Market Forecast
The global food market was valued at $260.8 billion U.S. dollars in 2018, and is expected to increase to $366.3 billion by 2026 at a compound annual growth rate (CAGR) of 3.2%. The global market for frozen food is huge because of a large demand from customers. Frozen foods can divided into the segments of frozen fruits and vegetables, frozen meat and fish, frozen dairy products, frozen soups, and other. Frozen foods are sold through supermarkets, online stores, specialist retailers, or convenience stores.
Size of Frozen Foods Market Worldwide (2018-2026)
By the end of this year, 2023, the global market value for frozen foods is estimated at $322.49 billion. By the end of 2026 the market is expected to increase to $366.3 billion.
(Market Research Future)
U.S. Market Analysis for Frozen Food
The projected value of the frozen food industry is expected to reach about $44.4 billion by the end of 2023. Because of the growing trend of health-conscious food choices, frozen food has been perceived slightly more negatively in the past couple years for individual consumers in the United States. However, IBISWorld, a market research group, claims that the industry is attempting to win back customers by offering more organic and healthier options. Despite individual consumers’ uncertainty about the nutrition status of many frozen foods, these products are still in high demand for organizations and businesses like restaurants, hotels, schools, hospitals, and many other establishments.
Importers and Exporters
This section contains multiple categories within the frozen foods market globally, including frozen fish and frozen vegetables.
As of 2018, the largest exporter for frozen fish was China at a valuation of $3.17 billion, followed by the United States and Russia. The top importer was again China with $3.42 billion dollars’ worth of frozen fish imported, followed by Japan and South Korea.
Importers and Exporters
As of 2018, the largest exporter for frozen fish was China at a valuation of $3.17 billion, followed by the United States and Russia. The top importer was again China with $3.42 billion dollars’ worth of frozen fish imported, followed by Japan and South Korea.
For the frozen vegetable market worldwide in 2021, the largest exporter was China with trade of $1.27 billion, with Belgium and Spain in second and third respectively. The United States was the top importer at $1.20 billion, followed by Japan and Germany.
(Observatory of Economic Complexity)