Frozen Food - Market Insights, Competitive Landscape, and Market Forecast - 2030

The market is estimated to register growth at a remarkable CAGR forecast during 2022-2027 owing to rise in the demand for ready-to-eat dishes, overall increase in the average income of individuals, rising work culture in countries, lack of time, usage of foods for extended period and others, along with the rising advancements in delivering quality and preservative-free frozen foods across the globe.

The global frozen foods market is estimated to grow at a CAGR of 4.9% during the forecast period from 2022 to 2027. The frozen foods market is slated to witness positive growth due to the growing demand for ready-to-eat dishes and complex delicacies owing to lack of time, the overall increase in the average income of individuals, rising work culture in countries, and others. Additionally, the requirement for increasing the shelf-life of products, to be used for a longer duration of time, along with the growing focus on improving the safety and affordability to deliver quality and preservative-free frozen foods is further expected to result in appreciable revenue growth of the frozen foods market during the forecast period (2022-2027).

Frozen Foods Market Dynamics:

One of the main factors for the growth of the frozen foods market is the increasing demand and the growing popularity of frozen foods among consumers globally. This can be owing to the lack of time, growing work culture, rising microwave usage, household cooking preferences, and changes in the lifestyle of millennials and their eating habits, thus not indulging in the long process of food preparation.

Frozen foods due to their frozen nature stay unspoiled for a very long time, typically locking the nutritional value of the food item making it durable, which not only allows it to be stored for a longer duration of time but also keeps one ready for unforeseen meal plans. It could also potentially help people with portion control, for people following strict and calculated diets.

Along with the growing popularity of frozen foods among consumers, product launches by key players in the frozen foods sector are further expected to drive the demand for frozen foods in the upcoming years. For instance, in November 2022, Real Good Chicken-maker Godrej Tyson Foods (GTFL) launched the third vegetarian product under its Yummiez frozen food brand to propel the vegetarian share of its product mix allowing them to launch products at lower prices and expand into tier-2 and 3 cities and towns. Thus, such commercial launches of products and innovations are further expected to boost the overall market for frozen foods during the forecast period.

However, the growing preference for fresh, natural, and organic foods including fruits and vegetables, and the misconceptions associated with the consumption of frozen foods such as the absence of flavor, and less nutritional value, among others may act as restraints for the frozen foods market growth.

The frozen foods market was mildly impacted during the period of the COVID-19 pandemic owing to the imposition of strict lockdowns to avoid the risk of the spread of the disease among the general public. This led to the closure of various stores and outlets which hampered the sales of frozen foods. Though the online portals were functional in some places, some regions observed no delivery, due to which sales through online portals were also not possible. However, with the masses being vaccinated, resumption of activities in the food and healthcare sector along with the opening of lockdowns, the overall market for frozen foods has returned to normalcy and has been taking great strides which have initiated the process of resumption of regular manufacturing and delivery services, thereby bringing the demand for products on track in the frozen foods market.

Frozen Foods Market Segment Analysis:

Frozen Foods market by (fruits & vegetables, dairy products, meat products, seafood products, and others), by product type (raw material, half-cooked and ready-to-eat), by distribution channel (hypermarkets and supermarkets, general stores, e-commerce, and Others), and geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the product type segment of the frozen foods market, the meat products category is projected to register a significant growth in revenue in the overall frozen foods market during the forecast period (2022-2027).

This can be ascribed to the requirement of meat products such as chicken, fish, and others to be stored under freezing conditions to increase their shelf-life and prevent microbial growth. Meat, owing to its texture, is more susceptible to getting rotten if kept at normal temperature, making them unfit for consumption. Therefore, meat products, in most cases are stocked up in large amounts to be used for a longer duration of time, without any reduction in the quality, or taste of meat.

Thereby, considering the growing demand for frozen meat products, major market players are launching numerous new products in the frozen foods sector. For example, in February 2023, Brazilian food brand Seara launched its complete halal portfolio comprising 120 frozen food products, including frozen whole chicken, chicken parts, breaded chicken, chicken and beef burgers, minced meats, sausages, meatballs, seafood, among others.

Therefore, considering the growing demand for frozen meat products and their growing popularity among consumers, this product category is expected to generate considerable revenue, thereby pushing the overall growth of the global frozen foods market during the forecast period.

Europe is expected to dominate the overall Frozen Foods Market:

Among all the regions, Europe is expected to lead in revenue generation in the global frozen foods market. This can be ascribed to a rise in the overall living standards of people, along with the rising need for convenience, among others. In addition, the massive number of offline/online stores in the European region, and the recent product developmental activities in the frozen foods sector are expected to propel the market for frozen foods during the given forecast period.

For instance, in February 2019, Bimi® announced the launch of frozen Bimi® to the European market. The decade-long innovation was developed using a technique of freezing the hand-picked crop as individually frozen stems, delivering it to consumers in premium condition. In a similar example, in December 2022, global bakery manufacturer and distributor Dawn Foods announced the sale of its frozen bakery manufacturing business in Europe, and (AMEAP), to Europastry. The sale included Dawn's frozen bakery manufacturing plant located in Steenbergen, The Netherlands, R&D capabilities based in Evesham, United Kingdom, and all associated customer relationships in the region purchasing Dawn-produced frozen products.

