The frozen
food market is poised to grow by USD 64.69 billion during
2020-2024, progressing at a CAGR of over 5% during the forecast period.
The market is driven by the expansion of retail stores offering
frozen food. In addition, the growing popularity of private label frozen foods
is anticipated to boost the growth of the frozen food market.
Retail stores including supermarkets, hypermarkets, independent
retailers, and convenience stores supply a variety of both meat-based frozen
foods and plant-based food products and plant-based dairy alternatives. The
purchase of these food items is increasing due to the expansion of retail
stores along with the increase in the number of product launches to attract
more consumers. For instance, in February 2019, McCain Foods launched its line
of frozen potato product Lighter Home Chips. In June 2019, Iceland Foods Ltd, a
frozen food supermarket chain, announced its plans to open 50 new retail
outlets in the UK. Thus, the expansion of retail stores offering frozen food is
expected to drive market growth during the forecast period.
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Major Five Frozen Food Market Companies:
Ajinomoto Co. Inc.
Ajinomoto Co. Inc. operates the business under various segments
such as Japan Food Products, International Food Products, Life Support, and
Healthcare and other business. The company offers frozen foods through the
Japan Food Products and International Food Products segments.
Bonduelle SCA
Bonduelle SCA offers products through the following business
units: Canned, Frozen, and Fresh processed. The company offers frozen food
products through its Canned and Frozen food segments.
Conagra Brands Inc.
Conagra Brands Inc. operates under various business segments,
namely Grocery & Snacks, Refrigerated & Frozen, International,
Foodservice, and Pinnacle Foods. The company offers various frozen food
products in the US and international markets through three of its segments
which includes Pinnacle Foods, Refrigerated & Frozen, and International.
Dr. August Oetker Nahrungsmittel KG
Dr. August Oetker Nahrungsmittel KG offers products through the
following business segments: Food, Beer and Nonalcoholic Beverages, Sparkling
wine, Wine & Spirits, and Other interests. The company manufactures and
markets frozen foods through the Food segment.
George Weston Ltd.
George Weston Ltd. offers products through the following
business segments: Weston Foods, Loblaw, and Choice Properties. The company
offers frozen food through the bakery segment named Weston Foods.
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