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Frozen Food Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Frozen Food Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 300 pages
  • ID: 6018918
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the frozen food market include Tyson Foods; Nestle; Conagra Brands; Kraft Heinz Company and General Mills Inc.

The global frozen food market is expected to grow from $167.34 billion in 2020 to $174.4 billion in 2021 at a compound annual growth rate (CAGR) of 4.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $224.2 billion in 2025 at a CAGR of 6%.

The frozen food market consists of sales of frozen food by entities (organizations, sole traders and partnerships) that produce frozen food including frozen fruits, juices, vegetables, and frozen specialty foods. This market does not cover meat products. The companies in the frozen food industry package and distribute their products through various distribution channels to both individual customers and commercial establishments. The frozen food market is segmented into frozen fruit, juice, and vegetable and frozen specialty food.

Asia Pacific was the largest region in the global frozen food market, accounting for 40% of the market in 2020. North America was the second largest region accounting for 30% of the global frozen food market. Africa was the smallest region in the global frozen food market.

Frozen food manufacturers are using technologies such as individual quick freezing (IQF) to improve yield and quality of frozen foods. The IQF method involves transferring the individual food items on a conveyor belt into a blast freezer that quickly freezes the items. With IQF method, every individual piece of food is frozen separately, as opposed to bulk or block freezing. This method boosts yield by 1.5-3% and results in better quality products with high nutritional value and less wastage. Examples of IQF foods include fruits such as blueberries, strawberries and peaches, and vegetables such as corn, peas and green beans. The global IQF vegetable market is expected to reach $2 billion by 2026, thus indicating significant demand for IQF food products in future.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the frozen food manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the frozen food manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The frozen food manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.

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