Indonesia Frozen Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Indonesia Frozen Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Indonesian frozen food market was valued USD at USD 995.79 million in 2020, and it is projected to witness a CAGR of 8.49% during the forecast period (2021-2026).

In Indonesia, the frozen food market has been performing well following the onset of the novel coronavirus as these have emerged as an apt solution for consumers striving for nutritional food with extended shelf life. Among all, frozen pre-cooked meals became the most popular choice of consumers during their life in quarantine. Although the COVID-19 impact on the cold chain supply has been significant, the evolving buying patterns of consumers with more inclination toward health have helped the frozen food market show higher resilience than expected.

The increase in consumer preferences for convenience foods and the development of cold chain logistics in the country are crucial factors driving the growth of the frozen food market in Indonesia. Furthermore, the advancement of modern retail channels has additionally determined the development of frozen food. Supermarket giants, such as Super Indo, Giant Eksatra, and Ramayana, have become a significant source of growth for the frozen foods market.

Thus, the market is expected to register a robust growth rate, owing to increasing customer appetite and acceptance, complemented by an increase in selling points, deeper penetration by organized retail players, as well as an increase in the available freezer space in the retail domain.

Key Market TrendsIncrease in Demand for Convenience Foods

The increasing consumer preferences for convenience foods is a crucial factor driving the growth of the packaged food market in Indonesia. Owing to the growing convenience factor, there has been an exponential growth of packaged food, especially ready meals and frozen food, as there is less / no further preparation required before consumption. The packed food includes canned food, packaged food or meals, frozen food, preserved food, and instant products. Frozen-ready meals are appealing to consumers in Indonesia with hectic lifestyles, those who are trying to lose weight, and people who live alone and do not want to prepare a full meal. The presence of various global players in this country has led to wider availability of products. Furthermore, due to the increasing purchasing power, food safety and hygiene are considered by consumers in the country. These factors have given global players the potential to make their products available on retail shelves, as brands are often considered high-quality products.

The Frozen Meat and Fish Segments Contribute to the Maximum Revenue Share

The consumer preference for frozen meat is increasing in Indonesia, in part due to the hygiene issues associated with making fresh products available. The popularity of protein diets has made meat and fish all the more popular, and seafood, in particular, is emerging as an important source of export earnings for the country. With the increase in bilateral and international agreements regarding the expansion of agriculture and food trade, the frozen meat and fish segments are expected to grow during the forecast period. These products exhibit longer shelf life ranging from six months to a year, making them convenient for export to the farthest of places. The Indonesian companies export various types of fish meat after processing and adding preservative materials according to international standards and consumer demand.

Competitive Landscape

The Indonesian frozen foods market is a competitive market, with numerous domestic and international players offering different varieties of frozen products. The major players, like General Mills Inc., Unilever PLC, PT Charoen Pokphand Indonesia Group, are heavily capitalizing on research and development. Ajinomoto Co. Inc., Gunung Sewu Group (Belfoods Indonesia), and Kelola Group (PT Kelola Mina Laut) are some other leading players in the market with a significant range of product offerings. On the basis of the development of new products, manufacturers are sensitive to ongoing consumer wariness and trends about choosing products that are suitable for their healthy lifestyle choices. Thus, players are offering products with international standards and certifications such as organic and kosher.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

General Mills Inc.
Ajinomoto Co. Inc.
PT Charoen Pokphand Indonesia Group
Gunung Sewu Group (Belfoods Indonesia)
PT Sekar Bumi Tbk
Kelola Group (PT Kelola Mina Laut)
Unilever PLC
PT Forisa Nusapersada

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