SAN FRANCISCO, Sept. 20, 2022/PRNewswire/ --The global frozen food market size is expected to reach USD 278.47 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 5.2% from 2022 to 2030. The rising consumer preference for ready-to-eat food products that need the least preparation and cooking time is the key growth driver. According to the Associated Chamber of Commerce and Industry of India, January 2020 report, 79% of Indian households today prefer to have instant food due to time constraints.
Key Industry Insights & Findings from the report:
- The fruits & vegetable segment is projected to register the fastest growth over the forecast period, as the products offer a wide range of advantages over the fresh produce.
- The online channel segment is anticipated to register rapid growth during the forecast period, owing to the promising growth exhibited by e-commerce platforms, including Amazon, Walmart, and other such service providers.
- Asia Pacific is expected to register the fastest growth during the forecast period, with brands rolling out frozen foods due to the rising number of working-class consumers in countries including China and India.
Read 100 page full market research report, "Frozen Food Market Size, Share & Trends Analysis Report By Product (Fruits & Vegetables, Potatoes, Ready Meals), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Frozen Food Market Growth & Trends
Major food manufacturers have been ramping up their production capacity as well as improvising supply change strategies to cater to the unprecedented demand for frozen food among consumers worldwide. For instance, in August 2020, Marks & Spencer launched a frozen food brand Picard in France. The product line includes brioche, crepes and mini croque monsieurs in flavors of raspberry and macarons. The initiative was taken due to the growing inclination for the abovementioned products among consumers. According to 'The Grocer' in April 2020, demand for frozen food spiked up to 263% in March, the same year.
The ready meals segment held the largest revenue share in 2021 and is expected to maintain its dominance over the forecast period. Changing food consumption patterns, due to increasing urbanization, is one of the prevalent factors driving the growth of this segment. According to an article published in foodprocessing.com, in January 2020, 61% of consumers in the region prefer ready meals while 63% of them actively purchase time and effort-saving products. These trends are expected to promote the scope of these products and thus, in turn, will fuel the growth of the frozen food industry.
The offline segment held the largest revenue share in 2021. The increasing penetration of independent retail giants such as Walmart and Costco is boosting product visibility and attracting a larger consumer base. Consumers prefer to physically verify these products before buying, which is driving sales through offline channels. For instance, Amy's Kitchen offers frozen foods across supermarkets in Canada.
Frozen Food Market Segmentation
Grand View Research has segmented the global frozen food market based on product, distribution channel, and region:
Frozen Food Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
- Fruits & Vegetables
- Potatoes
- Ready Meals
- Meat
- Fish/Seafood
- Others
Frozen Food Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Offline
- Online
Frozen Food Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Middle East & Africa
List of Key Players in the Frozen Food Market
- Unilever PLC
- Nestlé S.A.
- General Mills, Inc
- Nomad Foods Ltd.
- Tyson Foods Inc.
- Conagra Brands Inc.
- Wawona Frozen Foods
- Bellisio Parent, LLC
- The Kellogg Company
- The Kraft Heinz Company
Check out more related studies published by Grand View Research:
- Frozen Fruits Market - The global frozen fruits market size is expected to reach USD 5.59 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.7% over the forecast period. Growing popularity of shelf stable products, including packaged fruits and vegetables, as a result of increased occurrences of COVID-19 at the global level is expected to expand the market scope. As most international trade has been affected by the pandemic, consumers are expected to increasingly spend on purchase of packaged food items, such as frozen fruits.
- Frozen Dessert Market - The global frozen dessert market size is expected to reach USD 135.0 billion by 2025, expanding at a CAGR of 5.4%, according to a new report by Grand View Research, Inc. Increasing demand for frozen dessert products across the globe, rising disposable income, growing trend of consuming frozen desserts after meal as an effective digestive product, and climate change are the key factors for industry growth.
- Frozen Dough Market - The global frozen dough market size is estimated to reach USD 32.78 billion in 2030, registering a CAGR of 5.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Frozen doughs are easy to make and are expedient owing to which they have become highly popular and are consumed on a huge basis, which is a key factor driving the growth of the industry during the forecast period. The industry is also taking an upsurge due to the rapid growth of the processed food sector. Moreover, frozen doughs can be used for various purposes making them versatile and suitable for diverse uses thus resulting in their high usage. A positive impact has been experienced by the industry during the COVID-19 pandemic.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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