New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Food products that have been frozen at extremely low temperatures, usually below -18 degrees Celsius (0 degrees Fahrenheit), to maintain their quality and lengthen their shelf life are known as frozen food products. Fruits and vegetables, meat and poultry, seafood, bakery goods, prepared foods, snacks, and ice cream are just a small sample of the many items in the frozen food industry. These goods undergo several processes to preserve their nutritional content, flavor, and texture, including blanching, flash freezing, packaging, and storage.
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Busy Lifestyles and Time Constraints Drive the Global Market
Fewer people have the time to make complex meals from scratch because of the increasing demands of jobs, school, and personal obligations. Foods that may be prepared from frozen are convenient because they can be ready in a short amount of time. By just taking a frozen meal or ingredient out of the freezer and heating it, customers can reduce the time spent cooking and preparing meals. Frozen meals like sandwiches, wraps, and snacks satisfy this demand for quick and convenient meal options. They provide a simple and quick alternative for people with busy schedules because they are easy to reheat or consume immediately. Customers can choose from various meals without constantly going to the grocery store or investing much time in meal preparation.
Growing Demand for Organic and Natural Frozen Foods Creates Tremendous Opportunities
According to Straits Research, “The global frozen food market size is estimated to reach USD 547.66 billion by 2031, growing at a CAGR of 8.4% during the forecast period (2023–2031).” Consumers' growing preference for healthier options and their demand for simplicity and clear labels drive this trend. Frozen organic and natural meals are supposed to be free of artificial additives and genetically modified ingredients, corresponding to the dietary choices of health-conscious consumers. The organic food market's greater expansion, which has expanded the accessibility of natural and organic products across various product categories, has benefitted the frozen food business. These products accommodate dietary choices and restrictions like vegetarianism, veganism, gluten intolerance, and lactose intolerance while providing a wider range of convenient frozen meal options.
Regional Analysis
Europe is the most significant global frozen food market shareholder and is estimated to grow at a CAGR of 3.80% over the forecast period. Europe will hold the greatest frozen food market share due to the region's rising vegan population, which is anticipated to boost sales of frozen vegetables. Some important growth reasons in the region include high consumer purchasing power, economic stability, and changes in dietary tastes. Ready-to-eat breakfast foods have become increasingly popular as a result of hectic lifestyles. The growing number of cold chain facilities in various emerging nations further aids the rise of the regional market.
Asia-Pacific is anticipated to exhibit a CAGR of 6.9% over the forecast period. Asia-Pacific's frozen food market is predicted to expand to become a global leader. Increased refrigeration capabilities in retail establishments and an increase in the accessibility of frozen food through online sellers help developing countries like China and India. In numerous Southeast Asian countries, urbanization is predicted to lead to a major market expansion. These factors are expected to drive market growth over the forecast period.
Key Highlights
- Based on the product categories, the global frozen food market is bifurcated into Ready-to-cook, Ready-to-Drink, Ready-to-Eat, and others. The Ready-to-Eat product category dominates the global market and is expected to exhibit a CAGR of 4.8% over the forecast period.
- Based on product type, the global frozen food market is bifurcated into frozen ready meals, frozen seafood and meat products, frozen snacks and bakery, and frozen vegetables and fruits. The vegetables and fruit segment owns the highest market share and is expected to grow at a CAGR of 4.9% over the forecast period.
- Based on distribution channels, the global frozen food market is bifurcated into online retail, specialty stores, convenience stores, and supermarkets/hypermarkets. Offline channels like convenience stores dominate the global market.
Competitive Players
The key players in the global frozen food market are Unilever, Nestle SA, General Mills, Nomad Foods Ltd, Tyson Foods Inc., Conagra Brands Inc., McCain Foods Limited, Nomad Foods Limited, Ajinomoto Co., Inc., Kellogg Company, Unilever PLC. Groupo Bimbo SAB de CV, Schwan's Company, CJ CheilJedang Corp., Birds Eye Ltd. (Nomad Foods), and Dr. Oetker GmbH.
Market News
- In March 2023, Goeld Frozen Food to launch the QSR brand soon with its first outlet in Mumbai.
- In March 2021, Nomad Foods acquired Fortenova’s frozen food business. The deal for divesting the abovementioned business covers Ledo Plus, Ledo Citluk, Frikom, and several smaller affiliated companies.
Global Frozen Food Market: Segmentation
By Product Categories
- Ready-to-Eat
- Ready-to-Cook
- Ready-to-Drink
- Other Products
By Product
- Frozen Ready Meals
- Frozen Seafood and Meat Products
- Frozen Snacks and Bakery
- Frozen Vegetables and Fruits
By Distribution Channel
- Online Retail
- Specialty Stores
- Convenience Stores
- Supermarkets/Hypermarkets
By Users
- Retail
- Food Service Industry
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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