Page 74 - Ameft Journal 2021/1

MARKET
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Freeze the opportunity:
Propelling demand for frozen meat, potato and more!
The global frozen food market size is projected to reach USD 376.95 bil- lion by 2025 registering a Compound Annual Growth Rate (CAGR) of 4.3%, according to the research finding of Research and Market – the world’s lar- gest market research store with clients across the globe including 450+ For- tune 500 clients.
Changing food preferences as a re- sult of rising number of working indi- viduals and hectic work life schedule have resulted in an increased demand for convenience food and ready meals. This is expected to be the key factor augmenting the market growth. More- over, high demand for frozen meat due to increasing consumption of meat and meat-based products is also expected to propel the market growth.
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The global frozen food market size is expected to reach USD 380.5 billion by 2027, expanding at a CAGR of 3.4%. Ri- sing consumer preferences for the rea- dy-to-eat food products which needs the least preparation as well as cooking time and offers higher shelf life is the key driving factor for the market. Mo- reover, shifting consumer dietary pre- ference in hectic and busy life across the globe is anticipated to offer new scope for the market over the forecast period.
Over the past few years, people are finding less time for cooking at home owing to their busy schedule. This, in turn, is driving demand for frozen food across the globe as it can be cooked in less time. Thereby, in order to ser- ve better, the manufacturers are laun-
ching all kinds of frozen items such as frozen potatoes, ready meals, meat, fish products, which is expected to pro- mote frozen food market scope over the next few years.
What’s more, the sudden break- down of coronavirus across the globe has significantly surged the demand for frozen food owing to its property of keeping nutrition for a long time and higher shelf life as compared to the fresh veggie, fruits, and meat. Al- most all the countries in the world have proposed a country level lockdown in which people are restricted to go out- side their houses. This panic situation around the globe has propelled the de- mand for the frozen food products as it helps the customers to avoid regular market visits.
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