by The frozen food market mainly includes frozen ready meals, frozen meat, seafood, fruits and vegetables, frozen bakery products and frozen desserts. Frozen food products are convenient to use and help in reducing food wastage by preserving the nutrients and increasing the shelf life of food. Today’s busy lifestyles have increased the demand for ready-to-eat frozen meals that can be prepared quickly. Frozen fruits and vegetables have also gained popularity as they retain most of their nutritional value compared to fresh produce.
The 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 Dynamics:
One of the major drivers for the growth of the frozen food market is the increasing demand for convenience food. Fast-paced lifestyles have left consumers with less time to prepare meals at home, thereby driving the adoption of ready-to-eat frozen foods. Another driver is the increasing number of working women population. Women now occupy more leadership roles globally and have less time for cooking, which is propelling the demand for frozen meals and snacks. Additionally, rising health awareness is encouraging consumers to opt for frozen fruits and vegetables which preserve more nutrients as compared to fresh alternatives. The availability of organic and natural frozen food products without preservatives is also fueling the market growth. Lastly, increasing retail penetration of frozen food products through organized retail chains worldwide is positively impacting the market.
Segment Analysis
The frozen food market is dominated by ready meals segment which holds around 25% of the total market share. The ready meals segment includes variety of frozen food products like pizza, burritos, entrees etc which can be easily prepared or heated and consumed. This segment is dominating as these products save time for consumers and offer convenience as they can be prepared instantly without much effort.
PEST Analysis
- Political: The government policies and regulations related to food labeling, ingredients and quality influence the frozen food market. The regulatory frameworks also impact trade and pricing of frozen food products across borders.
- Economic: The economic growth, rising disposable incomes and dual working households fuel the demand for frozen foods. As frozen foods save time for cooking, they see more adoption among busy consumers.
- Social: Changing lifestyle patterns, urbanization and increasing participation of women in workforce are the key social factors driving the frozen food consumption. Frozen foods cater to the need of nuclear families and time-bound consumers.
- Technological: Advanced freezing technologies help manufacturers offer frozen food products with better taste and longer shelf-life. Technologies like modified atmosphere packaging and vacuum sealing improves the quality and safety of frozen foods.
Key Takeaways
The global frozen food market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing preference for ready-to-eat meals and convenience foods.
The North America region is expected to dominate the market during the forecast period due to high demand for frozen pizza, snacks and other frozen food products in countries like U.S and Canada.
Regionally, Asia Pacific region is anticipated to grow at the fastest rate owing to rising middle class population, changing dietary patterns and increasing exposure to Western food culture in countries like India and China.
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 have been key strategies among top players to sustain the market competition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
