Frozen Food Market size was valued at USD 258,020.00 Million in 2022, expanding at a CAGR of 5.3% from 2023 to 2030.
Frozen food is food that has been exposed to freezing temperatures in order to retain freshness and prolong shelf life. The freezing procedure includes lowering the temperature of the food to much below freezing point, which stops the bacterial growth and enzymatic activity that causes food rotting. This process seals in nutrients and flavors, preserving the food's overall quality. Frozen meals provide customers with convenience by enabling them to keep and utilize the items at their leisure without the danger of deterioration. The frozen food sector has expanded significantly over the years, providing a diverse range of alternatives ranging from ready-to-eat meals to raw components for cooking.
Frozen Food Market- Market Dynamics:
- Increasing demand for Convenience Food to propel market demand.
- The convenience given by packaged edible items, which appeal to customers of all ages, drives the processed food business. The worldwide market has seen significant transformation as a result of consumer desire for convenience meals and RTE foods. This form of food requires less work and time than cooked meals, which is the primary driver of demand for frozen food goods. Consumers' increasing ability to spend is another crucial cause for the industry to thrive in the next years. According to the World Bank, metropolitan areas are predicted to house two-thirds of the world's residents. Roughly & billion of the worldwide population will be concentrated in cities. As a result, the growing population and hurried lifestyle will drive the adoption of frozen foods.
Frozen Food Market- Key Insights:
- As per the analysis shared by our research analyst, the global Frozen Food market is estimated to grow annually at a CAGR of around 5.3% over the forecast period (2023-2030)
- The Frozen Food industry is projected to grow at a significant rate due to the increasing demand for Convenience Food
- Based on Product segmentation, Convenience Food & Ready Meals was predicted to show maximum market share in the year 2022
- Based on Consumption segmentation, food service was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Frozen Food Market- Segmentation Analysis:
- The Global Frozen Food Market is segmented on the basis of Product, Consumption, Type, and Region.
- The market is divided into six categories based on Product: Fruits & Vegetables, Dairy Products, Bakery Products, Meat & Seafood Products, Convenience Food & Ready Meals, Others. The Convenience Food & Ready Meals sector dominates the market. Frozen food, encompassing convenience foods and ready meals, provides busy customers with unsurpassed convenience. These items are pre-cooked, pre-cut, or pre-packaged, needing little to no preparation. With a vast range of alternatives, they give fast and simple meal options, rendering them a popular choice in contemporary lives.
- The market is divided into two categories based on Consumption: Food Service, Retail. The Food Service sector dominates the market and is likely to maintain its dominance during the forecast period. Frozen food plays an important part in the food service business by offering cost-effective, time-saving alternatives. Frozen ingredients, including pre-cut veggies or pre-cooked meats, are used by cafeterias, restaurants, and other culinary facilities to expedite operations and deliver consistent, high-quality meals to consumers.
Frozen Food Market- Geographical Insights:
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Over the projection period, Asia Pacific is predicted to increase at the quickest rate. The growing availability of frozen items that are rich in protein, low in calories, and low in fat, as well as products that meet particular dietary needs including vegan, sugar-free, dairy-free, gluten-free, as well as plant-based products, will fuel regional development. For example, in June 2021, First Pride, an Asia-Pacific food company, introduced frozen bits, nuggets, and strips created from plants to Malaysian customers. And will make them accessible in additional regional markets in the future months, expanding sales of these items even more.
Frozen Food Market- Competitive Landscape:
The market is extremely fragmented, with a huge number of worldwide competitors present. Market participants confront fierce rivalry, particularly from the market's top manufacturers, who have a huge customer base, great brand awareness, and extensive distribution networks. To keep ahead of the competition, businesses have used numerous growth methods such as collaborations and new product releases. Product innovation, quality, distribution networks, and price tactics are the focal points of competition. In this industry, brand familiarity and customer trust are critical. Furthermore, the growing number of health-conscious customers has encouraged firms to concentrate on providing better frozen food alternatives. Consumer tastes are always changing, and the introduction of new competitors makes it difficult for existing firms to remain ahead in this dynamic industry.
In May 2023, Bikano, India's preferred snack and packaged food production firm, has introduced a line of frozen items in the foreign market, targeting for a 40% YoY increase in export sales. With this action, Bikano intends to capitalise on prospects in the worldwide market and expects to reach 200 crores in sales in FY23-24.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL FROZEN FOOD MARKET KEY PLAYERS
- Conagra Brands
- McCain Foods
- General Mills
- Tyson Foods
- Birds Eye
- Dr. Oetker
- Pinnacle Foods
- Ajinomoto Co., Inc.
- Amy's Kitchen
- Schwan's Company
- Goya Foods
- Bellisio Foods, Inc.
- The Kraft Heinz Company
- Nomad Foods
GLOBAL FROZEN FOOD MARKET, BY PRODUCT
- Fruits & Vegetables
- Dairy Products
- Bakery Products
- Meat & Seafood Products
- Convenience Food & Ready Meals
GLOBAL FROZEN FOOD MARKET, BY CONSUMPTION
GLOBAL FROZEN FOOD MARKET, BY TYPE
- Raw Material
GLOBAL FROZEN FOOD MARKET, BY REGION
- North America
- The U.S.
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA