Report : South & Central America 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 6.0% CAGR, the South & Central America Frozen Food Market is speculated to be worth US$ 28.31 Billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America frozen food market was valued at US$ 19.97 billion in 2022 and is expected to reach US$ 28.30 billion by 2028, registering an annual growth rate of 6.6% from 2022 to 2028. Strategic development initiatives by manufacturers and plant-based frozen products becoming popular are the critical factors attributed to the market expansion.
In recent years, there has been a massive transformation in the organized retail sector. The emergence of e-commerce has resulted in considerable changes in the way people shop and spend their money. The increasing penetration of smartphones and the internet, easy access to emerging technologies, rising purchasing power, and convenience provided by online retail platforms of shopping from anywhere at any time are among the key factors bolstering e-commerce.
People are increasingly preferring online retail platforms for purchasing frozen foods. According to American Frozen Food Institute, online sales of frozen food products increased by 75% in 2020. The online sales of food and beverages rose significantly during the pandemic due to the shutdown of brick-and-mortar stores and the imposition of social restrictions by governments. As people’s movement was constrained by lockdowns and they were compelled to work from their homes, there was a substantial shift to online shopping. Moreover, heavy discounts, wide availability of different brands under one roof, and home delivery options have been other notable factors driving consumers’ focus toward online shopping. With the rising penetration of e-commerce across different geographies, the manufacturers of frozen foods such as Kellogg's Company, Conagra Brandsare also enlarging their online presence by selling their products through well-known e-commerce platforms such as Amazon.com, Lidl, and Walmart. This factor contributes to the growth of the frozen food market by eliminating the dependency on offline retail stores.
On the contrary, lack of cold chain infrastructure hurdles the growth of South & Central America 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 29.6% market share in 2022, amassing US$ 5.91 billion. It is projected to garner US$ 8.05 billion by 2028 to expand at 5.3% CAGR during 2022–2028.
By the distribution channel, the South & Central America frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. With 59.3% share of the domain, the supermarkets and hypermarkets segment dominated the market in 2022. It accrued US$ 11.84 billion in 2022 and is estimated to generate US$ 16.50 billion by 2028 to grow at a CAGR of 5.7% over the forecast period.
Our regional analysis states that the Rest of South & Central America captured 69.9% market share in 2022. It was assessed at US$ 13.96 billion in 2022 and is likely to hit US$ 19.15 billion by 2028, exhibiting a CAGR of 5.4% during the forecast period.
Key players dominating the South & Central America frozen food market are Conagra Brands, Inc.; 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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