New Delhi, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Global frozen food market has been on a steady growth trajectory in recent years, driven by the convenience and long shelf-life of frozen products. According to a recent market research report by Astute Analytica, the global frozen food market size is expected to reach USD 504.41 billion by 2030 from 265.13 billion in 2022, growing at a CAGR of 8.4% during the forecast period. The market is expected to be driven by a variety of factors that appeal to both consumers and businesses alike.
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In the past decade, the frozen food market has seen significant changes. Our analysis highlights four key areas of change:
- Increasing health consciousness and demand for healthier options
- Changing consumer preferences towards convenience and easy-to-prepare meals
- The rise of discounters and private label brands
- Increasing competition from adjacent categories such as fresh prepared foods Each of these changes has had a profound impact on the industry, and the analysis provides insights into how companies can navigate these challenges successfully.
In particular, they found that sales of frozen pizza, appetizers, and desserts are growing at a faster pace than the overall market. Additionally, they found that the frozen food aisle is becoming increasingly competitive, with private label products gaining share. In order to compete effectively in this environment, manufacturers will need to focus on delivering value to consumers through innovation and differentiation.
The frozen seafood segment holds the largest share of the global frozen food market, accounting for nearly one-third of the total trade value. This is followed by frozen fruits and vegetables, which account for around 20% of the total trade value. The frozen meat and poultry segment also holds a significant share of the global market, accounting for around 15% of the total trade value.
Commoditization, Privatization, and Changing Consumer Taste Putting Pressure on Players in Frozen Food Market Under Pressure
Astute Analytica finds that the frozen food sector has been under pressure for several years from commoditization, private label and changing consumer tastes. This has led to slower growth and profitability declines for many companies. In North America, for example, overall category growth has averaged just 4% annually over the past decade.
However, a few companies have thrived by focusing on quality, value and innovation. These companies have been able to grow their sales at rates well above the category average and increase their profitability.
- Commoditization: With more companies entering the frozen food market, there is an increasing level of competition and a trend towards commoditization of products. This has led to a decrease in prices and margin pressures for companies, making it difficult for them to differentiate their products and stand out in the market.
- Privatization: The rise of private label brands and store-branded products has also put pressure on companies in the market. Private label products are often priced lower than national brands, making it more challenging for companies to compete on price.
- Changing consumer taste: The frozen food market is also facing pressure from changing consumer taste and preferences. Consumers are becoming more health-conscious and are increasingly looking for organic, natural, and non-GMO options. They also prefer to buy food with fewer preservatives, artificial colors and flavors. This shift in consumer preferences has led to increased competition for companies that are not able to meet these demands.
To remain competitive in the market, companies in the frozen food industry will need to adapt to these changes by investing in innovation, creating new products and packaging, and building a strong brand. They will also need to focus on creating a sustainable supply chain, reducing their environmental footprint and promoting healthy eating habits. Additionally, they need to focus on providing transparency and information to the consumers about the ingredients, the sourcing and the production process.
North America to Continue Dominating Frozen Food Market
North America is the largest market for frozen food, driven by the increasing demand for convenience food products and the growing popularity of online grocery shopping. The ready meal and frozen vegetables segments are expected to see significant growth, and the retail and online distribution channels are expected to hold the largest share of the market. Companies operating in the frozen food industry in North America should focus on meeting the evolving needs of consumers and capitalizing on the growing trend of online grocery shopping to stay competitive.
On the other hand, the frozen food market in the Asia Pacific region is expected to experience a significant growth in the coming years, driven by the increasing population and rising per capita spending in countries such as India and China, as well as the growing popularity of ready meals and the retail distribution channel in Japan. Companies operating in this market should focus on meeting the evolving needs of consumers and capitalizing on the growing trend of online grocery shopping to stay competitive.
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Cargill and Nestle SA are Top Two Most Popular Brands in Global Frozen Food Market
Cargill and Nestle SA are leading players in the frozen food industry, known for their wide range of products, strong distribution networks and commitment to sustainability. Cargill, a multinational corporation based in the United States, operates in the food, agriculture, financial, and industrial sectors and has a wide range of frozen food products, including frozen meats, poultry, seafood, fruits, and vegetables. The company has a strong presence in the frozen food industry, with over 39% of consumers in the aforementioned survey preferred buying frozen food from Cargill.
Nestle, on the other hand, is a Swiss multinational food and drink company, one of the largest food companies in the world and offers a wide range of frozen food products, including frozen ready meals, pizzas, ice cream and frozen fruits. Nestle is the second largest frozen food company in the world, operates in 191 countries and has over 2,000 brands.
Both Cargill and Nestle have the capacity to invest in research and development to offer better products, packaging, and preservation techniques, which gives them a competitive edge in the global frozen food market. They also have a strong commitment to sustainability and have implemented a number of initiatives to reduce their environmental footprint, promote sustainable sourcing of ingredients, and improve the health and well-being of consumers. With their strong market presence, diverse product portfolio and sustainability commitment, Cargill and Nestle are well-positioned to continue to be leaders in the frozen food industry.
Frozen Meat & Poultry and Ready Meals Generates Highest Revenue in Frozen Food Market
The frozen food industry is a rapidly growing market, driven by a variety of factors that are appealing to consumers and businesses alike. One of the most lucrative segments of the frozen food industry is the meat and poultry and ready meals segments, which generate the highest revenue.
According to data from the Food and Agriculture Organization (FAO), the frozen meat and poultry segment holds a significant share of the global market, accounting for around 15% of the total trade value. This is due to the growing popularity of frozen meat and poultry products, which are convenient and easy to prepare. Additionally, frozen meat and poultry products retain their nutritional value, taste, and texture even after being frozen, making them a popular choice among consumers.
The ready meals segment is also a major revenue generator in the frozen food market. The growing demand for frozen ready meals is being driven by the increasing number of working individuals who value convenience and time-saving.
These segments of the frozen food industry offer a significant opportunity for businesses looking to capitalize on the convenience and taste that they offer. Companies that can offer a wide range of high-quality frozen meat, poultry and ready meals, with a focus on health and sustainability, are likely to see strong growth in this area. Additionally, the frozen food industry's increasing popularity in developing countries, where consumers are looking for convenient and high-quality food options, represents a significant market opportunity for businesses.
Some of the Top Market Players Are:
- Ajinomoto Co., Inc.
- Associated British Foods PLC
- CJ Foods
- ConAgra Brands, Inc.
- General Mills Inc.
- Grupo Bimbo S.A.B. De C.V
- Grupo Bimbo
- Kellogg Company
- Lantmannen Unibake International
- Maruha Nichiro Holding Inc.
- Mccain Foods Limited
- Nestle SA
- NH Foods Ltd.
- Nichirei Corporation
- Nippon Suisan
- The Kraft Heinz Company
- Tyson Foods, Inc.
- Unilever
- Other Prominent Players
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