The global frozen meat market is projected to reach USD 86.58bn by the end of 2023, according to a new report.
Frozen processed meat product type is estimated to retain its dominance throughout the forecast period and expected to reach USD 46.74bn, registering a CAGR of 4.44%. The foodservice end user segment is estimated to witness a massive growth of 4.70% during the review period of 2017-2023, while store- based distribution channels will dominate the frozen meat market, holding a lion’s market share of 61% this year and growing at a rate of 4.46%
The report states that there is a growing trend of food traceability and rising demand of convenience food products, especially in developing markets across the Asian countries such as India and China. Also, the strong performance of retail sector along with rapid increase in number of large retail chains including hypermarkets and supermarkets has boosted the demand of frozen food in the developing Asian countries. Emerging nations such as India, China, Brazil, Argentina, and Malaysia among others are the potential markets for frozen meat products, as consumers in these markets are demanding for readily available and new varieties of food products.