Frozen Food Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Frozen Food Market grew at a CAGR of 4.7% between 2017-2021 and is estimated to be US$ 2,63,874.5 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.3% and is expected to reach a valuation of US$ 4,02,013.4 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to the rising demand for frozen products has continued to increase over the past few years. This is because consumers have been more willing to purchase frozen goods because of the spread of COVID-19, a viral infection that can cause severe respiratory illness in humans.
THE RISE IN DEMAND FOR CONVENIENCE FOOD WILL BOOST THE MARKET FOR FROZEN FOOD
The demand for convenience food is increasing at an exponential rate. The processed food industry is primarily driven by the convenience offered by packaged edible products, which attract consumers from every age group. Consumer preference for convenience food and RTE foods has created a rapid change in the global market. This type of food requires less effort and less time as compared to cooked items, which is the main factor driving the demand for frozen food products. Increasing the disposable incomes of consumers is another important reason for the market to flourish in the upcoming years.
A RISE IN PREFERENCE FOR NATURAL FOOD MAY HAMPER THE MARKET GROWTH
Frozen foods are considered as an inferior substitute to fresh foods among certain consumers, which is the major drawback in this market. There is a myth among consumers that edible stored for more than a year loses their nutritional content. However, these myths were dispelled by the US Food and Drug Administration (FDA) and IFIC (International Food Information Council). Frozen food products can be as good as fresh and natural products. However, consumers in the lower-income group tend to prefer fresh food as they are more concerned about the freshness of the product. As fresh vegetables and fruits are preferred more over frozen products, this factor may restrain the growth of the market during the forecast period.
THE RISING AWARENESS AMONG CONSUMERS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The recent trend among consumers is online shopping. Online retail is one of the major factors fueling the growth of this industry. The introduction of various new apps makes it even more convenient for consumers to purchase edible products according to their preferences, There are a variety of products available which attracts the working population as they tend to avoid shopping from retail outlets.
The COVID-19 pandemic caused a sudden increase in sales of frozen items because of the fear that people had of worldwide lockdowns. Consumers were afraid that they would not be able to get their food products, so they were willing to pay a premium for them.
As days passed, fewer/no stocks of these products were available due to reduced manpower in production plants. However, considering the necessity of these products, government bodies allowed for the manufacturing of edible products. Thus, the production was back up and running again. This led to ease in the transfer of products from suppliers to distributors after the second quarter of 2020. This also affected consumer buying patterns; since many people worked from home for a long time, their eating habits changed as well. They started cooking their food instead of buying it packaged in plastic containers. This led to a decline in sales of frozen foods like ice cream bars and frozen fruit drinks. Gradually, lockdowns were lifted in phases but not fully functional until the second quarter of 2021.
Market Segments Covered in Report
By Region and Country:
Why are Meat & Seafood Products projected to ensure the most revenue during the forecast period?
At 48.0% of the market, Meat & Seafood Products had the greatest revenue share. The growth of the frozen food market is driven by an increase in demand from developed countries such as Germany, the U.S., the UK, France, Canada, and developing countries of Asia Pacific and Africa for these products. In addition to this trend, changes in lifestyle and the busy schedules of people are also driving this segment.
Why is the Ready-to-eat segment expected to expand the fastest during the forecast period?
The ready meals segment held the largest revenue share of 43.0% in 2021 and is expected to maintain dominance over the forecast period on account of pre-dominant consumption of ready meals among working-class people around the globe. Further, the segment is expected to grow on account of new product launches.
Owing to the increasing prevalence of lifestyle diseases such as bloated stomach and diarrhea caused by eating infected or unclean food, consumers are shifting to these products as they do not need to be washed, peeled, or chopped.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
There are many international companies in the market, which has a significant degree of fragmentation. The leading manufacturers in this industry, who have a sizable consumer base, well-established brands, and extensive distribution networks, compete fiercely with the market’s players. To stay competitive, businesses have been putting various expansion strategies into practice, such as partnerships and the introduction of new products.
Some of the key developments that have taken place in the Frozen Food Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Consumption, Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.3%.
The growing importance of Ready-to-Eat (RTE) food products as a result of working-class people’s busy lifestyles is one of the main factors fueling the market’s expansion.
Major global Frozen Food Market players are Unilever PLC, Nestlé S.A., General Mills, Inc, Nomad Foods Ltd., Tyson Foods Inc., Conagra Brands Inc., Wawona Frozen Foods, Bellisio Parent, LLC, The Kellogg Company, Kraft Heinz Company.
One of the main barriers to this market is the perception among some consumers that frozen food is a subpar alternative to fresh food. Food processed a year or more before it is consumed is thought to be unnutritious.
The North American region is expected to account for the largest market revenue share in the Global Frozen Food market.
Let us Help you!
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst
Connect with Us!