NEW YORK, March 17, 2023 /PRNewswire/ -- As per Zion Market Research study, The Global Frozen Foods Industry size was nearly USD 250.1 Billion in 2022 and is predicted to increase to approximately USD 553.1 Billion by 2030 along with registering a CAGR of nearly 5.2% from 2023 to 2030.
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Frozen Foods Market: Overview
Frozen food is maintained at such temperatures where moisture in the food retains its solid state. The factors that have attributed to the demand for frozen foods include hectic lifestyles, changing consumer buying behavior, altering dietary habits, and a surge in the number of working female population. Reportedly, these food products are considered one of the most popular convenient ready foods. Due to the busy work schedule and fast-faced lifestyles, there remains less time available for cooking activities. The key concept of frozen food is the preservation of food items at a specific temperature so that the moisture content in food remains intact and this enhances the shelf life of the foods.
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Key Industry Insights & Findings of the Frozen Foods Market Reports:
- As per the analysis shared by our research analyst, the global frozen foods market is projected to expand annually at the annual growth rate of around 5.2% over the forecast timespan (2023-2030)
- In terms of revenue, the global frozen foods market was evaluated at nearly $250.1 billion in 2022 and is expected to reach $553.1 billion by 2030
- The global market is anticipated to record massive growth over the forecast period due to the massive trend of consuming instant foods and ready-to-eat diets among the youth.
- Based on product, the convenience food & ready meals segment contributed to a major share of the global market in 2022
- In terms of type, the ready-to-cook segment is predicted to account for a major share of the global market during the predicted timespan.
- Region-wise, the Asia-Pacific frozen foods market is projected to register the fastest CAGR of 5.7% over the forecast timeline.
Zion Market Research published the latest report titled "Frozen Foods Market By Product (Convenience Food & Ready Meals, Fruits & Vegetables, Meat & Seafood, Bakery Products, And Dairy Products), By Type (Ready-To-Cook, Raw Material, And Half-Cooked), By Distribution Channel (Offline And Online), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 - 2030" into their research database.
Frozen Foods Market: Growth Drivers
- Altering lifestyles and high standards of living to drive the global market growth.
Changing lifestyles and enhanced living standards are some of the key growth drivers for the global frozen food market. Apart from this, the massive trend of consuming instant foods and ready-to-eat diets among the youth will boost global market trends. In addition to this, consumers' shift towards convenience diet and food that can be cooked quickly will proliferate the size of the global market. Apart from this, there is a considerable increase in the number of working women as well as women entrepreneurs across the globe. This has contributed sizably towards the global frozen foods market proceeds.
Furthermore, frozen vegetables and frozen fruits have accounted for the largest share of the food market owing to easy access to new freezing technologies that helps in increasing the shelf life of food, thereby bolstering the expansion of the global frozen food market. Rise in per capita income will further spearhead the global market surge.
Frozen Foods Market: Restraints
- Growing preference for fresh fruits and natural food items can inhibit the global industry expansion.
Few customers think that frozen food is less significant in comparison to fresh food and this is one of the major factors that has put brakes on the global frozen foods industry. Apart from this, nutrients such as folate as well as vitamin C can alter due to temperature change and food products stored at different temperatures can lose their nutritional value. Moreover, frozen food is stored at lower temperature and do not lose key nutrients. However, people also think that frozen food can also lose essential nutrients. This can put brakes on the expansion of the global industry.
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Frozen Foods Market: Opportunities
- Rise in digitization of retail sector to open new facets of growth for the global market.
Surge in online grocery shopping activities and the launching of new apps for purpose of shopping will open new growth avenues for the global frozen foods market. Furthermore, massive demand for convenience food to further increase the scope of the market growth over the years ahead.
Frozen Foods Market: Challenges
- Lack of cold chain infrastructure in emerging economies to prove as a major challenge in the growth path of the global market.
Cold chain logistics has been the key requirement for raising the share of the frozen foods market across the globe. Moreover, emerging economies do not have a strong cold chain infrastructure facility. Hence, they cannot supply frozen food products to the consumers' low fund allocation for developing strong cold chain infrastructure units has resulted in slowing down the growth of the cold chain logistics business. This, in turn, is a major challenge to the growth of the global market.
Global Frozen Foods Market: Segmentation
- The global frozen foods market is sectored into product, type, distribution channel, and region.
