Frozen Food Market Trends, Growth, Industry & Revenue [2031]

Report Description

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

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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

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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 2/3^rd 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.

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.

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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.

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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.