Data intelo
The global frozen food market, comprising ready-to-eat meals, meat, seafood, fruits and vegetables, potatoes and soup, was valued at USD 193.69 billion in 2023 and is expected to rise to an impressive USD 310.41 billion by 2032, according to the latest report from Dataintelo. The market is expected to grow at a compound annual growth rate (CAGR) of 5.38% over the period between 2024 and 2032. This significant growth is attributed to increasingly urbanized lifestyles, higher disposable incomes and the shift towards healthier, convenient eating options .
The report also highlights the rise in health consciousness among consumers as a key catalyst for market expansion. More and more people are looking for nutritious and balanced meals despite time constraints and fast-paced work schedules. This has led to an increase in demand for healthier alternatives within the frozen food sector.
Numerous manufacturers are quickly responding to this consumer demand by introducing healthier, lower calorie, and organic frozen foods. These quick, easy-to-prepare meals cater to the needs of health-conscious consumers, allowing them to maintain a balanced diet without compromising their hectic schedules. They are also proving to be extremely popular among the rising demographic of health-conscious urban populations around the world.
The diversification of the frozen food market with lean meat and organic products is not only a testament to the industry’s customer-centric approach, but also signals an important step towards sustainable and responsible food production. The transformation also shows how manufacturers are responding to the trend and responding to the ever-growing demand for high-quality and targeted food products.
By providing convenient and healthy alternatives to traditional ready-made meals, the frozen food industry is indeed leading the way in contributing to better global eating habits, and this upward trend is set to continue as the sector innovates and evolves. With an expected growth rate of 5.38% over the next decade, the frozen food market clearly shows huge potential for both investors and consumers, making it a market to watch in the coming years.
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𝐓𝐡𝐢𝐬 𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐚𝐧𝐝 𝐚𝐧𝐝 𝐜𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐬:
The frozen food market (ready-made meals, meat, fish, fruit and vegetables, potatoes, soup) is segmented based on
● Ready-to-eat frozen meals
● Frozen meat and poultry
● Frozen fish and seafood
● Frozen fruits and vegetables
● Frozen potato products
● Frozen soup
𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
● Retail
● Business customers
● Catering & Hospitality
● Industrial
𝐑𝐞𝐠𝐢𝐨𝐧
● Asia Pacific
● North America
● Latin America
● Europe
● Middle East and Africa
𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
● Amy’s Kitchen, Inc.
● Conagra brands
● Goya food
● HJ Heinz
● 𝐈𝐜𝐞𝐥𝐚𝐧𝐝 𝐅𝐨𝐨𝐝𝐬 𝐋𝐭𝐝.
● Kraft foods
● McCain Foods
● McCain Foods
● Nestlé
● Ralcorp frozen bakery products
● Seneca Foods Corporation
● Simplot food group
● Tyson Foods
● Unilever
Segment analysis:
The frozen food market is segmented on the basis of type and application. Under the type segment, we find frozen ready-to-eat meals, frozen meat and poultry, frozen fish and seafood, frozen vegetables and fruits, frozen potato products, and frozen soup. Each of these segments caters to different consumer needs and lifestyle choices. For example, the demand for frozen ready-to-eat meals may increase among the working class who have little time to cook. Similarly, the frozen vegetables and fruits segment may grow due to its longer shelf life and convenience compared to fresh produce.
The frozen food market is also segmented by application, and includes retail, commercial, catering & hospitality, and industrial use. Retail applications, including supermarkets and other retail outlets, are an important channel for selling frozen foods. Business customers such as hotels and restaurants also make up a significant portion of the consumer base, especially segments such as frozen meat & poultry, frozen fish & seafood and frozen potato products, which are widely used in culinary preparations. Catering and hospitality services use frozen products because it reduces preparation time and waste.
Regional analysis:
From a regional perspective, the frozen food market has been analyzed for Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. Certain regions may witness more growth depending on preferences and lifestyle changes. For example, North America, with its fast-paced lifestyle and demand for ready-made meals, may witness high consumption of frozen meals. Europe, with its advanced cold chain logistics, may also contribute significantly to the frozen food market.
On the other hand, driven by changing dietary habits, urbanization and increasing demand for Western diets, the Asia-Pacific region is expected to be a fast-growing frozen food market. Latin America and the Middle East and Africa, with a developing retail infrastructure and growing awareness about the convenience of frozen foods, are also potential markets. Major players in this market such as Amy’s Kitchen, Inc., Conagra Brands, Goya Foods, HJ Heinz, Iceland Foods Ltd. and others, have a widespread presence in these regions and are continually exploring opportunities for expansion
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Market drivers:
1. Busy Lifestyle: Busy lifestyle has led to an increase in demand for ready meals. As a result, the demand for frozen food is increasing as these products take less time to prepare as compared to fresh food.
2. Longer shelf life: Frozen products have a longer shelf life than fresh products. This means there is less waste and consumers therefore save more.
3. Food Safety: Freezing preserves food from the time it is prepared to the time it is eaten. Because freezing prevents food from rotting, many consumers see it as a safer alternative to fresh produce.
4. Changing eating habits: Consumers in developed countries are increasingly switching to consuming protein-rich foods. Frozen meat, seafood and other protein-rich products benefit from this trend.
5. Innovation in Packaging: Improved packaging kept food products fresh for longer, thus contributing to the growth of the frozen food market.
Possibilities:
1. Rising demand in developing countries: There are significant opportunities in emerging markets, where the growing middle class with disposable incomes is looking for more convenient food options.
2. Greater variety of products: Companies can experiment with different cuisines and flavor profiles, catering to a wide range of consumer tastes. With a varied range of vegetables, fruit, soups and meals, there is a significant, large market to supply.
3. Healthier Options: There is a growing trend toward healthy eating. Offering low-calorie, low-sodium, and organic frozen meals can help businesses engage health-conscious consumers.
4. Environmentally friendly packaging: The demand for sustainable packaging is growing. Developing and promoting environmentally friendly packaging could be both an opportunity to gain market share and a long-term strategy for sustainability.
5. Collaboration with food delivery apps: Opportunities for growth include collaboration with online food delivery platforms. As consumers increasingly order food online, frozen food delivery could also grow.
6. Investing in technology: Maintaining cold chain logistics is crucial for the frozen food industry. Investing in technological advancements can optimize the supply chain and reduce costs
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