Retail markets or combination stores became a familiar retail concept around the middle of the 20th century, despite their roots stemming in the US from as early as the start of the 1900s. Over time, these types of outlets evolved into larger and more diverse supermarkets and hypermarkets. These barter zones have become more common lately and are Western-influenced concepts. Presently, supermarkets & hypermarkets can be found in all populated corners of the world. These retail markets are equipped with the space, staff, and equipment necessary to store and distribute frozen goods. The market for frozen foods was valued at US$243.8 Bn in 2021. There has been a steady increase in the number of supermarkets and hypermarkets being established around the world. The fact that these retail markets account for most frozen goods sales globally, is expected to have a positive influence on the growth trajectory of the global frozen food market, which is projected to achieve a valuation of over US$362.2 Bn by 2029.
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Product Innovations Debuting Retail Significantly Foster Frozen Food Market Growth
There were days when most individuals were content with the nutritional quality of frozen food products they consumed. In fact, most of these products were even considered to be junk food. However, this trend has begun to gradually fade into obscurity. Consumers are now more aware of the benefits of eating healthy, even if these products were to cost more than conventional frozen goods. Moreover, an increasing number of industry players are now more focused on developing technological innovations that allow for the effectively delivery of nutritional consumables. Some players have even gone to great lengths to confirm/prove that the nutritional content of their products remain unaffected despite experiencing the lifecycle of frozen foods. Additionally, the cost-effectiveness of these products is another major factor that is expected to augment market growth prospects for the global frozen food market in the years to come.
Lack of Cold Chain Infrastructure to Hinder Frozen Food Market Growth
There is a general lack of adequate cold-chain infrastructure around the world, more so in various emerging economies around the world. This is unfortunate, as some of these nations are also the most populous in the world and have the potential to have an exponential impact on product sales and further market growth. For there to be continued success in the frozen food market, there must be effective cold-chain logistics solutions in place. This continues to be a major factor that is slated to hinder growth potential for the players engaged in the market.
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Asia Pacific’s Frozen Food Market to Index the Fastest CAGR Spike
North America has remained a top-tiered player in the frozen food market for many years, and this is not expected to change by much. There are several factors responsible for this outcome, such as the adoption of sedentary lifestyles, hectic daily schedules, the convenience associated with frozen foods, consumables at an attractive price point, or even the presence of many industry players in this region. However, the Asia Pacific regional market is growing at an exponential pace and is expected to index the fastest CAGR over the forecast period. Higher disposable incomes, greater investments toward regional development, higher urbanization, and a wider range of products in this regional market are all expected to bolster the Asia Pacific in the years to come.
Key Players of Frozen Food Market
Some of the most prominent industry players in the frozen food market include, Cargill Inc, Nestle SA, Nomad Foods Ltd, General Mills Inc, and Unilever Plc. This report also encompasses other prominent companies in the market such as Tyson Foods Inc., Conagra Brands Inc, Kellogg Company, The Kraft Heinz Company, and Associated British Foods Plc.
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