Frozen foods provide consumers with a convenient way to prepare and enjoy meals without spending a long duration in the kitchen. A wide variety of products such as frozen desserts, meat products, frozen pizza, frozen potatoes and vegetables are available. The growing working population and busy lifestyles have fueled the demand for convenience foods that can be prepared quickly.
The global Frozen Food Market is estimated to be valued at US$ 167116.37 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 key trends:
The rising demand for convenience foods is one of the major trends propelling the growth of the frozen food market. Long working hours and hectic schedules leave consumers with very little time to cook meals at home. Frozen foods such as pizza, snacks, vegetables and ready-to-eat meals take less time for preparation while providing nutritional value. Additionally, the increasing number of women joining the workforce has further boosted the demand for convenient ready-to-eat options. The fast-paced lifestyle has made frozen foods a popular choice. Manufacturers are also developing a variety of frozen meal solutions tailored to meet the changing consumer needs for health, convenience and taste.
SWOT Analysis
- Strength: The frozen food market has high convenience factor as frozen food products have longer shelf life and can be stored and cooked when needed. This saves time spent on daily cooking.
- Weakness: Frozen food products have preservatives and additives that may not be considered healthy by some consumers. Freshness is also compromised as products are frozen after processing.
- Opportunity: Rising health consciousness and preference for organic and clean label products present an opportunity for frozen food companies to develop more natural and minimally processed options. Growing number of women in workforce increases demand for convenient frozen meals and snacks.
- Threats: Stricter regulations around food additives and preservatives can impact product formulations. Price volatility of agricultural commodities used as raw materials can threaten margins.
Key Takeaways
The global frozen food market is expected to witness high growth.
The global frozen food market is dominated by North America and Europe currently. However, regions like Asia Pacific are expected to showcase fastest growth during the forecast period owing to rising incomes, urbanization, and increasing women workforce. Countires like China, India are seeing growing demand for frozen snacks, meals and other food products due to changing lifestyles.
Key players related content comprises Key players related content
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 are focusing on new product launches, capacity expansions and mergers and acquisitions to strengthen their global presence and product portfolio. For instance, Nestle launched a new range of organic frozen meals in Europe in 2022. General Mills acquired Tyson Foods’ snack bar business in 2021.
