The Frozen Food Market is estimated to be valued at US$ 183684.71 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Frozen foods are widely popular convenience foods that allow quick preparation. They include frozen desserts, meat and poultry products, seafood, ready meals, frozen fruits and vegetables, frozen bakery products, and snacks. Frozen food manufacturers offer a wide range of products that are nutritious and available at affordable prices. Frozen food products can be kept for longer duration without the risk of spoilage while retaining their nutritional value. The products are available across supermarkets, hypermarkets, convenience stores, and other retail channels.
Market Dynamics:
Growing demand for convenience food due to busy lifestyles is expected to drive the growth of the frozen food market. Increased number of households with working professionals has boosted the popularity of convenience products such as frozen meals that offer convenience and easy preparation. Frozen food products offer similar taste, texture, and nutritional value as fresh food items and have a longer shelf life. This makes them suitable for time-constrained consumers seeking hassle-free meal options. Moreover, frozen food manufacturers are increasingly focusing on new product launches with various tastes and ingredients to meet evolving consumer preferences. For instance, many companies offer organic, gluten-free, and plant-based frozen food options. Rising health consciousness among consumers is anticipated to boost demand for minimally processed frozen food items.
Segment Analysis
The frozen food market can be segmented into ready meals, meat & poultry, seafood, vegetables & fruits, bakery products, and others. The ready meals segment dominates the market and is expected to continue its dominance over the forecast period. This is due to high demand for convenience food products and busy lifestyles that drive consumers to opt for ready-to-eat meals that can be prepared and consumed quickly.
PEST Analysis
Political: National and international trade policies impact the import and export activities of frozen food products. For instance, changes in import duties significantly affect the pricing of foreign products.
Economic: Rising disposable incomes in emerging economies are driving demand for premium and value-added frozen food products. However, high energy costs impact production and transportation expenses for frozen food manufacturers.
Social: Changing dietary habits and demand for convenient, nutritious food on the go are fueling market growth. Moreover, rising health consciousness is propelling demand for frozen vegetables, fruits, seafood and products with no additives.
Technological: Advanced freezing technologies help manufacturers enhance food quality and minimally process foods to retain nutrients. Cold chain logistics also aid in maintaining quality during transportation of temperature-sensitive frozen products.
Key Takeaways
Global Frozen Food Market Size was valued at US$ 183684.71 Mn in 2023, expanding at a CAGR of 4.8% during the forecast period. Ready meals segment accounts for the highest revenue share in the market owing to rising preference for convenience foods among consumers.
The Asia Pacific frozen food market is estimated to witness the fastest growth during the forecast period. This is attributed to rising living standards, expanding urban population, and changing lifestyles in countries such as China and India. Rapid growth of modern retail industry in the region will augment the demand for frozen food products.
Key players operating in the frozen food market are Nestle S.A., Ajinomoto Co., Inc., Kraft Foods Group, Inc., ConAgra Foods, Inc., General Mills, Inc., H.J. Heinz Company, Tyson Foods, Inc., Unilever Plc., Maple Leaf Foods, Inc., and Pinnacle Foods, Inc. Strategic partnerships and new product launches catering to regional tastes are some of the key strategies adopted by these companies to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
