Frozen Food Market was valued at USD 253.8 billion in 2021 and is forecast to touch USD 383.6 billion in 2029, and the market is expected to grow at a CAGR of 5.3% from 2022-2029.
Frozen Food Market Trends and Drivers
Change in consumer behaviour is contributing towards the growing popularity of frozen food in the emerging countries. Other factors driving frozen food market includes growing demand for convinced food products, rising women employment rate and increasing presence of companies on online distribution channels like e – commerce website. Convenience food items is gaining traction among consumers because of the easy to cook technique and preservative feature across the globe. Moreover, hectic lifestyle of consumers are shifting towards those food items which require less preparation time and have higher shelf life. Rising consumer disposable income is a significant boosting demand for convenience and other food goods in the food and beverage industry.
The percentage of women workforce participation has dramatically increased. Due to time constraints as the working women population increases, demand for frozen food will also rise. Additionally, the market for frozen food is seeking a tremendous increase for the items with clean labels. Therefore, key players are concentrating on producing frozen food items using sustainable packaging methods and understanding consumers sentiments. For example, Nomad in 2021, a renowned British Manufacturer of frozen food teamed up with Innoget to create clean label packaging options for their frozen food products.
Moreover, the launch of new online grocery shopping apps and rising consumer acceptance for online shopping is anticipated to generate moderate growth prospects for the frozen food industry. Companies are concentrating on selling their products through online retail channels due to the smart phone penetration are rising quickly. However, consumer preference for fresh and natural products, and frozen food lose their natural characteristics when it stored at certain temperature. In addition, inadequate cold chain infrastructure in developing countries also restrain the growth of the frozen food market.
Based on Product, Convenience Food and Ready Meals segment is expected to grow at highest CAGR.
Increasing busy lifestyles of working population has increased the consumption of ready meals as it takes less time for preparation. Additionally, exports of frozen food goods have increased recently due to growing consumer acceptance of these products and brand recognition in emerging nations.
Based on Type, Ready to eat segment is estimated to dominate the market.
Thee demand for ready to eat food products is increasing because of increasing female working population and changes in customers taste and choices. Additionally, customers are paying greater attention towards their diet which is further increasing demand for low calorie products such as yoghurts and ice creams.
Based on Region, Europe region is anticipated to hold largest share.
The Europe frozen food market is driven by customer’s shifting dietary choices, rising demand for breakfast food that are ready to eat, higher living standards and increasing per capita income. The UK frozen food industry is fuelled by expanding demand for frozen bakery items, rising investment by big corporation in innovative technologies to preserve frozen veggies and refrigerated dough and development in cold chain infrastructure.
Top Market Players
Some of the major companies operating in the Frozen Food market are Grupo Bimbo S.A.B. de C.V., Kraft Heinz Company, Nestle SA, Unilever, Kellogg Company, General Mills, Inc., Conagra Brands, Inc., McCain Foods Limited, Associated British Foods plc, and Ajinomoto, among others, among others.
Segmentation by Product
• Fruits & Vegetables
o Frozen Fruits
o Frozen Vegetables
o Frozen Potato
• Dairy Products
• Bakery Products
o Bread & Pizza Crusts
• Meat & Sea Foods
• Convenience Food & Ready Meals
Segmentation by Type
o Raw Material
o Half Cooked
Segmentation by Consumption
o Food Service
Segmentation by Distribution Channel
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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