Frozen food products include ready-to-eat meals, meat and poultry products, seafood, fruits and vegetables, potato products, and snacks. Frozen foods provide advantages such as ease of storage and longer shelf life. The busy and changing lifestyle of consumers drives the demand for quick and convenient frozen food options.
The global Frozen Food Market is estimated to be valued at US$ 167,116.37 Million 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 key trends:
One of the major trends witnessed in the frozen food market is the rising demand for meat substitutes. Meat substitutes refer to products made from vegetable or plant sources that resemble meat. With rising health and environmental concerns associated with meat consumption, meat substitutes made from soy, wheat, and other plant-based proteins have gained significant popularity. Products such as veggie burgers, veggie sausage, and meatless ground have become mainstream grocery items in the frozen food aisles.
SWOT Analysis
- Strength: The frozen food market provides convenience to consumers as frozen foods can be stored and consumed later. This allows customers more flexibility with time and food options.
- Weakness: Frozen foods usually contain more preservatives and sodium compared to fresh foods which can negatively impact health. Customers also prefer fresh ingredients and perceive frozen foods to be of lower quality.
- Opportunity: Rising demand for ready-to-eat meals and increasing popularity of private label brands present opportunities for growth. New product launches in the frozen vegetable and meat category also allow companies to attract more customers.
- Threats: Stricter regulations around food safety and storage can increase production costs. Supply chain disruptions and rising prices of ingredients are challenges as well. Increased health consciousness also threatens demand for products high in preservatives, sodium, or fat.
Key Takeaways
The global frozen food market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing preference for convenient ready meals and snacks. Rapid urbanization and changing lifestyles have boosted demand for easy to prepare frozen foods.
Regional analysis: The frozen food market in North America currently dominates due to high consumption of frozen pizza, meat, seafood and other products. Europe is also a major market led by countries like France, Germany and Italy. However, Asia Pacific is expected to see the fastest growth with rising incomes and western influence in countries like India, China and Indonesia.
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. These companies have been focusing on new product innovations, investing in marketing and launching low calorie frozen meals to tap the health-conscious consumer segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
