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0 The global frozen foods market revenue size was valued at USD 297.47 billion in 2023 and is expected to grow from USD 310.77 billion in 2024 to USD 441.11 billion by 2032, exhibiting a CAGR of 4.80% during the forecast period of 2024-2032. This data is presented in the report titled “Frozen Foods Market, 2024-2032” by Fortune Business Insights.
According to insights from expert analysts, the market is experiencing significant growth due to the increasing demand for convenient food options such as ready-to-eat meals and cold cuts.
The global frozen foods market encompasses various categories, including frozen ready meals, frozen seafood and meat, frozen snacks and bakery items, and other products such as frozen fruits and vegetables. These products are distributed through multiple channels, including supermarkets and hypermarkets, convenience stores, specialty stores, and online retail platforms.
Information Source: https://www.fortunebusinessinsights.com/frozen-food-market-104138
List of Key Players Mentioned in the Frozen Foods Market Report:
- General Mills Inc. (Minnesota, U.S.)
- Nestle SA (Vevey, Switzerland)
- Conagra Brands Inc. (Illinois, U.S.)
- The Kellogg Company (Michigan, U.S.)
- Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
- Lantmannen Unibake International (Copenhagen, Denmark)
- The Kraft Heinz Company (Illinois, U.S.)
- Unilever PLC (London, U.K.)
- Wawona Frozen Foods (California, U.S.)
- Tyson Foods, Inc. (Arizona, U.S.)
Segmentation
By type, the market is divided into frozen ready meals, frozen seafood & meat products, frozen snacks & bakery products, and others. Among these, the frozen seafood & meat segment is expected to hold the largest market share.
In terms of distribution channels, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail.
Geographically, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
Our reports are developed using a comprehensive examination approach, emphasizing detailed and accurate information. Analysts have utilized a data triangulation technique to deliver reliable assessments and evaluate the market’s overall conditions. Access to global and locally financed records ensures that sponsors and business professionals receive updated material, enabling investments in critical areas.
Drivers and Restraints
Rising Demand for Convenience Food Drives Growth
The convenience offered by packaged foods is a primary driver for the processed food industry, attracting consumers across all age groups. Growing preferences for convenience and ready-to-eat (RTE) foods have accelerated changes in the global market. Frozen foods require less effort and time compared to preparing meals from scratch, fueling the growth of the frozen foods market.
Regional Insights
Europe is projected to lead the frozen foods market due to the increasing adoption of vegan lifestyles, which boosts the demand for frozen vegetables. High consumer purchasing power, financial stability, and changing food preferences are key growth drivers in the region.
Asia Pacific has shown significant growth due to increasing consumer acceptance of digital retail platforms and the development of cold chain facilities in emerging economies.
North America is expected to rank third in market share, driven by high consumer awareness of the benefits of frozen foods.
Competitive Landscape
Innovative Product Launches Propel Market Growth
Key players in the market employ various strategies to solidify their positions as industry leaders. These include acquiring companies to enhance brand value and launching innovative products based on comprehensive market assessments and consumer insights.
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Industry Developments
In June 2021, Pilgrim’s Pride Corporation completed the acquisition of the Meats and Meals business owned by Kerry Consumer Foods in the U.K. and Ireland. This strategic move is expected to enhance PPC’s portfolio by incorporating well-known brands such as Richmond, Denny, and Fridge Raiders into its brand lineup.
