The Frozen Food market estimated at USD 287.52 Billion in the year 2022, is projected to reach a revised size of USD 454.81 Billion by 2030, growing at a CAGR of 5.9% over the analysis period 2023-2030.
Food and beverages which are thoroughly processed, packed, and preserved by freezing following good commercial practices, which are further intended for consumption are called frozen food. Frozen foods are an extremely affordable and convenient way to incorporate nutritious and healthy foods, including fruits & vegetables, protein & dairy, as well as whole grains. Chefs across the globe are highly benefitted from frozen foods as they deliver excellent quality as well as reduce labor and waste. Frozen foods contain more minerals and vitamins as fresh foods tend to lose them over a certain time, whereas freezing preserves and retains nutrients. This is one of the major factors that attract maximum consumers to choose frozen food over fresh food.
Top Key Players in Frozen Food Market:
General Mills Inc. (US), Nestle SA (Switzerland), Conagra Brands Inc. (US), Ajinomoto Co. Inc. (Japan), McCain Foods Limited (Canada), The Kellogg Company (US), Grupo Bimbo S.A.B. DE C.V. (Mexico), Lantmannen Unibake International (Denmark), The Kraft Heinz Company (US), Unilever PLC (UK), Cargill Incorporated (US), and Other Major Players.
Market Dynamics and Factors for the Frozen Food Market:
Drivers:
Increasing Female Working Population and Demand for Convenience Food
The number of working women has dramatically increased over the past few years. The difficulty of preparing or cooking fresh meals every day increases as the proportion of working women rises. Additionally, their hectic lifestyles and demanding work schedules prevent them from eating a healthy diet, which is why the demand for frozen food meals is rising quickly. The U.S. Department of Labor estimates that in 2019, the employment rate for women in the United States is 46%, compared to 45% in South Africa and 43.7% in China. Sales of frozen food products, including both raw ingredients and ready-to-cook or ready-to-eat foods, have increased significantly as a result of the growing number of women working.
Opportunities:
Technological Advancements and Digitalization in the Retail Sector
Online grocery shopping as well as the introduction of new apps are growing widely. The growing retail industry is making it convenient and easy for consumers to choose products according to their preferences. Consumers are inclined more towards online shopping because of the added features of convenience and variety. With the rapid penetration of Internet and smartphone usage, rapid digitalization in the retail sector can create profitable opportunities for the growth of the frozen food market. Major manufacturers and companies can showcase their frozen food products and sell them widely with the help of online grocery platforms.
Segmentation Analysis of the Frozen Food Market:
By Type, the Ready-to-Eat segment is expected to dominate the market growth of frozen food in the forecast period. The huge dominance is due to the hectic lifestyles, and the ease of availability of frozen food meals. Additionally, as these foods do not consume any preparation time, and maintain a longer shelf-life, consumers across the world choose such eatables again and again over a while.
By Product, Meat and Seafood Products is the major dominating segment of the frozen food market. The increasing usage of such products by major food companies such as KFC, Pizza Hut, and McDonald’s acts as a key driver of the growth of the meat and seafood product segment. Furthermore, the utilization of meat and seafood products by numerous end users such as hotels, full-service restaurants, resorts, and quick-service restaurants boosts the market growth.
Regional Analysis of the Frozen Food Market:
North America dominates the frozen food market in recent years and is expected to witness huge growth over the forecasted period. The major factors that are aiding the rapid growth of the frozen food market in the North American region are the rapidly growing benefits of such frozen eatables, the rise in urbanization, the growing population, and rising consumer awareness regarding ready-to-eat and ready-to-cook meals.
Key Industry Development:
In August 2022, First We Feast, the well-known frozen food manufacturer, declared the expansion of its cooperation with FoodStory Brands and John Soules Foods. The product line was debuted at Walmart’s freezer section, and will soon be available in all the additional stores across the country. It includes the new Hot Ones Boneless Chicken Bites which are all-natural, white-meat boneless chicken bites and are served with an approved Hot Ones sauce packet in 18.6 oz. resealable bags.
