Frozen Food Market: Current Analysis and Forecast (2023-2030)

Report Description

The Frozen food market was valued at USD 284.7 billion in 2022 & is expected to grow at a CAGR of 5.2% from 2023-2030. The frozen food market refers to the industry and marketplace for food products that have been frozen and preserved at very low temperatures, typically below -18 degrees Celsius (0 degrees Fahrenheit). These frozen food products can include a wide range of items, such as fruits, vegetables, meat, poultry, seafood, ready-to-eat meals, desserts, and more. The growing demand for frozen food can be attributed to advances in freezing and preservation technology have led to frozen foods that often retain much of their original flavour, texture, and nutritional value the key factors which boost the adoption of inorganic growth strategies among key industry players around the globe. For instance, In May 2022, Seara, a food brand known for its high-quality frozen food products, announced its new innovation in the frozen food category with new products. This new product was called Seara Shawaya. The new innovation of Shawaya chicken for roasting filled the gap in the market where no other product was available.

Some of the major players operating in the market are Unilever, Nestlé, The Kraft Heinz Company , General Mills, Inc, Cargill, Incorporated , Ajinomoto Co., Inc., WK Kellogg Co, Tyson Foods, Inc. , Conagra Brands, Inc, FRoSTA AG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, the convenience food & ready meals segment held a significant share of the market in 2023.”

Based on products, the market is segmented into fruits & vegetables, dairy products, meat & seafood products, convenience food & ready meals, pet food, and others. The convenience food & ready meals category is expected to witness the highest CAGR during the forecast period. The convenience food and ready meals segment is experiencing significant growth in the frozen food market due to changing consumer lifestyles, increased demand for quick and easy meal solutions, and recent developments by companies that cater to this driver. Additionally, new government regulations and consumer preferences for healthier options are influencing the direction of this segment in 202.

“Amongst consumption, the food service segment held the higher CAGR in the market in 2023.”

Based on consumption, the frozen food market has been classified into food service and retail. Among them, the food service segment is expected to grow at a higher CAGR in the market. The food service segment in the frozen food market is experiencing growth due to various drivers such as cost-effectiveness, convenience, and the need for efficient food preparation in the foodservice industry. The hotel industry, quick food shops, cash & carry stores, caterers, and other business buyers are all included in the food service sector. Frozen foods have become more and more popular in the food service industry as a result of their ability to be kept and used for extended periods of time while requiring less maintenance.

Frozen food Market Report Coverage

“Europe dominated the frozen food market in 2023.”

Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to European consumers increasingly seeking convenient and time-saving meal solutions due to busier lifestyles. Frozen foods provide a quick and hassle-free option, aligning with the demands of modern life is driving the growth of the market. Moreover, advances in freezing technology have allowed frozen foods to retain much of their original flavour and nutritional value. European consumers prioritize healthier options, and the availability of frozen fruits, vegetables, and organic products caters to these preferences to support the market growth. In addition, the growth of online grocery shopping in Europe has expanded the reach of the frozen food market. Consumers can access a wider selection of frozen products through e-commerce platforms, further boosting sales which accelerates the frozen food market growth in the region. For instance, in May 2022, Redefined Meat, a known plant-based meat company, announced the launch of its frozen meat products in Italy to expand its operations in the European region owing to its major global market share.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Frozen food market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Frozen food Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Frozen food market were the three major steps undertaken to create and analyze the adoption of frozen food in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Frozen food market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Frozen food market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Frozen food market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as interface products, consumption and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Frozen food market. Further, we conducted factor analysis using dependent and independent variables such as interface products, consumption and distribution channel of the Frozen food market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Frozen food market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Frozen food market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Frozen food market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Frozen food market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Frozen food market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of products, consumption and distribution channel in the global Frozen food market.

The main objective of the Global Frozen food Market Study

The current & future market trends of the global Frozen food market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Frozen food market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the products, consumption and distribution channel
• Define and analysis of the regulatory framework for the Frozen food industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Frozen food market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Frozen food market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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