The outlook for the frozen food market has never been brighter. With growing awareness of food trends, consumers are turning to home cooking to prepare fresh meals free of preservatives. This necessitates the use of frozen foods, which are available in a variety of categories including dairy-free, vegan, gluten-free, low-fat, and so on.
The availability of high-quality frozen foods facilitates market growth and makes it less vulnerable to negative fluctuations. Recent technological advances have introduced cryogenic freezing, which eliminates the need for artificial preservatives while maintaining negligible microorganism growth. It is a convenient and accessible option for the working class society, which is always on the go and always short on time.
Growth Drivers in the Frozen Food Market:
Increasing demand for preservative-free food. With an increase in demand for organic produce, consumers are constantly on the lookout for fresh vegetables with a long shelf life. Because most organic produce expires quickly, hypermarkets are resorting to freezing frozen foods that customers want to buy. Cryogenic freezing of food items increases shelf life and eliminates the need for preservatives. Consumers flock to these products, assisting the frozen food market to grow noticeably.
Millennials’ Shopping Habits
Despite popular belief that millennials are irresponsible buyers, the frozen food market heavily relies on their purchasing habits. Millennials, unlike previous generations, are willing to try new things and invest in them. They also prefer products that save them time and are simple to use. These characteristics fuel the market growth of frozen foods because they are convenient and ready to use, which millennials may prefer. This generation, which is drowning in student debt and underpaying jobs, relies heavily on the frozen food market for nutrition.
The Pandemic
The frozen food market thrived when COVID forced people to eat every meal at home and worry about the grocery store closing. Anxious consumers stocked up on frozen entrees, pizzas, desserts, and other items, causing demand to reach previously unheard-of heights. According to the American Frozen Food Institute’s (AFFI) February 2021 report, “Power of Frozen in Retail,” the dollar value of frozen food sales increased by 21 percent last year, while unit sales increased by 13.3 percent.
In a press release, AFFI President/CEO Alison Bodor stated, “The frozen food aisle has been a growth driver for retailers since 2016, with acceleration ahead of most other departments.” “Frozen foods are a pandemic powerhouse, with $65.1 billion in retail sales expected in 2020.”
According to the UnivDatos Market Insights report titled “Frozen Food Market,” the global frozen food market is expected to grow at a compound annual growth rate of 4.6 percent from 2020 to 2026, reaching $320.06 billion by 2026.
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