Frozen Food Market Size Worth USD 338.5 Billion By 2030 At

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New York, U.S., July 19, 2022 (GLOBE NEWSWIRE) — Market Overview

According to a comprehensive research report by Market Research Future (MRFR) “frozen market Information by type, distribution channel and region – Forecast to 2030It is estimated that the market will reach over USD 338.5 billion by the end of 2030. The report further forecasts that the market will thrive at a healthy CAGR of over 5.93% during the review period.

market synopsis

Processed foods that are stored at low temperatures and used for a long period of time are called frozen foods. The product market consists of various foods such as soups, ready meals, fruits and vegetables, potatoes, meat and poultry, and seafood. Packaged ready-to-eat foods, baked goods, snack foods and desserts are found in frozen ready meals. Major buyers of frozen foods, including frozen fruit and vegetables, potatoes and non-vegetarian items, include hotels, caterers, restaurants and fast-food franchises.

The growing number of people working worldwide and the busy lifestyles of millennials have significantly impacted the demand for ready-to-eat food (RTE). This is expected to support the global expansion of RTE foods. Consumer spending on non-perishable foods has skyrocketed in recent years. Companies in the food supply chain continue to derive a significant portion of their revenue from the sale of frozen ready meals. Further revenue sharing is expected as convenience stores expand their frozen ready meal selection and internet sales capitalize on untapped market potential. Companies in the food supply chain continue to derive a significant portion of their revenue from the sale of frozen ready meals. Further revenue sharing is expected as convenience stores expand their frozen ready meal selection and internet sales capitalize on untapped market potential.

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Report scope:

report attribute details
Market size in 2030 $338.5 billion
CAGR 5.93% (2022-2030)
base year 2021
forecast period 2022-2030
Historical data 2020
Forecast Units Value (Billion USD)
report coverage Sales Forecast, Competitive Landscape, Growth Factors and Trends
Covered Segments By type, distribution channel, region
Regions Covered North America, Europe, Asia Pacific and Rest of the World (RoW)
Important market drivers Increasing demand for ready meals
Increasing number of working women

market competitive landscape

The promising players in the frozen food market are:

  • General Mills (USA)
  • Tyson Foods Inc (USA)
  • Nestlé SA (Switzerland)
  • Unilever Plc. (UNITED KINGDOM)
  • Ajinomoto Company (Japan)
  • Kraft Heinz Company (USA)
  • Grupo Bimbo (Mexico)
  • Conagra Brands Inc (USA)
  • Associated British Foods Plc (UK)
  • McCain Foods Limited (Canada)

Market USP covered

market leader

Individuals are increasingly leading hectic lives. Although they want to eat healthy food, they often don’t have the time to prepare it. These people are searching the market for various frozen products to meet their increasing demand. In addition, more women are employed full-time worldwide. They only spend minutes reheating frozen meals for a quick and healthy dinner because they don’t have time to devote to cooking. In response, many frozen food manufacturers are investing heavily in production and processing machinery. This will allow them to meet the exponentially increasing demand expected in the post-COVID future.

The rising middle class in developing countries also prefer organic frozen food, another factor. Female employment rates have increased significantly in recent years. It has become more difficult for the growing number of working women to prepare or cook healthy meals every day. This has led to the purchase of frozen and ready meals. The global frozen food business will be significantly boosted by the giants’ increased use of frozen products. The expansion of this market is also expected to be fueled by the use of these items by multiple end-users, including full-service restaurants, hotels and resorts, and quick service restaurants.

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Market Restrictions

The main problem in this industry is that some consumers see frozen food as a poor alternative to fresh. Consumers have a misconception that food stored for more than a year loses its nutritional value.

COVID-19 Analysis

The growth of the entire market is currently being hampered by the old and new restrictions on the transfer of the raw materials required to produce this frozen food. However, once COVID-19 has been dealt with, nations will remove them. Finding trustworthy wholesalers is one of the biggest problems frozen food manufacturers face. There are now many companies in the industry as well, and due to the low barriers to entry, more are expected to join. After all, the price point of frozen meals is usually low, and consumer demand is highly elastic and sensitive to even small price changes. Due to the global panic, frozen products are becoming increasingly popular due to their longer shelf life. In addition, it helps customers reduce the frequency of visiting the market to buy frozen food.

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market segmentation

Based on type

The top-selling segment is ready meals, followed by frozen meat and poultry products.

Based on sales channel

The supermarket and consumer market segment is developing rapidly and is changing the retail landscape.

Regional Insights

One of the main reasons behind the expansion of the market in the European region is the high purchasing power of consumers. Another reason is economic stability. A key element influencing the expansion of the frozen business is the busy lifestyle of customers. Due to the increase in health-conscious customers in the region, the frozen ready-to-eat healthy breakfast segment has become increasingly popular in recent years. Due to the presence of several food and baking giants, Europe has become one of the most profitable areas for frozen food. Frozen meat, poultry and seafood are some of the most popular supermarket items in North America and Europe. The largest market for frozen desserts and bread products is in Europe. In emerging markets like India, frozen food retailing is still in its infancy. However, it has grown steadily in recent years.

In addition, these market participants are consistently working to expand their market share through efficient product innovation and research and development. In addition, companies form alliances with other companies to pool their resources and outperform competitors. The players have maintained their dominance in the high-end frozen bakery sector owing to their effective operational excellence and R&D abilities. The frozen food market is predicted to be strong in Asia Pacific owing to the growing nations during the forecast period. Manufacturers from around the world are investing in these countries, which is expected to boost demand for frozen foods in Asia-Pacific.

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