Frozen Food Market

Frozen Food Market size reached USD 267.3 billion in 2022 and is estimated to reach USD 404.0 billion in 2030 and the market is estimated to grow at a CAGR of 5.3% from 2023-2030 attributed to increasing consumers preference towards convenience food items and rising and growing popularity of online grocery shopping apps.

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Major Frozen Food Market Trends and Drivers

Frozen food market is primarily driven by growing demand for convenience food products, rise in women employment rates and increasing presence of companies on online distribution channels such as e-commerce websites. Convenience food items are gaining traction amongst many consumers worldwide due to its easy to cook and preservative features. Consumers who are working in hectic schedules, are preferring to eat these products as these food products as it requires less preparation time and can be consumed over longer period of time due to its high-shelf life. Rising disposable incomes of consumers is one of the major factors propelling the demand for convenience and other food items in food and beverage industry.

Women employment rates has increased significantly in recent times. As per our research, participation rate of women across France who are aged between 15 to 64, was estimated to be around 76% in 2021. As participation of women in the workforce is increasing, it is becoming more difficult for them to cook food due to time constraints, which is accelerating the demand for ready-to-eat food items. Moreover demand for clean labelled products is increasingly rapidly in the frozen food market. Thus, major companies are focussing to manufacture frozen food products with sustainable packaging solutions, understanding consumers sentiments. For instance, in 2021 Nomad, a leading frozen food organization based out of United Kingdom entered into a partnership with Innoget for developing clean-label paper packaging solutions for their frozen food products.

Grocery shopping has become one of the most essential activities. Launch of new online grocery shopping apps and increasing consumers acceptance towards online shopping are expected to create more growth opportunities for frozen food market. Consumers are preferring to use these applications as these apps gives consumers the option to order grocery as per their convenience, offers discount on certain purchases and eliminates the need to visit grocery stores physically by delivering groceries directly to their homes. As per our analysis, the number of online grocery purchases across United States (US) were estimated to be 147 million in 2021, this figure is expected to increase by 10.8% by 2023, which will positively impact the frozen food market in US. As the internet penetration rates and smartphone usage is increasing rapidly, companies are focussing to sell their products on online retail channels. However, some consumers consider frozen as inferior substitute of fresh and natural products and frozen food items lose their national values when they are stored in certain temperatures coupled with inadequate cold chain infrastructure in developing countries, are some of the factors restricting the frozen food market growth.

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Based on product, Convenience Food & Ready Meals segment is projected to dominate the market.

Frozen food items are gaining popularity around the world, as these products requires less preparation time and have high nutritional values. In addition, in the recent times, export business of frozen food items globally due to increasing acceptance for these products and growing brand awareness in emerging economies.

Based on Type, Ready-to-Eat segment is expected to hold the largest frozen food market share.

Surge in women employment participation rates and changes in consumers taste and preference are accelerating the demand for ready-to-eat food products. In addition, consumers are becoming more conscious about their diets, which is boosting the demand for low-calorie ice creams and yogurts.

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According to frozen food market analysis European region is estimated to dominate the market.

European frozen food market is propelled by changing food preferences of consumers, growing demand for ready-to eat breakfast items, improved living standards and high per capita incomes. Frozen food market UK is driven by increasing demand for frozen bakery products, rising investments by major companies in new technologies to store refrigerated dough and frozen vegetables and advancements in cold chain infrastructure. While frozen food market in India is driven by surge in the demand for convenient food items, presence of large young population, growing influence of western culture, rapid growth in e-commerce industry and rising focus of manufacturers on launching innovative products.

Top Market Players

Various notable players operating in the frozen food market include Grupo Bimbo S.A.B. de C.V., Kraft Heinz Company, Nestle SA, Unilever, Kellogg Company, General Mills, Inc., Conagra Brands, Inc., McCain Foods Limited, Associated British Foods plc, and Ajinomoto, among others.

 Key Developments: 

• • In June 2021, Tyson foods announced addition of its new plant-based product line under the brand name First Pride, which it plans to distribute in the retail markets and e-commerce across Asia Pacific.
  • In June 2021, Richard Pilgrim’s pride corporation completes the acquisition of Kerry Group’s Meats and Meals business in United Kingdom and Ireland for €819 million.
  • In April 2021, Frostkrone announced that it has acquired Abergavenny Fine Foods Ltd., a leading British retail and food service company. Through this acquisition Frostkrone plans to expand its presence in the international markets by adding diversified finger food and snack food items to its product portfolio.
  • In January 2021, Imperial Tobacco Company (ITC), a major conglomerate dealing in various verticals such as FMCG and hospitality based out of India announces that its frozen snack business grew by three times since covid, adding 10 new products to its portfolio during the same period.
  • In June 2020, Nestle SA, a major food and beverage company based out of Switzerland partnered with Tajin International Corp., to introduce Tajin’s first frozen snack “Outshine Mango with Tajin” in the US. Through this partnership, Tajin aims to create a family-friendly brand image of their organization.

Frozen Food Market Segmentation

The global frozen food market segmented into type, distribution channel, consumption, and key regions. Based on the product, the global frozen food market has been segmented into fruits & vegetables, dairy products, bakery products, meat & sea foods, convenience food & ready meals, and others. Based on fruits & vegetables, the global frozen food market has been further segmented into frozen fruits and frozen vegetables. Based on frozen vegetables, the global frozen food market has been further sub segmented into frozen potato and others. Based on bakery products, the global frozen food market has been further segmented into bread & pizza crusts and others. Based on distribution channel, the global frozen food market has been segmented into online and offline. Based on the end user, global frozen food has been segmented into retail and food service. Based on the type, the global frozen food market has been segmented into raw material, half cooked and ready-to-eat.

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Market Segmentation

Global Frozen Food Market by Product

• • Fruits & Vegetables
    • Frozen Fruits
    • Frozen Vegetables
      • Frozen Potato
      • Others
  • Dairy Products
  • Bakery Products
    • Bread & Pizza Crusts
    • Others
  • Meat & Sea Foods
  • Convenience Food & Ready Meals
  • Others

Global Frozen Food Market by Type

• • Raw Material
  • Half Cooked
  • Ready-to-Eat

Global Frozen Food Market by Consumption

• • Food Service
  • Retail

Global Frozen Food Market by Distribution Channel

• • Offline
  • Online

Global Frozen Food Market by Region

• • North America Frozen Food Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Consumption
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Frozen Food Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Consumption
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Frozen Food Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Consumption
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Frozen Food Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Type
    • By Consumption
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Frozen Food (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Grupo Bimbo S.A.B. de C.V.
  • Kraft Heinz Company
  • Nestle SA
  • Unilever
  • Kellogg Company
  • General Mills, Inc.
  • Conagra Brands, Inc.
  • McCain Foods Limited
  • Associated British Foods plc
  • Ajinomoto