Chicago, Oct. 30, 2023 (GLOBE NEWSWIRE) -- MarketsandMarkets, a premier market research firm, has published an in-depth analysis of the global frozen foods market, forecasting significant expansion, the global frozen foods market size is expected to grow from USD 284.2 billion in 2023 to USD 363.7 billion by 2028, at a CAGR of 5.1%. The report underlines the market's robust growth, predicting its ascension on a global scale and showcasing its increasing value.
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Key Segments of the Frozen Foods Market
The frozen foods market is classified into several pivotal segments that are propelling its remarkable growth:
- Product: This segment encompasses a wide variety of frozen food products, including frozen vegetables, frozen fruits, frozen ready meals, frozen seafood, frozen poultry, frozen desserts, frozen snacks, frozen breakfast foods, frozen baked goods, frozen vegan and plant-based products, specialty and ethnic frozen foods, and healthier and organic frozen foods.
- Consumption: The consumption segment refers to the different ways in which consumers utilize frozen foods, such as at-home consumption for daily meals, on-the-go consumption for quick snacks, or commercial consumption in restaurants and food service establishments.
- Type: This segment categorizes frozen foods based on their characteristics such as is it using as raw material, half-cooked or ready-to-eat.
- Distribution Channel: The distribution channel segment deals with how frozen foods reach consumers. It includes supermarkets and hypermarkets, convenience stores, online retail platforms, foodservice providers (such as restaurants and cafeterias), and specialty stores that focus on frozen products.
- Freezing Technique: This segment distinguishes frozen foods based on the freezing methods employed during production. It includes traditional freezing techniques like blast freezing, cold storage, and cryogenic freezing, as well as newer technologies like IQF (Individually Quick Frozen) that offer improved product quality.
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Growth Drivers
Several factors are steering the robust expansion of the frozen foods market:
- Changes in the Retail Environment: Evolving trends in the retail sector.
Increasing Desire for Convenient Food Options: Growing consumer demand for easy-to-prepare meals. - Technological Progress in the Cold Chain Industry: Advancements in the technology used for refrigerated supply chains.
Opportunities
Rising disposable incomes in emerging economies, driving frozen foods segment
The expanding trade of processed foods presents a significant opportunity within the frozen foods market. As global trade networks continue to grow, the frozen foods industry stands to benefit in several ways. Firstly, increased international trade facilitates the exchange of a wide variety of processed foods, including frozen options. This enables consumers to access a diverse range of products from around the world, expanding their culinary horizons. Secondly, globalization supports the import and export of frozen food ingredients, allowing for cost-effective sourcing of raw materials. This can lead to more competitive pricing and increased profitability for frozen food manufacturers. Moreover, international trade encourages innovation and the development of new frozen food products to meet the tastes and preferences of different regions. This diversity in offerings can attract a broader consumer base and drive market growth.
Key Players
Prominent companies driving the frozen foods market's innovation and competitiveness include:
- General Mills Inc. (US)
- Nestlé (Switzerland)
- Unilever (Netherlands)
- McCain Foods Limited (Canada)
- Conagra Brands, Inc (US)
- Kellogg's Company (US)
- Grupo Bimbo (Mexico)
- The Kraft Heinz Company (US)
MarketsandMarkets' report provides valuable insights for businesses and stakeholders in the frozen foods industry, offering a comprehensive view of market dynamics, trends, and future growth opportunities. The global frozen foods market is poised for substantial growth, with increasing demand for operational excellence and manufacturing efficiency.
