Report : Europe Frozen Food Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Frozen Desserts; Frozen Bakery; Frozen Meat, Poultry, and Seafood; Frozen Ready Meals; Frozen Snacks and Appetizers; and Others) and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 5.2% CAGR, the Europe Frozen Food Market is speculated to be worth US$ 1,17.25 Billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe frozen food market was valued at US$ 86.62 billion in 2022 and is expected to reach US$ 1,17.25 billion by 2028, registering an annual growth rate of 5.2% from 2022 to 2028. Rising consumption of convenience food and rising popularity of E-commerce are the critical factors attributed to the market expansion.
Over the past few years, the lifestyles of people across the world have evolved dramatically. Due to hectic work schedules, people’s dependency on products saving time and effort has increased. The surge in the consumption of high-quality convenience food is one of the biggest trends in the food industry. Convenience food, such as frozen snacks, frozen meals, cold cuts, and ready-to-eat products, allows consumers to save time and efforts associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. The development and popularity of these food items are ascribed to many social changes; the most notable of these are the increasing number of smaller households and the rising millennial population across the world. Due to hectic work schedules, millennials prefer to be efficient with their time, rather than spending it on tedious tasks. Thus, they are more likely to spend their money on convenience food. These factors are significantly boosting the demand for convenience food among consumers, eventually boosting the growth of the frozen food market.
In recent decades, women's participation in workforces in different countries has increased tremendously. Such a significant rise in the employment of women boosts the popularity of convenience food, such as frozen food, among working-class populations.
According to data represented by the “International Labor Organization,” the female labor force across many countries has increased exponentially from 1990 to 2020. For example, in Germany, the female employment rate reached 54.91% in 2020 from 42.50% in 1990. Similarly, the rates France have surged in recent times. Thus, this factor boosts the demand for frozen food and other convenience food products in various countries.
The number of single or two-person households is growing in various developed countries, such as the UK and Germany. The growing number of one or two-person families can be related to the rising demand for ready-to-eat convenience food. Frozen food products have extended shelf-life and are suitable for single-serve. Moreover, these food products are ready to cook, which saves time on food preparation. Thus, the rising demand for convenience food is supporting the growth of the frozen food market.
On the contrary, lack of cold chain infrastructure hurdles the growth of Europe frozen food market.
Based on type, the frozen food market sphere is segmented as frozen desserts; frozen bakery; frozen meat, poultry, and seafood; frozen ready meals; frozen snacks and appetizers; others. The frozen meat, poultry, and seafood held 29.2% market share in 2022, amassing US$ 25.30 billion. It is projected to garner US$ 33.09 billion by 2028 to expand at 4.6% CAGR during 2022–2028.
By the distribution channel, the Europe frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. With 54.9% share of the domain, the supermarkets and hypermarkets segment dominated the market in 2022. It accrued US$ 47.60 billion in 2022 and is estimated to generate US$ 64.04 billion by 2028 to grow at a CAGR of 5.1% over the forecast period.
Our regional analysis states that the Rest of Europe captured 42.4% market share in 2022. It was assessed at US$ 36.77 billion in 2022 and is likely to hit US$ 48.02 billion by 2028, exhibiting a CAGR of 4.6% during the forecast period.
Key players dominating the Europe frozen food market are Bellisio Foods, Inc.; Bonduelle Group; General Mills; Kellogg’s Company; McCain Foods Limited; Nestle S.A.; The Kraft Heinz Company; and Tyson Foods, Inc. among others.
Few key developments among top market players are described below:
- In Nov 2021, General Mills partners with Regrow Agriculture to monitor agriculture at scale.
- In March 2022, Conagra Brands Launched Extensive Summer Line-up of New Product Innovation.
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