Frozen Food Market

Frozen Food Market

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The global frozen food market size was USD 269.85 Bn in 2022 and is likely to reach USD 405 Bn by 2031, expanding at a CAGR of 5.1% during 2023–2031. The market growth is attributed to rising impulsive purchasing.

Frozen food is food products that are preserved under low temperatures and used for a long period. Frozen meals take less time and effort to prepare than fresh foods. Frozen food retains its minerals and vitamins, as fresh foods lose their vitamins and minerals over time. Freezing food is a safe way to preserve food at home for future use

Global Frozen Food Market Outlook

Frozen food comes with secure packaging and with a label such as "Ready to Cook", "Cook and Serve," and "Oven Ready". Freezing is a natural process and does not require additives or preservatives. This process is locked in minerals, vitamins, and carbohydrates, fats and proteins are unaffected. Thus, frozen food is called a real alternative to fresh food.

The COVID-19 pandemic affected the demand and supply of the global frozen food market. Lockdown across the globe, supply chain disruption, and oscillating supply of raw materials forced manufacturers to shut down production leading to an unfortunate decline in market growth. Launch of vaccines to combat the COVID-19 pandemic is expected to contribute to the market growth over the forecast period.

Frozen Food Market Dynamics

Frozen Food Market Dynamics

Major Drivers

Increasing demand for ready to eat products is projected to drive the market during the forecast period. Consumers prefer convenience food and RTE foods, as these types of food require less effort and less time compared to cooked items. Moreover, growing disposable income with changing lifestyles is anticipated to propel the market.

As per the World Bank, it is estimated that 2/3rd of the global population is anticipated to live in urban areas. The maximum world population lives in urban places, and due to the hectic lifestyle and increasing population adopt frozen food.

Existing Restraints

Low shelf-life of frozen food is estimated to hinder market growth. Furthermore, the increasing consumer preference for natural and fresh food is projected to hamper the market in the coming years. Consumers have misunderstood that if edibles are stored for several years, they lose their nutrition. This misunderstanding was dispelled by the US Food and Drug Administration (FDA) and International Food Information Council (IFIC). Frozen food is as good as natural and fresh products. However, fresh fruits and vegetables are preferred by consumers.

Emerging Opportunities

The development of nutritious frozen food is anticipated to create immense opportunities for market players. In addition, the digitalization of the retail industry is driving market growth. The introduction of new apps allows users to pick their preferred products. Therefore, consumers are inclined towards online shopping. Growing usage of smartphones and the Internet support online grocery shopping and promote companies to showcase and sell their food products.

Scope of Frozen Food Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Frozen Food Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Product (Frozen Fruits & Vegetables, Frozen Meat & Fish, Frozen-Cooked Ready Meals, Frozen Desserts, and Frozen Snacks), Distribution Channel (Specialty Stores, Convenience Stores, Supermarket/Hypermarkets, and Others), and Freezing Technique (Individual Quick Freezing (IQF), Blast Freezing, Belt Freezing, and Other Freezing Techniques)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast

Key Players Covered in the Report

Unilever; Nestle SA; General Mills; Nomad Foods Ltd; Tyson Foods Inc.; and Conagra Brands Inc.

Market Segment Insights

On the basis of product, the market is segmented into frozen fruits & vegetables, frozen meat & fish, frozen-cooked ready meals, frozen desserts, and frozen snacks. The frozen-cooked ready meals segment is projected to expand at a considerable CAGR during the forecast period, due to the extensive consumption of ready meals among working-class individuals globally. The frozen cooked ready meals segment accounted for more than 30.1 percent of revenue in 2019.

The frozen meat & fish segment is expected to stay alive in the next few years, due to the simple availability of products in brick-and-mortar retailers all over the world. The rising demand for French fries and the increasing use of potatoes in various types of cuisines around the world is projected to drive the segment growth, with a CAGR of 4.0% during the forecast period.

Frozen Food Market Product

Based on distribution channel, the frozen food market is divided into specialty stores, convenience stores, supermarket/hypermarkets, and others. The upermarket/hypermarkets segment is expected to hold a significant share of the market in the coming years, as an increasing number of these stores experience a surge in the distribution of frozen food. As per the article published by Talking Retail, in April 2021, the sales of frozen food via the grocery market, increased by 14.4% in value and 11.5% in volume in 2020.

The others segment accounts for a significant market share, due to the growing e-commerce industry and the demand for convenient food on online platforms. For instance, in April 2021, Amazon launched Aplenty, a private label food and snack brand with hundreds of products including frozen pita chips, foods, mini cookies, crackers, and condiments. These foods are anticipated to be available online and in-store at Amazon Fresh which further increases product visibility among consumers.

On the basis of freezing technique, the global market is segregated into individual quick freezing (IQF), blast freezing, belt freezing, and other freezing techniques. The belt freezing segment is anticipated to expand at a substantial CAGR during the forecast period. Belt freezing is the process in which food trays or boil-in-bags are placed on a simple wire-mesh belt.

