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The global frozen foods market size was USD 297.47 billion in 2023. The market is projected to grow from USD 310.77 billion in 2024 to USD 441.11 billion by 2032 at a CAGR of 4.80% during the 2024-2032 period.
This information is provided by Fortune Business Insights, in its report, titled, “Frozen Foods Market, 2024-2032.”
As per the research conducted by our expert analysts, the market is observing advanced growth owing to the growing demand for easily accessible food products such as ready-to-eat meals and cold cuts.
Information Source: https://www.fortunebusinessinsights.com/frozen-food-market-104138
COVID-19 Impacts:
Decreased Manpower in Production Units amid COVID-19 to Obstruct Market Growth
The frozen foods market witnessed an exponential rise in sales owing to the fright buying documented among consumers with the fear of global lockdown being imposed amid COVID-19 pandemic. Furthermore, frozen items pooled with other fundamental items were the instantaneous food products being sold in the primary days of lockdown owing to their elongated shelf life.
Report Coverage:
We provide our reports which are directed with a comprehensive examination approach that mainly accentuates on supplying detailed material. Our scholars have applied a data triangulation technique, which further assists us to offer dependable assessments and test the general market circumstances precisely. Further, our analysts have attained admission to various global as well as locally financed records for providing the updated material in order for the sponsors and business professionals to invest only in indispensable zones.
Segmentation:
On the basis of type, the market is segregated into frozen ready meals, frozen seafood & meat products, frozen snacks & bakery products, and others. Among these, the frozen seafood & meat segment is anticipated to hold the major share in the market.
Based on distribution channel, the market is separated into Supermarket/Hypermarkets, Convenience Stores, Specialty Stores, and Online Retail.
Geographically, the global market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Rising Demand for Convenience Food to Bolster Market
The processed food industry is preliminarily powered by the convenience provided by packaged foods, which entice consumers from all age groups. Consumer inclination towards convenience food and RTE foods has triggered a prompt change in the global market. Frozen foods need less effort as well as less time in comparison with cooking a complete meal from scratch, which is the prime aspect empowering the frozen foods market growth.
Regional Insights:
Europe is projected to dominate the frozen foods market share owing to the growing adoption of vegan lifestyle in the region, which is forecasted to navigate the sales of frozen veggies. The prime growth aspects in the region involve high consumer purchasing power, financial sturdiness, and change in food likings.
Asia Pacific documented a considerable growth in the global market owing to consumer acceptance of digital retailing platforms. The rising number of cold chain amenities in numerous developing nations is further aiding regional market growth.
North America is anticipated to hold the third-largest market share owing to high consumer consciousness concerning the profits of frozen foods.
Competitive Landscape:
Ground-breaking Product Presentation by Crucial Players to Direct Market Growth
The vital players in the market deploy numerous approaches to strengthen their position in the market as pioneering companies. One such considerable plan is attaining companies to upsurge the brand value between consumers. Another key strategy is persistently launching radical products with comprehensive assessment of the market and its target audience.
Industry Developments:
June 2021: Pilgrim’s Pride Corporation acquired the Meats and Meals business possessed by Kerry Consumer Foods in the U.K. and Ireland. This procurement is anticipated to fortify PPC’s portfolio by including renowned brands such as Richmond, Denny, and Fridge Raiders to its brand collection.
List of Key Players Mentioned in the Frozen Foods Market Report:
General Mills Inc. (Minnesota, U.S.)
Nestle SA (Vevey, Switzerland)
Conagra Brands Inc. (Illinois, U.S.)
The Kellogg Company (Michigan, U.S.)
Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
Lantmannen Unibake International (Copenhagen, Denmark)
The Kraft Heinz Company (Illinois, U.S.)
Unilever PLC (London, U.K.)
Wawona Frozen Foods (California, U.S.)
Tyson Foods, Inc. (Arizona, U.S.)