24/7 Customer Support
Global Frozen Food Market has seen steady growth in recent years, driven by the convenience and long shelf-life of frozen products. The global frozen food market size is expected to reach USD 504.41 billion by 2030 from USD 265.13 billion in 2022, growing at a CAGR of 8.4% during the forecast period.
One of the major drivers of the market is the increasing demand for convenience foods. Busy lifestyles and the need for quick and easy meal options have led to a rise in demand for frozen foods. Frozen foods are easy to prepare and have a long shelf-life, making them a convenient option for consumers.
Another key driver of the frozen food market is the growing demand for frozen fruits and vegetables. According to the Food and Agriculture Organization (FAO), the global trade in frozen fruits and vegetables has grown by an average of 3.5% per year, reaching a value of USD 265.13 billion in 2022. Frozen fruits and vegetables are a convenient and healthy alternative to fresh produce, as they retain their nutritional value and taste after being frozen. Furthermore, they are also used as ingredients in various food products, thus resulting in increasing demand in the food and beverage industry.
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.
The frozen food market is also being driven by the increasing popularity of frozen-ready meals, which are convenient and easy to prepare. The growing demand for frozen ready meals is being driven by the increasing number of working women, who have less time to prepare meals at home.
In terms of distribution channels, supermarkets and hypermarkets are expected to hold the largest share of the global frozen food market during the forecast period. This is due to the wide availability of frozen food products in supermarkets and hypermarkets.
To Get more Insights, Request A Free Sample
Overall, the frozen food market is an attractive opportunity for businesses looking to capitalize on the convenience, variety, and health benefits that it offers. With continued innovation and advancements in packaging and preservation techniques, the demand for frozen food is expected to grow even further in the coming years.
To overcome these challenges, businesses need to focus on developing innovative solutions that help to reduce costs while maintaining or improving product quality. Utilizing automation and technology in the production process can help to reduce costs and improve efficiency. Businesses should also focus on developing sustainable sourcing and production methods that minimize the environmental impact of their products.
Additionally, businesses should focus on building strong relationships with their customers and suppliers to improve transparency and trust. By understanding the needs and preferences of their customers and suppliers, businesses can better tailor their products and services to meet the needs of the market.
Overall, the frozen food market offers a number of opportunities for businesses, but it is important for them to be aware of the challenges they may face and to develop strategies to overcome them. By leveraging innovation and sustainability, businesses can create valuable and attractive products that stand out in a crowded market and appeal to today's socially and environmentally conscious consumers.
The frozen ready meal market is expected grow at a CAGR of 9.15%, reaching a market value of $138.56 billion by 2030. The market is being driven by the increasing demand for convenience food products, as consumers are looking for quick and easy meal options that can be prepared in a short amount of time. The rising awareness of the health benefits of consuming ready-to-eat frozen meals is also contributing to the growth of the market.
One of the key trends in the frozen ready meals market is the increasing focus on health and wellness. Consumers are becoming more health-conscious and are looking for ready-to-eat frozen meals that are low in calories, fat, and sugar. This has led to an increase in the availability of healthy frozen meal options such as organic, gluten-free, and plant-based frozen meals.
The product demand is further driven increasing popularity of e-commerce and online grocery shopping. Consumers are finding it more convenient to purchase ready-to-eat frozen meals online, and retailers are responding by increasing their online presence and offering more options for home delivery and pickup.
Global frozen food market is experiencing a shift towards online channels as a result of several factors. Firstly, the rise of e-commerce and online grocery shopping has made it more convenient for consumers to purchase frozen food products online. With the increasing use of smartphones and the internet, consumers are finding it easier to shop for groceries online and have them delivered to their homes, rather than going to a physical store.
Secondly, the COVID-19 pandemic has accelerated the shift towards online channels. Due to lockdowns and social distancing measures, consumers have been increasingly turning to online channels to purchase groceries, including frozen food products. This trend is likely to continue even after the pandemic subsides, as many consumers have become accustomed to the convenience and safety of online shopping.
Thirdly, the frozen food market has been able to adapt to the shift towards online channels by increasing their online presence and offering more options for home delivery and pickup. This has made it easier for consumers to purchase frozen food products online, and has also helped to increase the selection and availability of products.
Lastly, with the increase of health-conscious consumers, the frozen food industry is providing more options for healthy frozen meals, which is also a driving force behind the trend.
In short, the frozen food market is experiencing a shift towards online channels due to the rise of e-commerce, the impact of the COVID-19 pandemic, the industry's ability to adapt to the shift and the increasing demand for healthy frozen meals. These factors are making it more convenient and appealing for consumers to purchase frozen food products online. In order to stay competitive, frozen food companies should focus on increasing their online presence, offering more options for home delivery and pickup, and developing new products that meet the evolving needs of consumers.
To Understand More About this Research: Request A Free Sample
The Asia Pacific region is expected to experience significant growth in the coming years. According to the report, the Asia Pacific market is projected to have a CAGR of 9.12% by 2030, reaching a total market value of US$76.48 billion during the forecast period of 2021-2030. This growth can be attributed to several factors, including the increasing population and rising per capita spending in countries such as India and China. These countries are becoming preferred destinations for frozen food products due to their large and growing consumer base, as well as the increasing purchasing power of their citizens.
In terms of product type, ready meals are expected to see the largest jump in revenue. This can be attributed to the busy lifestyles of consumers, who are looking for convenient and easy-to-prepare meal options. Additionally, the rise of e-commerce and online grocery shopping has made it more convenient for consumers to purchase ready meals online.
