The retail food industry has witnessed significant growth over the past few years, globally. The development of retail channels in the form of supermarkets, hypermarkets, and convenience stores has driven the growth of the frozen food market. These large food chains form an important growing outlet for frozen food products, owing to the latest trend of on-the-go consumption. Rising per capital income and the increasing number of working women globally have further accelerated market growth.
Based on the product, the convenience food & ready meals segment is estimated to account for the largest share in the frozen food market in 2020. This is due to the increasing consumer preference toward convenience foods, which indirectly favors the increasing demand for frozen products. The processed food market is driven by the greater need for convenience due to the busy lifestyles of consumers. This, in turn, increases the demand for frozen products. Increasing disposable income is also one such factor that has a huge influence on the growth of the frozen food market, as it increases the buying power of the consumers.
Based on type, the ready-to-eat segment is projected to be the fastest-growing during the forecast period. Ready-to-eat frozen foods are those products that are fully cooked and can be eaten directly. For instance, Frozen Pizza, Cheese Garlic Bread, Punjabi Samosa, Pocket Punch, Various types of Patty, Frozen Gravies & etc. are some of the products that have been included in this segment.
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