In terms of product, the global frozen foods market is segmented into convenience food & ready meals, fruits & vegetables, meat & seafood, bakery products, and dairy products segments. Apparently, the convenience food & ready meals segment, which made lucrative contributions toward the global market share in 2022, is anticipated to retain its domination even during the forecast period. The segmental growth over 2023-2030 can be attributed to the swiftly changing lifestyles of the youth leading to a massive intake of frozen foods. Furthermore, frozen foods can be easily prepared in less time and possess high nutritional value, and this has boosted the growth of the segment.
Based on the type, the global frozen foods industry is divided into ready-to-cook, half-cooked, and raw material segments. Furthermore, the ready-to-cook segment is set to record the fastest CAGR over the coming years. The growth of the segment over the assessment timeline can be attributed to increasing working women population and rapidly changing life patterns.
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List of Key Players in Frozen Foods Market:
- General Mills Inc
- Kraft Heinz Company
- Grupo Bimbo S.A.B. de C.V.
- Conagra Brands Inc.
- Nestle SA
- McCain Aryzta
- Foods Limited
- Associated British Foods plc
- Vandemoortele NV
- Europastry S.A.
- Omar International Pvt Ltd
- Lantmannen Unibake International
- Cargill Incorporated
- Chevron Agrotech Pvt Ltd
- Shishi He Deming
- Kellogg Company
Key questions answered in this report:
- What are the growth rate forecast and market size for Frozen Foods Market?
- What are the key driving factors propelling the Frozen Foods Market forward?
- What are the most important companies in the Frozen Foods Market Industry?
- What segments does the Frozen Foods Market cover?
- How can I receive a free copy of the Frozen Foods Market sample report and company profiles?
Market size value in 2021
USD 250.1 Billion
Revenue forecast in 2030
USD 553.1 Billion
CAGR of almost 5.2 % 2023-2030
2016 - 2022
2023 - 2030
By Product, By Type, By Distribution Channel, And By Region
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2023 to 2030
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
General Mills Inc, Kraft Heinz Company, Grupo Bimbo S.A.B. de C.V., Conagra Brands, Inc., Nestle SA, Unilever, McCain Aryzta, Foods Limited, Associated British Foods plc, Vandemoortele NV, Europastry S.A., Omar International Pvt Ltd, Ajinomoto, Kidfresh, Lantmannen Unibake International, Cargill Incorporated, Chevron Agrotech Pvt Ltd, Shishi He Deming, Kellogg Company, and JBS.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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- In April 2022: Prasuma, an Indian firm in the chilled meat & frozen foods business, declared the launching of new frozen foods such as mutton & chicken shammi kababs, frozen veg & chicken spring rolls, frozen chicken nuggets, frozen veg & chicken mini samosas, chicken seekh kababs, and bacon, thereby adding to its frozen food product line. The initiative will help the firm in expanding its frozen foods business in India.
- In February 2022, Tyson Foods Inc., a U.S.-based firm and second-largest meat processing & marketing firm, announced that it will construct a new unit in Kentucky, the U.S. The move is aimed at its plans for increasing its production of bacon by investing nearly $355 million.
- In the second half of 2021, Strong Roots, a major plant-based frozen food firm, and McCain Foods, a global leading firm in frozen potato specialties & appetizers, announced a strategic alliance. Reportedly, McCain Foods has invested nearly $55 million in Strong Roots to acquire a minimum stake as per the partnership deal.
- In the second quarter of 2019, Birds Eye, a U.S. headquartered frozen food brand, launched new easy-to-prepare entrees that included cheesy chicken broccoli, cheddar mac cheese, cheese ziti, and chicken alfredo pasta.
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- Frozen foods Market in the Asia-Pacific region To Register the highest CAGR of 5.7% over 2023-2030.
The frozen foods market in the Asia-Pacific sub-continent is predicted to register the highest CAGR during the forecasting years. The growth of the regional market in 2023-2030 can be due to a rise in access to frozen food products that are protein-rich, gluten-free, sugar-free, plant-based, vegan, and dairy-free. Citing an instance, in the first half of 2021, First Pride, a food-producing firm in the Asia-Pacific, introduced frozen nuggets, frozen food strips, and frozen bites for customers in Malaysia. The move will boost the scope of demand for frozen diets in the Asia-Pacific sub-continent.
Global Frozen Foods Market is segmented as follows:
Frozen Foods Market: By Product Outlook (2023-2030)
- Convenience Food & Ready Meals
- Fruits & Vegetables
- Meat & Seafood
- Bakery Products
- Dairy Products
Frozen Foods Market: By Type Outlook (2023-2030)
- Raw Material
Frozen Foods Market: By Distribution Channel Outlook (2023-2030)
Frozen Foods Market: By Region Outlook (2023-2030)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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