|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 250.1 Billion||USD 553.1 Billion||5.2%||2022|
Frozen Foods Market
The global frozen foods market size was evaluated at $250.1 Billion in 2022 and is slated to hit $553.1 Billion by the end of 2030 with a CAGR of nearly 5.2% between 2023 and 2030. The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.
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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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.
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.
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.
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.
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.
|Report Attributes||Report Details|
|Report Name||Frozen Foods Market Research Report|
|Market Size in 2022||USD $250.1 Billion|
|Market Forecast in 2030||USD $553.1 Bllion|
|Compound Annual Growth Rate||CAGR of 5.2%|
|Number of Pages||220|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||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.|
|Segments Covered||By Product, By Type, By Distribution Channel, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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.
The frozen foods market profiles key industry players such as:
By Distribution Channel
Frozen food is maintained at such temperatures where moisture in the food retains its solid state. The key concept of frozen food is 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.
The global frozen food market is projected to expand over 2023-2030 owing to changing lifestyles and enhanced living standards. 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.
According to study, the global frozen foods market size was $250.1 billion in 2022 and is projected to reach $553.1 billion by the end of 2030.
The global frozen foods market is anticipated to record a CAGR of nearly 5.2% from 2023 to 2030.
The Asia-Pacific frozen foods industry is set to register the fastest CAGR over the upcoming years owing to a rise in access to frozen food products that are protein-rich, gluten-free, sugar-free, plant-based, vegan, and dairy-free.
The global frozen foods market is led by players like 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..