Emphasis on Products (Fruits & Vegetables, Dairy Products, Meat & Seafood Products, Convenience food & Ready Meals, and Others); Consumption (Food Service and Retail); Distribution Channel (Offline and Online); and Region/Country
The Frozen Food Market was valued at USD 282.50 billion in 2023 and is expected to grow at a robust CAGR of around 5.10% during the forecast period (2024-2032) owing to the growing demand for convenience foods and time-savings along with the rising urbanization and economic growth.
Frozen Food Market Analysis
The frozen food market has emerged rapidly in the last couple of years due to rising urbanization and economic growth. Increased urbanization and economic growth are key factors that expand the frozen food industry, affecting multiple processes and consumer behavior. With people moving to cities and towns in search of better lifestyles, health considerations, and time constraints have led to a reduction in the practice of kitchen cooking. Further, moving from home kitchens to outside facilities and with the growing disposable income in developing nations, there is a rise in the need for convenience as far as food is concerned, which the production of ready-to-eat foods meets. Urbanization also results in an enhanced infrastructure for cold chains and new and better store formats thus availing frozen foods to a broader group of consumers. This trend is further fast-paced due to the increased number of supermarkets and hypermarkets in emerging markets. Besides, with economic growth, there emerges a group of middle class that requires diversified types of meals, including the intercontinental ones that are met with frozen foods. The combination of these conditions is beneficial for the frozen food market, forcing companies to develop new products and logistics models to fit the needs of the growing urban population who prefer ready-made meals but do not want to compromise on quality and taste.
Recent instances and developments highlighting this trend include:
In April 2023, Carrier Transicold launched the Supra eCool truck refrigeration series. The new Supra eCool electric units will cover 14- to 28-foot, Class 5 to 7 straight trucks. These trucks are designed as per regulatory compliance or simply cleaner, more sustainable options to deliver frozen foods across the industry. The enhanced cold chain facility drives the frozen food market.
In February 2023, DHL Global Forwarding expanded its U.S temperature-controlled warehouse network with an investment of USD 8 million. The company is opening a new 40,000-square-foot warehouse to meet industry demand.
Innovative Packaging Solutions
Innovative Packaging Solutions are another important trend in Global Frozen Food where they respond to top benchmark concerns and industry difficulties. This trend is about creating packs that offer product protection, freshness, increased shelf life, convenience, and respect for the environment.
In August 2023, a leading frozen food firm launched self-heating packs for ready-to-eat meals which let the consumers to warm food even without using a microwave, for this product range, the firm got a 15% sales uplift.
In October 2023, a major packager introduced nano-barrier packaging technology that increases frozen food shelf life by 40% and decreases freezer burn occurrences by 60%.
These innovations reflect the industry’s adaptation to evolving consumer preferences for healthier frozen food options.
North America Dominates the Frozen Food Market
North America frozen food market currently dominates and is expected to dominate in the forecasted period. The frozen food industry in North America, primarily in the United States and Canada, is growing at a fast pace due to innovations in technology and changing customer trends. The market is supported by advanced freezers that freeze items to a better quality and packaging that makes the items easily accessible. Some of the leading companies in the industry include ConAgra Foods, General Mills, and Kraft Heinz and while these players are diversifying their product portfolios to meet the new trends, the frozen food industry is characterized by intense competition. Also, the expansion of e-commerce has enabled a wider market for frozen foods and better cold chain technologies. Additionally, there is growing awareness of healthy living, and this is putting pressure on the manufacturers to provide better quality frozen foods, that are organic, hence extending the market. For instance, in June 2023, ConAgra Foods released its new line of organic frozen meals based on the increasing focus on healthier foods in the frozen food market. These products are designed to meet consumer expectations by solving mealtime dilemmas and satisfying cravings.
The frozen food market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are Unilever, Nestle, The Kraft Heinz Company, General Mills Inc., Cargill, Incorporated, Ajinomoto Co., Inc., WK Kellogg Co, Conagra Brands, Inc., Tyson Foods, Inc., and FRoSTA AG.
In 2024, Nestlé India signed a strategic collaboration agreement with restaurant SOCIAL and BOSS Burger to experiment with MAGGI Professional’s plant-based products.
In 2023 Konscious Foods introduced the first in a line of plant-based frozen ‘raw’ seafood in whole foods. They are the first to offer fully frozen sushi, nigiri, and poke bowls, among others.
In March 2024, Campbell Soup Company, a US-based fast-moving consumer goods company that deals in flagship canned soup products acquired Sovos Brands, Inc. for an amount of USD 2.7 billion. The acquisition strengthens Campbell’s product portfolio and its presence in the market. With the help of this acquisition, the company has added a range of products frozen entrées, frozen pizza, and yogurts under the brand names Rao’s, Michael Angelo’s and Noosa.
In November 2023, Tyson Foods, a US-based company specializing in food processing and the world’s second-largest processor of chicken, beef, and pork after JBS S.A invested USD 300 million fully cooked food production facility in Danville, Virginia. The investment increased the production capacity of the company and met the growing demand for frozen protein-rich foods.
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 contact us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Frozen Food Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Products
8. Market Insights By Consumption
9. Market Insights By Distribution Channel
10. Market Insights By Region
11. Value Chain Analysis
12. Competitive Landscape
13. Company Profiled
14. Acronyms & Assumption
15. Annexure
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:
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 included in the report are 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 the 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 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 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
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.
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 the products, consumption, and distribution channel in the global frozen food market.
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:
Q1: What is the current market size and growth potential of the frozen food market?
Q2: What are the driving factors for the growth of the frozen food market?
Q3: Which segment has the largest frozen food market share by Products?
Q4: What are the emerging technologies and trends in the frozen food market?
Q5: Which region will dominate the frozen food market?
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