According to the analyst, the global frozen food market size in 2018 stood between $225 billion to $228 billion.
The market is estimated to grow steadily with a normal CAGR of 3.5%-5% during the forecast period of 2019-2025.
Geographically, Europe led the frozen food market with a regional share of 30%-32% in 2018 owing to an increase in mergers and acquisitions between vendors and hypermarkets. On-the-go consumption of food is also driving the European frozen food market.
Frozen Food Market Growth Drivers:
An Increasing Demand for Preservative Free Food With an increase in organic produce demand, consumers are incessantly on the lookout for fresh vegetables, seafood, and fruits that do not have a short shelf life. Since most of the organic produce expires quickly, hypermarkets are resorting to freezing of frozen foods which customers are interested in buying.
The Shopping Trends of Millennials Contrary to popular beliefs on millennials being irresponsible buyers, frozen food market heavily relies on their purchasing trends. Millennials are ready to experiment, and invest on novel things unlike the generation before them. They also tend to buy products that preserve their time, and are easy to handle. These traits fuel the market growth of frozen foods as they are convenient, and ready to use, exactly how millennials might prefer.