Another notable trend is the growth of the retail distribution channel in Japan. The retail distribution channel is projected to grow at the highest CAGR of 10.3% during the forecast period, driven by the increasing number of supermarkets and convenience stores, as well as the growing popularity of online grocery shopping.
In order to stay competitive, companies operating in the frozen food market in the Asia Pacific region should focus on meeting the evolving needs of consumers by developing new products, such as ready meals, that cater to their busy lifestyles and preferences. Additionally, companies should also focus on increasing their online presence and offering more options for home delivery and pickup to capitalize on the growing trend of online grocery shopping.
One of the main factors driving the growth of the frozen food market in the United States is the increasing demand for convenience food products. With busy lifestyles, consumers are looking for quick and easy meal options, which has led to an increase in the popularity of frozen foods such as ready meals, frozen vegetables, and frozen snacks.
Another major factor contributing to the growth of the frozen food market in the United States is the growing popularity of online grocery shopping. Consumers are finding it more convenient to purchase frozen food products online, and retailers are responding by increasing their online presence and offering more options for home delivery and pickup.
Companies operating in the frozen food industry in the United States are targeting the region by focusing on meeting the evolving needs of consumers. This includes developing new products that cater to the convenience and health-consciousness of the consumers, such as organic, gluten-free, and plant-based frozen food options. Additionally, companies are focusing on increasing their online presence and offering more options for home delivery and pickup to capitalize on the growing trend of online grocery shopping.
Another way companies in the global frozen food market are targeting the United States market is by leveraging the power of social media and digital marketing to reach a wider audience and create brand awareness. They are also investing in research and development to create new and innovative frozen food products that can target specific consumer segments.
A comprehensive survey was conducted with a sample size of 1,500+ consumers to gain a deeper understanding of consumer behavior and preferences towards frozen food. The survey aimed to uncover key insights into the demographics of frozen food consumers, their purchasing habits and their brand loyalty.
The survey results revealed that 52% of participants were female and 48% were male. The age group between 33-47 years old represented the highest percentage of the consumers (38%), followed by the age group between 48-62 years old (30%). With regards to annual income, the majority of the consumers (27%) belonged to the bracket of less than $10,000.
In terms of cuisine preference, 39% of consumers said they preferred American frozen cuisine, while 33% preferred Italian cuisine. Additionally, it was found that health-conscious consumers represented a significant percentage (28%) of the total surveyed consumers, and they preferred buying frozen food with organic and natural ingredients.
In terms of buying frequency, 48% of consumers said they preferred to buy frozen food on a weekly basis, 32% on a daily basis, and 20% preferred to buy on a monthly basis. Furthermore, the survey found that consumers who preferred to buy frozen food on a daily basis were mostly working individuals who value convenience and time-saving.
When asked about their favorite brands, the survey found that 39% of consumers preferred to buy frozen food from Cargill, while Nestle SA came in second place. Additionally, over 65% of consumers said that they typically buy frozen food from supermarkets or hypermarkets.
Overall, the survey provides valuable insights into the demographics, purchasing habits, and brand loyalty of frozen food consumers. These insights can inform the marketing and product development efforts of companies in the frozen food industry, allowing them to better target specific consumer segments and improve their distribution channels. The survey also highlights the increasing demand for healthier and organic frozen food options among consumers, which represents a potential area of growth for the frozen food industry.
By Distribution Channel
|Market Size Value in 2022||US$ 265.13 Billion|
|Expected Revenue in 2030||US$ 504.41 Billion|
|Unit||Value (USD Bn)|
|Segments covered||By Product Type, By Distribution Channel, By Region|
|Key Companies||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.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The Frozen Food Market was valued at US$ 265.13 Billion in 2022.
The frozen food industry is witnessing a major jump in FDI in developing countries. Moreover, the busy lifestyles of people have led to a growing demand for ready to eat food products. The Frozen Food Market was valued at US$ 265.13 Bn in 2022 and is estimated to reach US$ 504.41 Bn by 2030, registering a CAGR of 8.4% from 2023-2030.
The market for frozen food products is divided into three broad categories namely- by product type, by distribution channel and by region.
The study period for the frozen food market is 2017-2030.
Ready Meals segment is the leading product type segment in the market.
Rising FDIs in developing countries is the key market driver.
Rising preferences for natural and fresh food products and the COVID 19 pandemic are challenging the frozen food product market.
Increasing adoption of online business channel and rising food wastage are the factors expected to give a push to the market.
Europe has the highest market size of US$89.72 Bn in 2022.
Online retail segment is anticipated to have the largest share of growth by 2030. Online food and beverage growth has sparked the overall growth of retail sector of frozen food market because of the convenience and variety it offers.
Asia Pacific is projected to have the highest CAGR of 9.12% by 2030.
The key players in the global frozen food market are Cargill, Unilever, Nestle SA, and Ajinomoto Co. Ltd among others.
COVID-19 pandemic has increased the demand for organic products, thereby making the market for frozen food inferior. Moreover, the pandemic has placed unprecedented stress on supply chains, with bottlenecks in farm labor, processing, transport and logistics, as well as momentous shifts in demand.
LOOKING FOR COMPREHENSIVE MARKET KNOWLEDGE? ENGAGE OUR EXPERT SPECIALISTS.SPEAK TO AN ANALYST