Frozen Prepared Food sales declined as a result of the COVID-19 epidemic’s widespread lockdowns. In the first few days of lockdown, frozen food and other basics were among the first to be sold because of their longer shelf life. There was little to no stock of these products as the days went by because of a reduction in production staff. Customers’ purchasing habits were impacted as a result. As more and more people began working from home, eating habits began to evolve as a result. People began making their own meals in an effort to save money on food. There was a decrease in Frozen Prepared Food market products sales as a result of this. Lockdowns are being gradually lifted in phases, although the foodservice industry is still not entirely operating in several countries. As a result of this industry’s decline in sales, the majority of frozen foods are utilized.
There has been a rise in the demand for ready-to-eat foods, which has resulted in an increase in the Frozen Prepared Food products are seeing an increase in demand because they take less time and effort to prepare than making a meal from scratch. Because of their hectic schedules, people’s increased desire for convenience drives the processed food industry. As a result, there is a rise in the need for frozen goods. The Frozen Prepared Foods market’s expansion can be attributed to a number of factors, including rising disposable income, which boosts the purchasing power of customers.
Possibilities: the retail industry has gone digital.
Online grocery shopping and the advent of new apps are two of the most recent changes that are reshaping the industry. Because of the ease and variety that online shopping offers, consumers are more likely to use it. Eurostat estimates that about a quarter of the population purchased food and household goods from online retail channels in 2018. It’s becoming increasingly common for consumers to purchase for groceries online, in part because of the growing popularity of smartphones and online shopping.
For the forecast period of 2019 to 2027, the worldwide Frozen Prepared Foods market size will increase by 3.1% CAGR to reach USD 185.28 billion (US$146.79 billion in 2019).
By 2020, the ready-to-eat food category is expected to account for more than half of the global food market.
According to industry forecasts, convenience and ready-to-eat meals will rule the global market in 2020. Frozen Prepared Foods consumption has increased significantly as a result of people’s increasingly hectic and time-constrained lifestyles. Preparation time and effort are reduced significantly when using frozen foods. They are nutritious and a good source of vitamins and minerals. Consumer acceptance and brand recognition in developing nations have both contributed to an uptick in frozen food exports in recent years.
The Most Important Market Participants
Among the major players in this market are General Mills, Conagra Brands, Inc, Grupo Bimbo SAB de C.V., Nestle SA, Unilever, Kellogg Company, McCain Foods Limited, Kraft Heinz Company, Associated British Foods plc, Ajinomoto, Vandemoortele NV, Lantmannen Unibake International, Cargill, Europastry S.A, JBS, Kidfresh, Aryzta, Kuppies
What are the most frequently asked questions?
- In the frozen prepared foods sector, who are the major players?
- Future trends in frozen prepared foods manufacturing: What do they see as the most promising?
- Major players in the Frozen Prepared Foods market use what growth strategies?
Europe: Due to the increasing number of vegans in Europe, the Frozen Prepared Food market share is likely to be dominated by Europe. High consumer purchasing power, economic stability, and a shift in culinary preferences are all contributing to the region’s rapid expansion. Ready-to-eat breakfast items have also grown in popularity as a result of people’s increasingly hectic lifestyles. Among the most promising markets for baked goods and potato products, Europe has a large and rapidly expanding population. During the first few months of COVID-19’s outbreak, frozen food sales soared, but then fell off a cliff in subsequent months.
North America: A high level of consumer awareness about the benefits of these goods is likely to drive North America’s second-largest market share. Many laws have been put in place by the FDA in an effort to reduce the use of dangerous compounds in processed foods, such as trans fats. As these items have previously been prewashed, precut and frozen to make them portable and extend their shelf life, minimal cooking is required. All of these things are helping the market in the area to grow.
Asia Pacific: Consumers in Asia Pacific are increasingly using digital retailing platforms, which is driving the region’s rise in the global market. The expansion of regional markets is aided by an increase in the number of cold chain facilities in several emerging countries. Furthermore, in nations like India, Japan, and China, there has been an increase in the number of refrigerated facilities in retail establishments and online retail. Many countries in Southeast Asia are likely to benefit greatly from urbanisation in the coming years.
South America and the Middle East & Africa (MEA): the growth rate is predicted to be moderate. This is due to the fact that there have been few innovations in the packaging of Frozen Prepared Food and beverages. As a result, food is less enticing and more difficult to obtain. The market for convenience meals and fast food is predicted to grow in the next years because of the growing popularity of these foods among consumers.