The Global Processed and Frozen Food market will be valued at US$ 241.2 Billion in 2021, and it is projected that the market will expand up to US$ 387.3 Billion from 2022 to 2028 at a CAGR of 5.8%. From 2020 the market has seen the year to year growth of 15-18%, surpassing the average growth value.
Processed Foods are food items usually made from artificial and natural ingredients by undergoing chemical and mechanical operations to change their properties. The addition of preservatives prolongs its period of usage for a long time. Frozen foods refer to items preserved for a long time at freezing temperatures.
As the demand is increasing for frozen foods, developing countries are demanding the production of frozen foods on a large scale from the food service industries, considering the needs of consumers in their region. On a global level, the spread of COVID-19 has mainly been attributed to consumer behavior of panic buying. Due to the rising demand for cold cuts and ready meals, the market witnessed consistent and progressive growth over the past years. Consumption of (RTE) Ready to Eat food plays a crucial role in the worldwide working population and the Millionaire’s hectic lifestyle.
In the inertial days of lockdown, frozen and processed foods were the direct and most sold food items due to their longer shelf life. As the days passed, there was a reduction in the human resources of production plants, so as a result, fewer stocks were left in the market. Still, considering the needs, government bodies allowed the manufacturing of edible products with a well-organized supply chain, bringing production to be expected.
During the Pandemic, since WFH started eating habits of consumers have changed. Frozen Foods are a Pandemic powerhouse booming to US$ 65.7 Billion in 2020, which is an increase of 21% compared to the previous year, states the AFFI(American Frozen Food Institute) and FMI. According to the BBC’s published report, the pandemic effect has suddenly increased online retail to avoid a crowd at supermarket stores.
All meal occasions like picnics, lunch, dinner, parties, and events are highly contributing to the use of frozen foods like sweets and drinks, which ultimately have pushed the Processed and Frozen Foods Market towards growth.
Kraft Heinz, a dominant key player in the market, wrapped up the supply and demand requirement caused by the outbreak of COVID-19. The company is currently looking to ensure a stable supply to retail outlets. Nestle S.A., Bellisio Foods, Congra Foods, Inc., General Mills, Inc. Mccain Foods are other vital players concentrating on innovation, partnerships, and new product development to increase sales.
Our Food and Beverage category segmentation encompasses:
Food and Beverage Additives & Supplements
Food Services and Hospitality
Food Ingredients
Nutraceutical/Wellness Food
Agriculture & Agri Products
Beverages
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