According to new market research, the frozen food market is expected to grow at a CAGR of 5.2% from 2022 to 2029 to reach USD408.05bn by the end of the forecast period.
This industry is expanding as a result of rising convenience food demand, expanding global cold-chain market, and evolving customer tastes and preferences. Additionally, this market offers considerable development prospects due to the growing digitalization of the retail sector and the expanding markets in Asia-Pacific, Latin America, and the Middle East & Africa.
More than half of the world’s population now resides in cities, and nearly every nation is urbanizing more and more. According to the United Nations World Urbanization Report, the global urban population has rapidly increased from 439,498,772 in 2015 to 471,031,528 in 2019, indicating that about 55% of the world’s population currently resides in urban areas, with that number predicted to reach 68% by 2050. As a result, customers in metropolitan regions have access to a greater variety of food options than those in rural ones. Additionally, this urbanization tendency greatly raises living standards and earnings, which has a stronger impact on the affordability of frozen food items.
Additionally, as cities become more urbanized, demand for convenience food products is rising quickly, mainly due to changing lifestyles, an increase in nuclear families, a rise in the percentage of working women, and less time available for meal preparation. Due to their widespread availability and long shelf lives, frozen food products provide a compelling case for the market’s accelerated growth.
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