Frozen Foods Market Set to Attain Valuation of USD 808.42 Billion by 2032 | Astute Analytica

New Delhi, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The global frozen foods market size was valued at US$ 331.83 billion in 2023 and is expected to reach US$ 808.42 billion by 2032 at a CAGR of 10.4% during the forecast period 2024-2032.

The frozen foods market has witnessed substantial growth, driven by shifts in consumer behavior, technological advancements, and global trade dynamics. Global trade in food reached $1.7 trillion in 2023, with processed foods, including frozen items, comprising a significant portion. Developed economies import more processed foods, highlighting a demand for convenience in affluent regions. However, the rise in high-sugar, high-fat imports has raised health concerns, prompting governments to consider regulatory measures.

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In the United States, frozen food imports were valued at $53 billion in 2023, with the trade of fruit, melons, and tree nuts, both fresh and frozen, continuing to thrive. The U.S. also imported 2.4 million metric tons of frozen beef in the same year, reflecting its significant involvement in livestock and meat trade. The COVID-19 pandemic accelerated demand, especially in Europe, which saw a 30% increase in sales, and Asia-Pacific, which accounted for US$ 109.12 billion of the market in 2023, as consumers favored products with longer shelf lives.

Key players like Nomad Foods and Conagra Brands have expanded their portfolios to cater to this demand. Nomad Foods reported a $2.6 billion revenue from frozen foods in 2023 and strategically acquired Fortenova's Frozen Food Business Group to strengthen its Eastern European presence. Conagra Brands saw a $1.2 billion sales increase in 2023, underscoring the sector's growth potential. Canada's frozen food imports in 2023 involved 12,691 shipments from countries like India, Chile, and the U.S., while India led global exports with $5 billion worth of frozen foods. The U.S. exported $3.5 billion in frozen fruits and vegetables, whereas China imported $10 billion in frozen seafood. Brazil's frozen foods market also expanded, growing by $1 billion in 2023.

Key Findings In Frozen Foods Market

Unlocking Growth: Strategies and Opportunities in the Evolving Frozen Foods Market

The frozen foods market is witnessing a transformative phase, with manufacturers adopting innovative strategies to capitalize on emerging opportunities. Prominent brands like Nestlé, Conagra, and Tyson Foods are spearheading this evolution by investing in technology and sustainable practices. Nestlé, for instance, has launched a new line of plant-based frozen meals, aiming to cater to health-conscious consumers. Tyson Foods has ventured into the alternative protein segment with its Raised & Rooted brand, offering plant-based nuggets and burgers. The market is also seeing a rise in private labels, which collectively account for over 50,000 distinct frozen food items available in retail stores worldwide. This shift is supported by manufacturers' focus on improving supply chain efficiency, reducing carbon footprints, and enhancing product quality.

Consumer behavior is driving significant changes in the frozen foods landscape, with convenience, health benefits, and sustainability being primary motivators. The growing trend of home cooking has fueled demand for ready-to-cook frozen meals, with over 100 million households in the U.S. alone purchasing such products regularly. Additionally, there is an increasing preference for frozen fruits and vegetables, with sales of these items reaching over 1.5 billion units annually. This shift is indicative of a broader consumer desire for nutritious and easily accessible meal options. Furthermore, the demand for ethnic and international cuisines is expanding, with more than 20,000 new frozen ethnic food products introduced in global frozen foods markets over the past year.

Among emerging frozen food segments, the plant-based and organic sectors show immense potential, with projected revenues exceeding $10 billion in the next five years. The Asia-Pacific region stands out as the most promising market segment, driven by urbanization and a growing middle class. In China alone, the market is expected to reach a volume of 35 million tons by 2025. Revenue opportunities are abundant, with manufacturers focusing on premium products and value-added services, such as subscription-based meal kits, which are gaining traction among millennials. As consumer preferences continue to evolve, the market is poised for robust growth, offering significant opportunities for innovation and expansion.

Frozen Foods Market has Strong Appetite for Ready Meals Foods, Controls Over 29.6% Market Share

The frozen ready meals sector is carving a dominant niche within the frozen foods market, driven by a growing consumer appetite for convenience and variety. This demand is reflected in the impressive figures reported globally. The global frozen ready meal industry is valued at over $80 billion as of 2023, underscoring its significant economic impact. Leading companies have capitalized on this trend, with Nestlé producing over 1.5 million ready meals daily and distributing them across various international markets. The diversity of cuisine offered in ready meals is vast, including options like pasta dishes, curries, pizzas, and stir-fries, which cater to a wide array of tastes and dietary preferences. In 2023, over 800 new frozen ready meal products were launched worldwide, highlighting ongoing innovation and adaptation to consumer trends like plant-based diets and allergen-free options. Popular ready meal lines such as Lean Cuisine, Marie Callender’s, and Amy’s Kitchen are among those expanding their offerings to meet growing consumer demands.

