New York, US, July 19, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Frozen Foods Market Information by Type, Distribution Channel, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 338.5 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 5.93% during the review timeframe.
Market Synopsis
Processed foods stored at low temperatures and used for extended periods are referred to as frozen food. The product market consists of various food items, such as soup, ready meals, fruits and vegetables, potatoes, meat and poultry, and seafood. Packed ready-to-eat foods, bakery items, snacks, and desserts are included in frozen ready meals. Major consumers of frozen food goods, including frozen fruits and vegetables, potatoes, and non-vegetarian items, include hotels, caterers, eateries, and fast-food franchises.
The growing number of people working worldwide and the hectic lifestyles of millennials have significantly affected the demand for ready-to-eat (RTE) foods. This is anticipated to aid in the global expansion of RTE foods. Over the past few years, consumer expenditure on shelf-stable foods has soared. Companies in the food supply chain continue to generate a sizable portion of their revenue from the sale of frozen convenience meals. More revenue sharing is anticipated as convenience stores increase their selection of frozen ready meals and internet sales capitalize on untapped market potential. Companies in the food supply chain continue to generate a sizable portion of their revenue from the sale of frozen convenience meals. More revenue sharing is anticipated as convenience stores increase their selection of frozen ready meals and internet sales capitalize on untapped market potential.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 338.5 Billion |
| CAGR | 5.93% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Distribution Channel, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising Demand For Convenience Food |
| Increasing Number Of Working Women |
Market Competitive Landscape
the promising players in the frozen foods market are:
- General Mills (USA)
- Tyson Foods Inc (USA)
- Nestle S.A. (Switzerland)
- Unilever Plc. (UK)
- Ajinomoto Company (Japan)
- Kraft Heinz Company (USA)
- Grupo Bimbo (Mexico)
- Conagra Brands Inc (USA)
- Associated British Foods Plc (UK)
- McCain Foods Limited (Canada)
Market USP Covered
Market Drivers
Individuals are increasingly leading hectic lives. Despite wanting to consume healthy food, they frequently lack time to prepare it. These folks seek the market for various frozen foods to meet their rising need. Additionally, more women are employed full-time globally. They spend just a few minutes reheating frozen meals for a quick and wholesome supper because they do not have the time to dedicate to cooking. In response, numerous producers of frozen foods are investing significantly in production and processing machinery. This will enable them to meet the exponentially rising demand anticipated post-COVID future.
The rising middle classes in developing nations also have a growing preference for organic frozen foods, another factor. Women's employment rates have significantly increased in recent years. For the growing number of working women, it has become more challenging for them to prepare or cook healthy meals every day. This has led to the purchase of frozen and ready-to-eat meals. The worldwide frozen food business is being significantly boosted by giants' increased use of frozen food products. This market's expansion is also anticipated to be fueled by the use of these items by several end users, including full-service diners, hotels & resorts, and quick-service restaurants.
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Market Restraints
The main issue in this industry is that some consumers believe frozen foods are a poor alternative to fresh ones. Consumers have a misconception that food kept for longer than a year loses its nutritional value.
COVID 19 Analysis
The growth of the entire market is currently constrained by the old and new limitations on the transfer of the raw ingredients required to make these frozen foods. However, once COVID-19 has been handled, nations will remove these. Finding trustworthy wholesalers is one of the biggest problems that frozen food producers confront. There are also a lot of businesses in the sector now, and more are anticipated to come due to the low entry barriers. Finally, the price point of frozen meals is typically low, and consumer demand is highly elastic and sensitive to even slight price changes. Due to their longer shelf lives, frozen food products are increasingly popular due to the global panic. Additionally, it assists clients in reducing the number of times they visit markets to buy frozen food items.
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Market Segmentation
Based On Type
The segment that generates the most revenue is ready meals, trailed by frozen meat and poultry items.
Based on Distribution Channel
The segment of supermarkets and hypermarkets is developing quickly and altering the retailing landscape.
Regional Insights
One of the main factors driving the expansion of the European region's market is the consumers' large purchasing power. Another is economic stability. A major element influencing the expansion of the frozen food business is customers' busy lifestyles. Due to the increase in health-conscious customers in the area, the frozen ready-to-eat healthy breakfast segment has been more popular in recent years. Due to the presence of multiple foods and bakery goliaths, Europe has become one of the most profitable areas for frozen food. In North America and Europe, frozen meat, poultry, and seafood are among the most popular supermarket goods. The greatest market for frozen desserts and bread products is in Europe. In developing economies like India, the retail frozen food business is still in its infancy. However, during the past few years, it has grown steadily.
Additionally, these market players are consistently working to grow their market share through efficient product innovation and research & development. Additionally, businesses are forming alliances with other businesses to pool their resources and surpass rivals. Players have maintained dominance in the high-end frozen bakery sector because of their effective operational excellence and R&D capabilities. Due to growing nations, Asia-Pacific is predicted to have a strong market for frozen food over the forecast period. Manufacturers from all over the world invest in these nations, which is expected to drive up demand for frozen foods in the Asia-Pacific region.
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