Frozen Chicken Market to Reach $46.5 Billion Globally by 2032 | 7.8% CAGR
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, June 19, 2024 /EINPresswire.com/ -- Allied Market Research has recently published a report, titled, “Frozen Chicken Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Chicken Breast, Chicken Thigh, Chicken Drumstick, Chicken Wings, Others), by Product (Chicken Nuggets, Chicken Popcorn, Chicken Fingers, Chicken Patty, Others), by Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Specialty Stores, Online Retail): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global frozen chicken market generated $22.2 billion in 2022, and is anticipated to generate $46.5 billion by 2032, witnessing a CAGR of 7.8% from 2023 to 2032.
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Prime Determinants of Growth
The increasing consumer demand for convenient, ready-to-cook food solutions as well as rising advancements in freezing and packaging technologies are driving the growth of the frozen chicken market. However, rising challenges in supply chain logistics, including transportation disruptions and cold storage failures, are factors restraining the market growth during the forecast period. On the other hand, the rising investments in improved freezing and packaging technologies, along with expanding e-commerce channels, are expected to unlock rewarding growth opportunities in the global frozen chicken market during the forecast period.
COVID-19 Scenario:
The COVID-19 pandemic significantly impacted the global frozen chicken market. The pandemic led to disruptions in global supply chains, hampering the growth of the global market. Also, the closure or reduced capacity of restaurants led to decreased demand from the foodservice sector, affecting the market growth.
On the other hand, increased demand for home-cooking and food safety concerns during the pandemic drove up the sales of frozen chicken products. Lockdowns and restrictions on transportation resulted in challenges, while rising consumer awareness regarding food safety boosted demand for frozen chicken.
E-commerce and direct-to-consumer sales saw a significant rise as consumers shifted towards online shopping for groceries, thus driving market growth during the pandemic.
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Type: Chicken Drumstick Sub-Segment to Grow with Highest CAGR by 2032
The chicken drumstick sub-segment is expected to dominate the market with a CAGR of 8.8% during the forecast period. This growth is mainly due to the growing versatility, convenience, and affordability of chicken drumsticks, driving increasing consumer preference for quick and easy meal solutions. Its popularity surged as rising demand for diverse and flavorful meal options boosted sales volumes, particularly in price-sensitive markets.
Product: Chicken Nuggets Sub-Segment Expected to Grow with Highest CAGR by 2032
The chicken nuggets sub-segment dominated the global frozen chicken market share in 2022, holding a major share of 35.0%. This dominance is expected to continue till 2032, growing with a CAGR of 8.2%. This growth is mainly because of the increasing consumer demand for convenient, ready-to-eat options amidst busy lifestyles. Additionally, the versatile nature of chicken nuggets, appealing to both adults and children, boosted their popularity and market share.
Distribution Channel: Supermarkets/hypermarkets Sub-Segment Predicted to Hold Leading Market Share by 2032
The supermarkets/hypermarkets sub-segment dominated the global frozen chicken market share in 2022, holding a major share of 50.7%. This sub-segment is expected to hold a leading market share of 50.3% by 2032. This growth is mainly because of the growing consumer inclination towards one-stop shopping destinations, which not only increases foot traffic but also amplifies sales for supermarkets/hypermarkets. Their ability to offer diverse frozen chicken products, coupled with competitive pricing and promotional strategies, is driving their dominance in the market.
By Region: Asia-Pacific Estimated to Dominate the Market in Forecast Period
The Asia-Pacific region dominated the global frozen chicken market in 2022, holding a major share of 44.0%. The dominance of this region is expected to continue by rising with a CAGR of 8.6% in the forecast period. This is mainly due to increasing urbanization, which is driving up demand for convenient and ready-to-cook food solutions. Additionally, rising improvements in cold chain infrastructure and logistics are boosting the availability and accessibility of frozen chicken products in the region.
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Leading Players in the Frozen Chicken Market:
• Inghams Group Limited
• Cargill, Incorporated
• Perdue Farms, Inc.
• Pilgrim's Pride Corporation
• JBS S.A.
• BRF S.A.
• Hormel Foods Corporation
• Tyson Foods, Inc.
• Farbest Foods
• Sanderson Farms, Inc.
The report provides a detailed analysis of the key players of the global frozen chicken market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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