Redding, California - August 7, 2024
Frozen Food Market to be Worth $447.79 Billion by 2031
Frozen Food Market Size, Share, Forecast, & Trends Analysis by Product (Meat & Poultry, Seafood, Dairy Products, Bakery Products), Type (Raw, Half-cooked), Distribution Channel (B2B {Food Services, Food Manufacturers}, B2C)—Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Frozen Food Market Size, Share, Forecast, & Trends Analysis by Product (Meat & Poultry, Seafood, Dairy Products, Bakery Products), Type (Raw, Half-cooked), Distribution Channel (B2B {Food Services, Food Manufacturers}, B2C)—Global Forecast to 2031.’
The frozen food market is expected to reach $447.79 billion by 2031, growing at a 5.5% CAGR over the forecast period. Factors driving market expansion include rising demand for convenience meals, a developing global cold-chain sector, and changing customer tastes and preferences. However, the growing preference for fresh and natural food products, as well as the need for regular temperature control for frozen food products, limit the market's growth. Furthermore, rising E-commerce penetration and expanding economies in Asia-Pacific, Latin America, the Middle East, and Africa are likely to create considerable growth prospects for frozen food industry stakeholders. However, the need for cold-chain infrastructure in emerging nations offers a significant obstacle to market growth. The latest trends in the global frozen food market are plant-based frozen food products and gluten-free frozen food products.
Key Players
Some of the key players operating in the frozen food market are General Mills, Inc. (U.S.), Conagra Brands, Inc. (U.S.), Nestlé S.A. (Switzerland), Unilever PLC (U.K.), McCain Foods Limited (Canada), The Kraft Heinz Company (U.S.), Tyson Foods, Inc. (U.S.), Associated British Foods plc (U.K.), Ajinomoto Co., Inc. (Japan), Vandemoortele NV (Belgium), Lantmännen Unibake International (A Part of Lantmännen Group) (Denmark), Cargill, Incorporated (U.S.), Europastry, S.A. (Spain), JBS S.A. (Brazil), ARYZTA AG (Switzerland), and Nomad Foods Limited (U.K.).
The frozen food market is categorized based on product (ready meals, meat & poultry, seafood, dairy products, bakery products {bread, pizza crusts, cakes & pastries, cookies & biscuits, doughnuts, waffles, and other frozen bakery products}, vegetables, fruits, and other frozen food products), type (raw, half-cooked, and ready-to-eat), distribution channel (business-to-business {food services, food manufacturers, and quick service restaurants} and business-to-consumer {offline [supermarkets & hypermarkets, convenience stores, and other offline stores] and online}), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
On the basis of product, the ready meals category is expected to account for the largest share of 32.1% of the frozen food market in 2024. This category's substantial market share is primarily due to changes in consumers' habits as a result of the fast-paced work environment, notably among the working-class population, as well as the growing demand for ready-frozen meals owing to their convenience. Furthermore, the growing popularity of ready meals among the younger age and teen population, along with the extensive selection of frozen food in convenience stores and supermarkets, contribute to this segment's major market share.
However, the seafood category is expected to register the highest CAGR during the forecast period. Due to fish's high protein content, people are consuming larger quantities of them, which is boosting worldwide aquaculture output development and the expansion of supermarkets and hypermarkets. The market for frozen seafood is expected to grow due to the increasing demand for frozen seafood as a thickening agent and the growing popularity of quick-freezing technologies.
On the basis of type, the raw category is expected to account for the largest share of 46.3% of the frozen food market in 2024. The primary reasons for this category's high market share include growing consumer knowledge of the nutritional benefits of raw frozen food, the industry's expanding use of frozen technologies in the fresh fruit and vegetable market, and the volume of new raw frozen food product introductions. However, the ready-to-eat segment is estimated to record the highest CAGR during the forecast period.
On the basis of distribution channels, the business-to-business segment is expected to account for a larger share of 52.7% of the frozen food market in 2024. The category’s large market share is mainly attributed to the growing B2B frozen food trading, the growing number of quick service restaurants (QSRs), and rising demand from hotels, restaurants, food chains, cafes, and the food service sector.
However, the business-to-consumer segment is expected to record the highest CAGR during the forecast period. Urban population density increases, the popularity of online shopping, the expansion of supermarkets and hypermarkets, the popularity of franchising, and consumer preferences for more personalized, convenient, and wide-ranging products are all contributing factors to this growth.
On the basis of geography, in 2024, Europe is expected to account for the largest share of 36.9% of the frozen food market. The frozen food market in Europe is estimated to reach $113,781.4 million in 2024. This region’s large market share is attributed to several key factors, including the rising preference for ready-to-eat food, favorable regulations, a well-established cold chain in the region, innovative practices by key players in the industry, technological innovation in the frozen food sector, the introduction of various healthy and diet-related frozen meals, and the growing import of frozen food.
However, the market in Asia-Pacific is poised to register the highest CAGR during the forecast period. The growing number of foreign direct investments (FDI) in the retail sector, the expansion of cold-chain facilities, the changing lifestyles of consumers, and the rising demand for processed food products in emerging nations like India, Indonesia, and Thailand are the main factors driving the growth of this regional market. Furthermore, the region's frozen food market is expanding due to the growing demand for dairy products like yogurt and sour milk.
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of product, type, distribution channel, and geography?
- What is the historical market size for frozen food across the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the frozen food market?
- Who are the major players in the market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- What is the competitive landscape like in the frozen food market?
- What are the different strategies adopted by the major players in the frozen food market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the frozen food market, and how do they compete with other players?
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