The global Frozen Food Market is estimated to be valued at US$ 167116.37 Million in 2023 and is expected to exhibit a CAGR of 4.84% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Frozen Food Market offers a wide range of products including frozen fruits and vegetables, ready-to-eat meals, frozen pizza, frozen meat and seafood, and frozen bakery products. These products provide convenience to consumers by offering longer shelf life, easy storage and preparation, and maintaining the nutritional value of food. The growing urbanization, hectic lifestyle, and changing eating habits of consumers are boosting the demand for frozen food products. Additionally, the increasing availability of various flavors and cuisines in frozen food products is further driving market growth. The frozen food market is witnessing significant growth as consumers are increasingly opting for convenient and quick meal options without compromising on taste and quality.
Market Key Trends:
One key trend in the frozen food market is the rising popularity of ready-to-eat meals. Busy lifestyles, especially in urban areas, have led to an increased demand for convenient meal solutions. Ready-to-eat frozen meals offer a quick and hassle-free option for individuals who do not have the time or skills to cook a full meal. These meals are pre-cooked and can be easily heated in a microwave or oven, providing a delicious and nutritious meal within minutes. Furthermore, the advancements in packaging technology have improved the quality and taste of ready-to-eat frozen meals, making them more appealing to consumers. As a result, the market for ready-to-eat frozen meals is expected to witness significant growth in the coming years.
The frozen food market can be segmented based on product type, distribution channel, and region.
In terms of product type, the dominating sub-segment is frozen ready meals. Ready meals offer convenience and ease of preparation, making them popular among busy consumers. These meals are pre-cooked and frozen, allowing consumers to quickly heat and consume them. With the increasing number of working professionals and hectic lifestyles, the demand for frozen ready meals is growing rapidly.
In terms of distribution channel, the dominating sub-segment is supermarkets and hypermarkets. Supermarkets and hypermarkets provide a wide range of frozen food products under one roof, making it convenient for consumers to purchase these products. These retail outlets often offer discounts and promotional offers, attracting consumers to choose frozen food products. Moreover, supermarkets and hypermarkets usually have cold storage facilities, ensuring the quality and freshness of frozen food products. As a result, the majority of consumers prefer to buy frozen food items from supermarkets and hypermarkets.
The Global Frozen Food Market Size is expected to witness high growth, exhibiting a CAGR of 4.84% over the forecast period of 2023-2030. One of the key drivers for this growth is the increasing demand for convenient and ready-to-eat food products. Busy lifestyles and the rise in dual-income households have led to a surge in demand for time-saving food options. Frozen food products, such as ready meals and snacks, provide a convenient solution for quick and easy meals.
In terms of regional analysis, North America is the fastest-growing and dominating region in the frozen food market. The region's strong purchasing power, busy lifestyles, and increasing preference for convenience foods have contributed to the growth of the market. Additionally, the presence of major players and advanced cold storage infrastructure further drives the market in North America.
Key players operating in the frozen food market include Nestlé S.A., Ajinomoto Co., Inc., Kraft Foods Group, Inc., ConAgra Foods, Inc., General Mills, Inc., H. J. Heinz Company, Tyson Foods, Inc., Unilever Plc, Maple Leaf Foods, Inc., and Pinnacle Foods, Inc. These key players have a significant market share and offer a wide range of frozen food products. They emphasize product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and cater to the evolving consumer preferences.