Report source: Grand View Research
The US frozen food market size was valued at USD 55.80 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. Consumers are looking for convenient meal options including frozen food that require little or no preparation. The rising dependence on ready-to-cook foods of consumers especially millennials would further drive the market during the forecast period. According to the U.S. Department of Agriculture April 2021, 72.0% of Americans purchase ready-to-eat food from full-service restaurants due to their busy life schedules. Increasing health and safety concerns amid rising COVID-19 cases obligated people to take fewer trips to stores for buying household items including food, and snacks.
This trend resulted in the need of stockpiling eatables in houses that lasted for a longer duration without spoilage, which further increased the sales of frozen food in the U.S.
The growing popularity of frozen food as healthy and convenient for millennials above fresh food will further increase the demand for the product in the coming years. Retention of vitamins and minerals in frozen vegetables, unlike their counterparts (fresh vegetables), which lose vitamins and other healthy ingredients over time, will further help increase the sales of earlier mentioned products.
Consumer preference has majorly shifted towards home cooking due to increasing cases of the COVID-19 virus among country residents. According to Supermarket News from March 2021, two-thirds of the consumers in the region reported a preference for cooking and eating meals at home since the coronavirus outbreak which has spurred the demand for frozen food products. Many retailers in the U.S. market including pharmacies and drug stores are also expanding their product portfolio to frozen meals witnessing the consumption trends.
Post time: Oct-20-2022