Thefrozen food market is poised to grow byUSD 64.69 billion during 2020-2024, progressing at a CAGR of over 5% during theforecast period.
The market is driven by the expansion of retail stores offering frozenfood. In addition, the growing popularity of private label frozen foods isanticipated to boost the growth of the frozen food market.
Retail stores including supermarkets, hypermarkets, independentretailers, and convenience stores supply a variety of both meat-based frozenfoods and plant-based food products and plant-based dairy alternatives. Thepurchase of these food items is increasing due to the expansion of retailstores along with the increase in the number of product launches to attractmore consumers. For instance, in February 2019, McCain Foods launched its lineof frozen potato product Lighter Home Chips. In June 2019, Iceland Foods Ltd, afrozen food supermarket chain, announced its plans to open 50 new retail outletsin the UK. Thus, the expansion of retail stores offering frozen food isexpected to drive market growth during the forecast period.
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Major Five Frozen Food Market Companies:
Ajinomoto Co. Inc.
Ajinomoto Co. Inc. operates the business under various segments such asJapan Food Products, International Food Products, Life Support, and Healthcareand other business. The company offers frozen foods through the Japan FoodProducts and International Food Products segments.
Bonduelle SCA offers products through the following business units:Canned, Frozen, and Fresh processed. The company offers frozen food productsthrough its Canned and Frozen food segments.
Conagra Brands Inc.
Conagra Brands Inc. operates under various business segments, namelyGrocery & Snacks, Refrigerated & Frozen, International, Foodservice,and Pinnacle Foods. The company offers various frozen food products in the USand international markets through three of its segments which includes PinnacleFoods, Refrigerated & Frozen, and International.
Dr. August Oetker Nahrungsmittel KG
Dr. August Oetker Nahrungsmittel KG offers products through thefollowing business segments: Food, Beer and Nonalcoholic Beverages, Sparklingwine, Wine & Spirits, and Other interests. The company manufactures andmarkets frozen foods through the Food segment.
George Weston Ltd.
George Weston Ltd. offers products through the following businesssegments: Weston Foods, Loblaw, and Choice Properties. The company offersfrozen food through the bakery segment named Weston Foods.
Frozen Food Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Frozen ready meals
- Frozen meat and poultry
- Frozen fish and seafood
- Frozen fruits and vegetables
Frozen Food Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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