Frozen Food Market: Current Analysis and Forecast (2023-2030)

The frozen food market is expected to register a CAGR of approx. 5.2% over the period of 2022-2028. The frozen food market refers to the industry and marketplace for food products that have been frozen and preserved at very low temperatures, typically below -18 degrees Celsius (0 degrees Fahrenheit). These frozen food products can include a wide range of items, such as fruits, vegetables, meat, poultry, seafood, ready-to-eat meals, desserts, and more. The growing demand for frozen food can be attributed to advances in freezing and preservation technology have led to frozen foods that often retain much of their original flavor, texture, and nutritional value the key factors which boost the adoption of inorganic growth strategies among key industry players around the globe. For instance, In May 2022, Seara, a food brand known for its high-quality frozen food products, announced its new innovation in the frozen food category with new products. This new product was called Seara Shawaya. The new innovation of Shawaya chicken for roasting filled the gap in the market where no other product was available.

Based on products, the market is segmented into fruits & vegetables, dairy products, meat & seafood products, convenience food & ready meals, pet food, and others. The convenience food & ready meals category is expected to witness the highest CAGR during the forecast period. The convenience food and ready meals segment is experiencing significant growth in the frozen food market due to changing consumer lifestyles, increased demand for quick and easy meal solutions, and recent developments by companies that cater to this driver. Additionally, new government regulations and consumer preferences for healthier options are influencing the direction of this segment in 2021.

Based on consumption, the frozen food market has been classified into food service and retail. Among them, the food service segment is expected to grow at a higher CAGR in the market. The food service segment in the frozen food market is experiencing growth due to various drivers such as cost-effectiveness, convenience, and the need for efficient food preparation in the foodservice industry. The hotel industry, quick food shops, cash & carry stores, caterers, and other business buyers are all included in the food service sector. Frozen foods have become more and more popular in the food service industry as a result of their ability to be kept and used for extended periods of time while requiring less maintenance.

Based on the distribution channel, the frozen food market has been classified into offline and online. Among them, the offline category is to witness higher adoption of frozen food during the forecast period. The offline segment is a key driver of the frozen food market. The offline segment of the frozen food market, which includes traditional brick-and-mortar retail outlets such as supermarkets, grocery stores, and convenience stores, continues to thrive due to several drivers, including consumer preferences, accessibility, and familiarity.

For a better understanding of the market adoption of the ADNP syndrome treatment industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to European consumers increasingly seeking convenient and time-saving meal solutions due to busier lifestyles. Frozen foods provide a quick and hassle-free option, aligning with the demands of modern life is driving the growth of the market. Moreover, advances in freezing technology have allowed frozen foods to retain much of their original flavour and nutritional value. European consumers prioritize healthier options, and the availability of frozen fruits, vegetables, and organic products caters to these preferences to support the market growth. In addition, the growth of online grocery shopping in Europe has expanded the reach of the frozen food market. Consumers can access a wider selection of frozen products through e-commerce platforms, further boosting sales which accelerates the frozen food market growth in the region. For instance, in May 2022, Redefined Meat, a known plant-based meat company, announced the launch of its frozen meat products in Italy to expand its operations in the European region owing to its major global market share.

Some of the major players operating in the market include: Unilever, Nestle, The Kraft Heinz Company , General Mills, Inc, Cargill, Incorporated , Ajinomoto Co., Inc., WK Kellogg Co, Tyson Foods, Inc. , Conagra Brands, Inc, FRoSTA AG.