World Quick-Frozen Food Market Share Worth US$290.6 billion by 2026 - New Research Report by IndustryARC
Rising demand for convenience food due to its ease of consumption is driving the market growt
HYDERABA, TELANGANA, INDIA, December 27, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that World Quick-Frozen Food Market size is forecast to reach $290.6 billion by 2026, growing at a CAGR of 5.6% during the forecast period 2021-2026. Consumables in the form of food products that are preserved under low temperature through a process called flash freezing and used over a long period are collectively called frozen foods. The primary driving forces of the market are high disposable income across major economies, products with longer shelf life, growing impulsive buying by consumers, and rising demand for frozen food products, due to the busy lifestyle. Frozen foods in the form of ready-to-eat meals, usually come infused with carboxymethylcellulose and oxygen scavengers, which are beneficial to human health. A proactive lifestyle due to urbanization has made consumers turn to frozen food products whenever they have spare time. Availability of frozen foods through multiple distribution channels has altered the purchasing patterns of consumers regarding dietary products, thereby ensuring a strong foothold for frozen foods in the list of daily consumables.
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Key takeaways:
This IndustryARC report on the World Quick-Frozen Food Market highlights the following areas -
1. Europe dominated the World Quick-Frozen Food Market in 2020 owing to the growing living standards and an increasing need for convenience. The World Quick-Frozen Food Market scope for different regions will be provided in the final report.
2. Rising demand for convenience food due to its ease of consumption coupled with the growing disposable income of consumers are likely to aid the market growth of the World Quick-Frozen Food Market report.
3. Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be World Quick-Frozen Food Market report.
4. Lack of cold chain infrastructure in developing economies is poised to create the hurdles for the World Quick-Frozen Food Market.
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Segmental Analysis:
World Quick-Frozen Food Market Segment Analysis – By Product Category : The ready-to-eat segment held the largest share in the World Quick-Frozen Food Market in 2020 and is estimated to grow at a CAGR 5.1% during the forecast period 2021-2026.
World Quick-Frozen Food Market Segment Analysis – By Distribution Channel
Hypermarkets/Supermarkets segment held the largest share in the World Quick-Frozen Food Market in 2020 and is estimated to grow at a CAGR 5.4% during the forecast period 2021-2026.
World Quick-Frozen Food Market Segment Analysis – By Geography : Europe dominated the World Quick-Frozen Food Market with a major share of 38% in 2020. This is attributed to the attitude of customers which has been changing toward frozen food and has transformed significantly in Europe since the last decade, primarily attributable to an improvement in living standards and an increasing need for convenience.
Competitive Landscape:
The top 5 players in the World Quick-Frozen Food Industry are -
1. General Mills
2. Unilever
3. Nestlé
4. Tyson Foods
5. Nomad Foods Ltd
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