The global frozen food market size is projected to reach USD 185.28 billion by 2027, exhibiting a CAGR of 3.1% during the forecast period. Growing number of urban dwellers around the world will be a leading factor propelling this market in the near future, states Fortune Business Insights™ in its report, titled “Frozen Food Market Size, Share & COVID-19 Impact Analysis, By Type (Frozen Vegetables and Fruits, Frozen Ready Meals, Frozen Pizza, Frozen Seafood, Frozen Meat Products, Frozen Potato Products, Frozen Baked Products, and Others), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027”. Urbanization is gaining considerable traction worldwide, underpinned by speedy economic growth and development, especially in Asia and Africa. According to the UN Department of Economic and Social Affairs (DESA), urban areas, which house roughly 55% of the global population at present, will be home to nearly 70% of the world population by 2050. Put differently, over 2 billion people will be added to the world’s urban areas in the next three decades, with Asian and African countries leading the charge. Urban agglomerates are typically characterized by the widespread presence of supermarkets, hypermarkets, and departmental stores. Frozen type of food products are some of the most prominent items on shelves at these facilities owing to their high demand among the working populace. Thus, expansion of urban areas is expected to favor the growth of this market during the forecast period.
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https://www.fortunebusinessinsights.com/frozen-food-market-104138
Industry Developments:
- July 2020: Tyson Foods released a new range of frozen chicken products under its Tyson brand across the foodservice industry in Europe. The brand consists of 28 frozen items with a variety of categories ranging from coated fillets to skewers.
- September 2019: Conagra Brands unveiled its plans to build an innovation center in Chicago, which will be named ‘The Conagra Brands Center for Food Design’. The center will focus on innovation related to snacking, while company’s Center for Food Design and Technology in Nebraska will concentrate on the company’s frozen, refrigerated meal offerings.
List of Key Companies Profiled in this Market Report:
- Tyson Foods, Inc. (Arizona, U.S.)
- Unilever PLC (London, U.K.)
- McCain Foods Limited (Toronto, Canada)
- Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
- Conagra Brands Inc. (Illinois, U.S.)
- General Mills Inc. (Minnesota, U.S.)
- Wawona Frozen Foods (California, U.S.)
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