June 14, 2022 10:01 ET | Source: Precedence Research Precedence Research

Ottawa, June 14, 2022 (GLOBE NEWSWIRE) -- The global frozen food market size was valued at US$ 290 billion in 2021. Increase in the retail landscape, high demand for convenience food and technological growths in the cold chain sector are the important driving factors for the market. However, the rising choice for fresh and natural food items is a challenging factor for the frozen food market.

Europe region accounted market share of 36% in 2021.

North America proves to be the second biggest market for the frozen food sector owing to the increasing advancements in the lifestyle. Asia Pacific market also shows a tremendous boost in this sector pertaining to the increasing westernisation of the culture. Tourism has also boosted the market for the Asia Pacific region. Other competitors in this market are the European nations, Russia and Africa.

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The processed food market is driven by the increasing need for ease of access due to the fast lifestyles of the people. This, in turn, raises the need for frozen products. Increasing expendable income is also such a factor that has a huge impact on the growth of the frozen food market as it increases the purchasing power of consumers. The growing consumer choice toward convenience foods indirectly supports the increasing demand for frozen products as they require little time and comparatively lesser effort.

Nutrients like vitamin C and folate can change with the extremes in temperature while food items stored at altering temperatures can lose their nutrients. Since frozen foods are preserved at a constant low temperature, they do not hamper such essential nutrients. To certain consumers, frozen food is considered as a product that is an inferior substitute for fresh food, acting as a major restraints for this market. There is a belief that food processed over a long period of time and consumed could not be nutritious.

In 2018, almost 25% of the population purchased food and other necessities from online retail stores as per Eurostat. With the increasing penetration of the Internet and smartphone, retail grocery shopping is developing as one of the opportunities for companies to showcase and sell their products. One of the latest trends pushing the market ahead is online grocery shopping and the invention of new apps, making it easier for the buyers to pick their products of choice. Consumers are attracted toward online shopping due to choice of convenience and diversity.

Lack of funding due to the lower socioeconomic status in developing economies has been one reason hampering the cold chain logistics sector. This, has also affected the frozen food sales.  Cold chain logistics which have poor facilities also directly impacts the import & export business of frozen food products in developing nations such as South Africa, Bangladesh and Myanmar. However, these countries offer a big opportunity for growth and investment in the market due to the increasing acceptance by the consumers. Cold chain logistics have proved to be important to increase the market size in any country. However, developing countries have poor infrastructure and fail to supply safe frozen food products to the people. Frozen food has a good shelf-life; however, if not stored well, the product is wasted easily. This leads to a loss for frozen food companies.

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