Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) — The “China Frozen Food Market, Size, Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
China Frozen Food Market is expected to attain an impressive value of US$ 56.01 Billion by 2030. The market has garnered significant momentum due to shifting consumer eating habits and a fast-paced lifestyle that has propelled the demand for convenient meal options.
Changing Lifestyle Catalyzes Market Expansion
Embracing the modern lifestyle with long work hours and increased urbanization, Chinese consumers are seeking time-saving food options that do not compromise on quality. This consumer behavior is a significant driver behind the success of the frozen food market, offering substantial growth potential in various sectors including schools, military camps, fast food, and tourism.
Covid-19 Pandemic Amplifies Market Demand
Faced with extended lockdowns due to the Covid-19 pandemic, Chinese consumers turned towards frozen products that offered extended shelf lives, consequently fueling the market’s swift development. From 2020 onwards, the demand for cold storage food has been on a consistent rise, contributing to the market’s expansion.
Robust CGAR Projected for the Next Decade
With an anticipated Compound Annual Growth Rate (CAGR) of 9.35% during the period from 2022 to 2030, market analysts predict a bright future for China’s Frozen Food Market. Aided by rising disposable incomes and reduced tariff barriers on frozen food imports, the country is well on its path to becoming a significant player in the global market.
Consumer Preferences Lean Towards High-Quality Frozen Products
Despite higher costs, Chinese consumers exhibit a preference for premium frozen food products, leading to phenomenal growth prospects for both domestic and international brands. As a result, key players are leveraging smart factory and storage solutions to meet these demands.
Notable Industry Players
General Mills, Fujian Anjoy Foods Co Ltd, and Conagra Brands Inc are among the key industry giants shaping the market landscape with their strategic advancements.
Industry Outlook Underlines Growth Prospects and Technological Innovations
This analysis underlines the burgeoning potential of the China Frozen Food Market, marked by technological advancements and evolving consumer preferences. Entities interested in exploring and capitalizing on these opportunities will find this analysis an invaluable tool for strategic planning and investment.
Segmentation Analysis Indicates Diverse Market Growth
- Frozen Seafood Dominates Product Types: With a substantial market share, frozen fish and seafood are leading the product type segment, propelled by increasing incomes and Western dining influences.
- Retail Users Drive End-User Demand: Retail customers are pivotal in the industry, seeking convenient and varied frozen food products found in supermarkets, hypermarkets, and online platforms.
- Offline Distribution Holds the Fort: Bricks-and-mortar channels, including supermarkets and convenience stores, continue to dominate the distribution channel, accounting for a substantial part of the market’s success.
|No. of Pages
|2022 – 2030
|Estimated Market Value (USD) in 2022
|Forecasted Market Value (USD) by 2030
|Compound Annual Growth Rate
- General Mills
- Sanquan Food
- Fujian Anjoy Foods Co Ltd.
- Meiji co ltd.
- Shandong Huifa Food Co. ltd.
- Maruha Nichiro Group
- Apex Frozen Foods Ltd.
- Conagra Brands Inc.
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- Chinese Frozen Food Market