Global Frozen Foods Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

Frozen Foods Market Analysis

Many market trends have shifted as a result of urbanization and a faster-paced lifestyle. We live in a fast-paced world where everyone wants to get more done in less time. Frozen foods fit the criteria perfectly and have completely changed the way we consume nutrition-rich foods.

Frozen Foods Market Size

Global frozen foods market size was valued at USD 268.10 billion in 2023 and is projected to reach USD 385.66 billion by 2031, with a CAGR of 4.65% during the forecast period of 2024 to 2031.

Report Scope and Market Segmentation       

Frozen Foods Market Definition

Frozen foods are foods that are kept at a specific temperature with all of the moisture removed and stored in a solid form. The main purpose of these frozen foods is to make the cooking process easier for consumers and to have a longer shelf life.

Frozen Foods Market Dynamics

Drivers

• Rising Urbanization and Growing Trend of Convenience Food around the World

The growing consumer preference for convenience foods indirectly benefits the growing demand for frozen foods because they take less time and effort to prepare than cooking from scratch. Due to the consumers' hectic lifestyles, the processed food market is driven by a greater need for convenience. As a result, the demand for frozen goods rises. Rising disposable income is another factor that has a significant impact on the growth of the frozen food market because it increases consumer purchasing power.

• Expansions of Convenience Stores as well as Growing Working Class Population

Frozen convenience foods sold by food supply chain companies continue to contribute significantly to revenue. Additional revenue share is expected soon as convenience stores expand their frozen ready meal selection and internet sales tap into previously untapped market opportunities.

Frozen foods are becoming increasingly popular in developed countries, where consumption is higher than in developing countries. The increase in the number of people working in emerging economies such as China and India, as well as the trend toward longer and more variable working hours, has resulted in a progressive shift away from the traditional paradigm of daily cooking.

Opportunity

The unexpected breakdown of COVID-19 across the globe has significantly increased demand for frozen foods due to their property of retaining nutrition for a longer period of time and having a longer shelf life than other fresh fruits, vegetables, and meat, which are also expected to fuel market growth. Furthermore, increasing digitalization in the retail industry and rapidly rising processed food trade will create new opportunities for the frozen foods market during the forecast period.

Restraints

However, the growing preference for fresh and natural food products, as well as the increasing need for constant temperature monitoring, are expected to impede the frozen foods market growth rate, while a lack of cold chain infrastructure in developing economies will pose a market challenge for frozen foods during the forecast period.

This frozen foods market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the frozen Foods market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Frozen Foods Market

The COVID-19 outbreak has boosted demand for convenience items. During the pandemic, consumers were constantly buying ready-to-eat or ready-to-cook meals because they were readily available at low prices. Severe lockdown measures have been implemented by all restaurants, hotels, and shopping malls, which has impacted eating habits globally due to lockdown and public safety measures. This factor has also influenced many people to switch to home-cooked meals and packaged ready foods that can be delivered to their homes via several supermarkets or hypermarkets and e-commerce grocery store home delivery options, as dining-out options were limited. Fear of spreading the virus in public places has led to the purchase of packaged and long-life foods rather than fresh food.

Frozen Foods Market Scope

The frozen foods market is segmented on the basis of product type, type, freezing technique, consumption and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Fruits and Vegetables
• Frozen fruits
• Frozen vegetables
• Bakery Products
• Bread
• Pizza crust
• Others
• Frozen Dairy Products
• Meat and Seafood Products
• Convenience Foods
• Ready Meals
• Others

Type

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

Distribution channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Channels
• Others

Freezing technique

• Individual Quick Freezing (IQF)
• Blast Freezing
• Belt Freezing
• Other

Consumption

• Food Service
• Retail

Frozen Foods Market Regional Analysis

The frozen foods market is analyzed and market size insights and trends are provided by country product type, type, freezing technique, consumption and distribution channel as referenced above.

The countries covered in the frozen foods market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the frozen foods market as a result of an increase in demand for frozen foods caused by the COVID-19 pandemic, which has affected several countries. Furthermore, the region's population growth, rapid urbanization, and increased customer awareness of the benefits of frozen food will drive the growth of the frozen foods market during the forecast period.

Asia-Pacific is expected to see significant growth in the frozen foods market because of the rise in the trend of ready-to-eat food among the working-class population. Furthermore, the substantial increase in demand for frozen food due to the decrease in time for preparing and cooking is expected to further propel the market growth in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Frozen Foods Market Share

The frozen foods market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to frozen foods market.

Frozen Foods Market Leaders Operating in the Market Are:

• The Hain Celestial Company (US)
• AGRARFROST GMBH & CO. KG (Germany)
• Agristo (Belgium)
• Bart’s Potato Company bvba (Belgium)
• Royal Cosun (Netherlands)
• Farm Frites (Netherlands)
• Greenyard (Belgium)
• Himalaya Food International Ltd. (India)
• J.R. Simplot Company (US)
• McCain Foods Ltd. (UK)
• Lamb Weston Holdings, Inc. (UK)
• General Mills, Inc. (US)
• Mondelez International, Inc. (US)
• THE KRAFT HEINZ COMPANY (US)  

Latest Developments in Frozen Foods Market

• In 2021, Nomad Foods announced an agreement with Fortenova Grupa d. d. to acquire Fortenova's Frozen Food Business Group (FFBG) in cash for USD 724 million in order to expand its product portfolio, as FFBG offers a wide range of frozen meals and has a large distribution channel in Eastern Europe
• Conagra Brands Inc. launched its extensive summer line products in 2021 to provide manufacturers inside single-serve frozen meals and collect brands with new Banquet®, Marie Callender's, Wholesome Alternative, and Hungry Man dishes. Conagra's mission is to please customers by providing nutritious frozen foods
• In 2020, the Dutch start-up Lazy Vegan released its latest frozen ready meal, "Thai Green Curry," which is gluten-free and soy-free. It also launched vegan frozen meals with plant-based chicken and Foods in order to establish a strong presence in the European market

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