This frozen foods market’s ascendancy is also propelled by the evolving retail landscape, where ready meals are increasingly accessible through various channels. Supermarkets dedicate an average of 15% of their freezer space to ready meals, reflecting their popularity among consumers. Additionally, the rise of e-commerce has facilitated the penetration of ready meals into more households, with online platforms accounting for 20% of total ready meal sales. Urbanization and busier lifestyles have further fueled this growth, as consumers in metropolitan areas purchase an average of 25 ready meals per year. Ready meals offer the convenience of a quick, nutritious option that aligns with modern dietary habits. Over 60% of consumers report relying on ready meals for weekday dinners, emphasizing their role in daily meal planning. As the frozen foods market continues to evolve, ready meals stand out as a resilient and adaptable category poised to meet the dynamic needs of consumers worldwide.

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Asia Pacific is At the Epitope of Frozen Foods Market, Controls Over 38.0% Market Share

The Asia Pacific region presents a wealth of opportunities in the frozen foods market, driven by shifting consumer preferences and rapid advancements in supply chain technologies. In 2023, the region's frozen food market saw an infusion of over 150 new product lines, reflecting an increasing demand for variety and innovation. This surge is bolstered by a growing urban population, now over 2 billion, who are seeking convenient meal options amidst busy lifestyles. The retail landscape has seen a transformation with over 100 million frozen food transactions conducted online, highlighting the significant role of e-commerce. Cold chain logistics have expanded significantly, with more than 1,500 new refrigerated trucks and storage facilities introduced, ensuring the efficient distribution of frozen food products across vast geographical areas. The region's focus on health-conscious living has also led to the introduction of over 200 organic and low-sodium frozen food products, catering to a more health-aware consumer base.

Key frozen foods markets such as China, India, and Southeast Asia are driving this growth. China alone accounted for over 30 million metric tons of frozen food consumption in 2023, emphasizing its massive market potential. India, with its burgeoning middle class, saw an increase in frozen food sales, with over 500 million households purchasing frozen products. In Southeast Asia, the demand for frozen seafood reached new heights, with over 10 million metric tons sold, reflecting the region's culinary preferences. To meet these demands, over 300 new frozen food manufacturing plants have been established across the Asia Pacific, focusing on sustainable practices and innovative technologies. This includes the adoption of smart packaging solutions by over 200 brands, aimed at enhancing food safety and extending shelf life. These developments underscore the region's position as a dynamic and promising market for frozen foods, driven by technological advancements and evolving consumer needs.

Compeititve Outlook: Market Players are Leaving no Stone Unturn to Gain Market Share

Major brands in the frozen foods market, such as Nestlé, General Mills, Tyson Foods, Unilever, and Conagra Brands, dominate the market through a combination of diverse product offerings, robust global reach, and relentless innovation. Nestlé, for example, is celebrated for its wide array of frozen products, including pizzas and meals under brands like Stouffer's and Lean Cuisine. Similarly, General Mills has expanded its capacity for frozen dough products with its Pillsbury brand. These companies leverage their extensive brand portfolios and global distribution networks to maintain leadership positions and adapt to market demands.

To maximize their reach, these brands have adopted comprehensive distribution and advertising strategies. With the rise of e-commerce, they are increasingly investing in direct-to-consumer platforms and collaborating with online retailers to meet consumer demands for convenience. Digital advertising is central to their marketing strategies, utilizing platforms like social media and mobile campaigns to maintain brand visibility and foster consumer engagement. This strategic focus on digital channels allows them to respond effectively to changing consumer behaviors, particularly the growing preference for easy and quick meal solutions.

The frozen foods market is intensely competitive, with brands competing through product innovation, quality enhancement, and strategic pricing. This competitiveness is fueled by the rising demand for convenient and nutritious food options, as consumers lead busier lifestyles. Companies like Nomad Foods, with brands such as Birds Eye and Findus, have successfully captured market share in Europe by offering high-quality, convenient products. The market's growth is further driven by changing demographics and increased income levels, particularly in developing regions. To remain at the forefront, leading brands continuously engage in innovation and strategic partnerships, ensuring they meet evolving consumer preferences and maintain their competitive edge.

Global Frozen Foods Market Key Players: 

• 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

Key Segmentation:

By Product Type

• Fruits
  • Seasonal
  • Regular
• Vegetables
  • Peas
  • Corn
  • Potatoes
  • Others
• Dairy Products
  • Milk
  • Butter
  • Cheese
  • Others
• Meat & Poultry
  • Red Meat
  • Pork Meat
• Poultry Meat
• Seafood
• Bakery Products
  • Bread
  • Pizza Crust
  • Cakes & Pastries
  • Others
• Soups
• Ready Meals
  • Dumplings
  • Rice-based
  • Italian (Pastas)
  • Indian
  • Korean
  • Chinese
  • Others
• Others

By Distribution Channel

• Retail
  • Online
  • Supermarket/ Hypermarket
  • Convenience Stores/ Standalone Stores
•  Enterprise Sale (B2B)
  • HoReCa (Hotel, Restaurants, Café) – Food Service
  • Travel (Railway/ Airline/ Others)
  • Educational Institutes
  • Food Processing Industry

By Region 

• North America
• Europe
• Asia Pacific 
• The Middle East and Africa 
• South America

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