The global frozen foods market size was USD 297.47 billion in 2023. The market is projected to grow from USD 310.77 billion in 2024 to USD 441.11 billion by 2032 at a CAGR of 4.80% during the 2024-2032 period.
This data comes from the “Frozen Foods Market, 2024-2032” research published by Fortune Business Insights.
According to our in-house researchers' research, the industry is expanding at a rapid pace due to consumer demand for readily available food items including cold cuts and ready-to-eat meals.
Information Source: https://www.fortunebusinessinsights.com/frozen-food-market-104138
COVID-19 Impacts:
Decreased Manpower in Production Units amid COVID-19 to Obstruct Market Growth
The COVID-19 epidemic has caused customers to engage in fright buying, which has resulted in an exponential increase in sales for the frozen foods business. Additionally, because frozen goods had a longer shelf life than other basic goods, they were the instant food products sold during the first lockdown days.
Report Coverage:
We offer our reports, which are based on a thorough investigation methodology that primarily emphasizes providing in-depth information. Our researchers have used a triangulation of data approach, which helps us provide more accurate testing of the overall market conditions and reliable assessments. Additionally, our analysts have gained access to numerous locally and internationally funded records in order to provide the most recent information so that sponsors and business professionals can only invest in essential zones.
Segmentation:
On the basis of type, the market is segregated into frozen ready meals, frozen seafood & meat products, frozen snacks & bakery products, and others. Among these, the frozen seafood & meat segment is anticipated to hold the major share in the market.
Based on distribution channel, the market is separated into Supermarket/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail.
Geographically, the global market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Rising Demand for Convenience Food to Bolster Market
The convenience offered by packaged meals, which draw customers of all ages, is the industry's primary driving force. The preference of consumers for RTE and convenience foods has quickly changed the global market. Frozen meals are a major factor driving the expansion of the frozen foods market because they need less effort and time to prepare than a full meal from scratch.
Regional Insights:
Due to the increasing vegan lifestyle acceptance in the region, which is anticipated to drive sales of frozen vegetables, Europe is predicted to hold a dominant market position in the frozen foods sector. The three main drivers of growth in the area are changing food preferences, strong financial stability, and high consumer spending power.
Asia Pacific experienced a notable surge in the worldwide market due to the use of digital retailing platforms by consumers. The expansion of cold chain amenities is a factor contributing to the growth of the regional market in many emerging countries.
North America's high level of consumer awareness regarding the profitability of frozen meals is expected to propel the region to the third-largest market share.
Competitive Landscape:
Ground-breaking Product Presentation by Crucial Players to Direct Market Growth
The key players in the industry use a variety of strategies to solidify their standing as industry leaders. Increasing a company's brand value among consumers is one important strategy. Launching new items on a regular basis while conducting a thorough analysis of the market and its intended consumer base is another important tactic.
Industry Developments:
June 2021: Pilgrim’s Pride Corporation acquired the Meats and Meals business possessed by Kerry Consumer Foods in the U.K. and Ireland. This procurement is anticipated to fortify PPC’s portfolio by including renowned brands such as Richmond, Denny, and Fridge Raiders to its brand collection.
List of Key Players Mentioned in the Frozen Foods Market Report:
- General Mills Inc. (Minnesota, U.S.)
- Nestle SA (Vevey, Switzerland)
- Conagra Brands Inc. (Illinois, U.S.)
- The Kellogg Company (Michigan, U.S.)
- Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
- Lantmannen Unibake International (Copenhagen, Denmark)
- The Kraft Heinz Company (Illinois, U.S.)
- Unilever PLC (London, U.K.)
- Wawona Frozen Foods (California, U.S.)
- Tyson Foods, Inc. (Arizona, U.S.)
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