The belt is chilled with the help of cryogenic temperature and then the product is placed on the solid belt. Further, the outside surface quickly freezes through contact with the cold plate belt. This process is used to minimize losses in downstream processing.

The individual quick freezing (IQF)segment is expected to hold a significant share of the market. IQF allows large ice crystals to form in vegetable cells. Here in this method, each piece is individually frozen at extremely low temperatures and thus particles do not cohere. IQF is also known for quick freeze, flash freezing, or super freeze.

In terms of region, the global frozen food market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to dominate the market during the forecast period, owing to rising living standards and a growing desire for convenience. Many manufacturers are successful, as the frozen food market in several countries such as the United Kingdom, France, and Germany has resumed its upward trend.

The market in North America is anticipated to expand at a rapid pace during the forecast period. the demand for frozen food is increasing among consumers, due to the single-serving options and ease of meal preparation. For instance, Bell & Evans launched a line of uncooked, frozen chicken meatballs, in October 2019. All three varieties are made from a blend of dark meat chicken and skin for full flavor and are uncooked and nitrogen chocked to lock in freshness and natural juices.

Frozen Food Market Region

Three varieties of meatballs including parmesan breaded with mozzarella, a traditional savory chicken meatball, and buffalo seasoned are made from a blend of dark meat chicken and skin for full flavor and are uncooked and nitrogen chocked to lock in freshness and natural juices. Moreover, the product demand creates lucrative opportunities for market players in the coming years.

Asia-Pacific is projected to register significant growth in the global market, owing to consumer adoption of digital retailing platforms. Moreover, the rising availability of frozen products that are low in calories, high in protein, and low in fat addresses specific requirements including dairy-free, gluten-free, vegan, sugar-free, and plant-based products. For instance, First pride, a food brand based in Asia-Pacific rolled out frozen nuggets, bites, and strips made with plants to consumers in Malaysia, in June 2021.

Segments

The global frozen food market has been segmented on the basis of

Product

  • Frozen Fruits & Vegetables
  • Frozen Meat & Fish
  • Frozen-Cooked Ready Meals
  • Frozen Desserts
  • Frozen Snacks

Distribution Channel

  • Specialty Stores
  • Convenience Stores
  • Supermarket/Hypermarkets
  • Others

Freezing Technique

  • Individual Quick Freezing (IQF)
  • Blast Freezing
  • Belt Freezing
  • Other Freezing Techniques

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Unilever
  • Nestle S
  • General Mills
  • Nomad Foods Ltd
  • Tyson Foods Inc.
  • Conagra Brands Inc.

Competitive Landscape

Key players competing in the global frozen food market are Unilever; Nestle SA; General Mills; Nomad Foods Ltd; Tyson Foods Inc.; and Conagra Brands Inc.

Some of the major companies in the market have adopted various organic growth strategies including product launches, mergers, partnerships, and collaborations to increase their market share and witness significant growth. Key players are actively engaged in R&D programs and aim at the expansion of manufacturing units to expand their consumer base and increase their product portfolio.

  • In March 2021, Nomad Foods acquired Fortenova’s frozen food business. The deal for the divestment of the business mentioned above covers Ledo Plus, Ledo Citluk, Frikom, and several smaller affiliated companies
  • In January 2021, Imperial Tobacco Company of India Limited (ITC) expanded its frozen snacks business three times during the COVID-19 pandemic with the conglomerate adding 10 new products
  • In June 2020, GOELD, a frozen food business by the Goel Group was launched. The brand offers fifteen products in four categories, including Indian bread, desserts, snacks, and vegan treats

Global Frozen Food Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Frozen Food Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Frozen Food Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Frozen Food Market - Supply Chain
  4.5. Global Frozen Food Market Forecast
     4.5.1. Frozen Food Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Frozen Food Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Frozen Food Market Absolute $ Opportunity
5. Global Frozen Food Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Frozen Food Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Frozen Food Demand Share Forecast, 2019-2026
6. North America Frozen Food Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Frozen Food Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Frozen Food Demand Share Forecast, 2019-2026
7. Latin America Frozen Food Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Frozen Food Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Frozen Food Demand Share Forecast, 2019-2026
8. Europe Frozen Food Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Frozen Food Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Frozen Food Demand Share Forecast, 2019-2026
9. Asia Pacific Frozen Food Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Frozen Food Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Frozen Food Demand Share Forecast, 2019-2026
10. Middle East & Africa Frozen Food Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Frozen Food Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Frozen Food Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Frozen Food Market: Market Share Analysis
  11.2. Frozen Food Distributors and Customers
  11.3. Frozen Food Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Unilever
     11.4.2. Nestle S
     11.4.3. General Mills
     11.4.4. Nomad Foods Ltd
     11.4.5. Tyson Foods Inc.
     11.4.6. Conagra Brands Inc.

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