Due to the rising number of product launches and the large consumer base and the busy lifestyles of people in the European region, a large number of online/offline stores are being set up. For example, in France, consumers can easily access frozen food, as various dedicated frozen product outlets are available in France. Picard Surgelés, a French food company specializing in the manufacture and retail distribution of frozen products, has more than 900 stores all over France.

Therefore, the interplay of all the above-mentioned factors is expected to bolster the growth of the frozen foods market in the European region during the forecast period.

Frozen Foods Market Key Players:

Some of the key market players operating in the frozen foods market include Conagra Brands, Inc., Grupo Bimbo S.A.B de C.V., Nestlé, Unilever, Kellogg's Company, Mccain Foods Limited, Associated British Foods plc, Ajinomoto Co., Inc., Vandemoortele, Lantmannen Unibake, Cargill, Incorporated, JBS Foods, Kidfresh, Dr. Oetker, BUBBA foods, LLC, Aryzta AG, oob organic, Omar International Pvt. Ltd., Tyson Foods, Inc., Strong Roots, and others.

Recent Developmental Activities in Frozen Foods Market:

• In July 2022, CCL Products (India), the home-grown coffee brand ventured into the frozen foods category with the launch of its plant-based meat products brand 'Continental Greenbird' in India. The brand enabled its consumers to make choices that are sustainable to the globe without losing the taste of meat.
• In April 2022, Prasuma, India's leading chilled meat and frozen food brand, announced the addition of new snacks to its frozen food portfolio, launching frozen chicken nuggets, frozen veg and chicken spring rolls, veg and chicken mini samosas, mutton and chicken shammi kababs, and mutton and chicken seekh kababs as well as bacon to its frozen portfolio.
• In December 2021, Strong Roots, a leading plant-based frozen food company, and McCain Foods, the family-owned world leader in frozen potato specialties and appetizers, announced a strategic partnership, with McCain Foods investing USD 55 million in Strong Roots to take a minority stake in the business. The partnership enables Strong Roots and McCain Foods to continue meeting the rising consumer demand for healthy and natural food globally. Strong Roots and McCain Foods will work together to leverage both companies' complementary strengths to continue Strong Roots' rapid growth and further its mission to “fix the freezer aisle” and provide plant-based, environmentally responsible, positive food choices, for everyone - globally and impactfully.

Key Takeaways from the Frozen Foods Market Report Study

• Market size analysis for current frozen foods market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the frozen foods market.
• Top key product developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the global frozen foods market.
• Various opportunities available for the other competitor in the frozen foods market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current frozen foods market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for frozen foods market growth in the coming future?

Target Audience who can be benefited from this Frozen Foods Market Report Study

• Frozen foods products providers
• Research organizations and consulting companies
• Frozen foods-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in frozen foods
• Various distribution channels who want to know more about the frozen foods market and the latest product innovations in the Frozen Foods market.

Frequently Asked Questions for Frozen Foods Market:

1. What are frozen foods?

Frozen foods can be defined as any whole meal or portions of meals that have been precooked, put together into a package, and frozen for retail sale. A frozen prepared meal might include a meat dish, a vegetable, pasta, or some other type of starch-based food, and sauce.

2. What is the market for global frozen foods?

The global frozen foods market is estimated to grow at a CAGR of 4.9% during the forecast period from 2022 to 2027.

3. What are the drivers for the global frozen foods market?

The frozen foods market is slated to witness positive growth due to the rise in the demand for ready-to-eat and complex delicacies owing to lack of time and others, the overall increase in the average income of individuals, and the rising work culture in countries. Additionally, the growing requirement for increasing the shelf-life of products, to be used for a longer duration of time, along with the growing focus on improving the safety and affordability to deliver quality and preservative-free frozen foods is further expected to result in appreciable revenue growth of the frozen foods market during the forecast period (2022-2027).

4. Who are the key players operating in the global Frozen Foods market?

Some of the key market players operating in the frozen foods market include Conagra Brands, Inc., Grupo Bimbo S.A.B de C.V., Nestlé, Unilever, Kellogg's Company, Mccain Foods Limited, Associated British Foods plc, Ajinomoto Co., Inc., Vandemoortele, Lantmannen Unibake, Cargill, Incorporated, JBS Foods, Kidfresh, Dr. Oetker, BUBBA foods, LLC, Aryzta AG, oob organic, Omar International Pvt. Ltd., Tyson Foods, Inc., Strong Roots, and others.

5. Which region has the highest share in the Frozen Foods market?

Europe is expected to dominate the overall Frozen Foods market during the forecast period, 2022 to 2027. This can be ascribed to a rise in the overall living standards of people, along with the rising need for convenience, among others. In addition, the massive number of offline/online stores in the European region, and the recent product developmental activities in the frozen foods sector are expected to propel the market for frozen foods during the given forecast period.


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