According to Technavio, the market for frozen and convenience foods is expected to rise by USD377.55bn between 2022 and 2027, with a CAGR of 7.1%.
During the anticipated period, the convenience food segment is expected to have significant expansion. The popularity of quick food among consumers is rising. Additionally, this market is mostly aimed towards people who don’t know how to cook and work long hours. Customers no longer have to buy individual cans of ingredients, making it simpler to assemble meals that are ready to eat. Additionally, the availability of packaged meals to customers has expanded due to the expansion of grocery stores. As a result, segment growth is anticipated to be fueled by customers’ growing preferences throughout the course of the projection period.
During the forecast period, North America is anticipated to contribute 45% to the growth of the global market. Europe is another market where there are many prospects for suppliers to flourish. The major contributors to the frozen food markets in Europe are the UK, Germany, and Spain. The main drivers behind the expansion of the convenience frozen food industry in the region include rising mergers and acquisitions among businesses, creative marketing initiatives by suppliers, and premium frozen food offers.
One of the main factors fueling market expansion is consumers’ increased preference for frozen vegan cuisine. This is brought on by consumers’ rising appetite for vegan cuisine. Vegan food is far more in demand than it once was, notably in the US and the UK. Growing consumer demand for alternatives to red meat in these nations further fuels this need. To meet consumer demand, a number of market merchants are introducing fresh vegan frozen goods. Thus, during the forecast period, market growth is anticipated to be driven by this growing consumer shift.
Find out more at: https://www.technavio.com/