plc, McCain Foods Ltd., Nestle SA, Nomad Foods Ltd., and Tyson Foods Inc. are some of the major market participants.
Technavio's growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to enable growth projections and insights that enable analytical examination of the market will enable businesses to plan and set the path for future growth prospects. Download our best-selling sample report on Frozen Food Market
Frozen Food Market Highlights of the Report for 2023-2027