The global frozen foods market size was evaluated at $250.1 Billion in 2022 and is slated to hit $553.1 Billion by the end of 2030 with a CAGR of nearly 5.2% between 2023 and 2030.
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➤ Changing lifestyles and elevating standards of living to stimulate global market expansion
Changes in lifestyles and improved living standards are among the primary growth drivers of the global frozen food market. Additionally, the significant increase in the consumption of instant foods and ready-to-eat diets among the younger generation will contribute to the expansion of global market trends. Furthermore, the global market will expand as a result of consumers’ preference for convenience diets and food that can be prepared rapidly. Additionally, there has been a substantial rise in the number of women who are employed and entrepreneurs on a global scale. This has made a substantial contribution to the global refrigerated foods market’s turnover.
➤ The global industry’s expansion may be impeded by the increasing popularity of fresh fruits and natural food items.
This is one of the primary factors that has restrained the global frozen foods industry, as a small number of consumers perceive frozen food as less significant than fresh food. Additionally, temperature fluctuations can result in the alteration of nutrients like folate and vitamin C, which can result in the loss of nutritional value in food products. Additionally, frozen food is maintained at a reduced temperature, which prevents the loss of essential nutrients.
➤ The global market will be able to explore new development opportunities as a result of the increasing digitization of the retail sector.
A surge in online grocery purchasing activities and the introduction of new shopping apps will create new growth opportunities for the global frozen foods market. Additionally, the market’s potential for development will be further bolstered by the substantial demand for convenience food in the years ahead.
➤ The global market’s development trajectory will be significantly impeded by the absence of cold chain infrastructure in emerging economies.
The primary prerequisite for increasing the global frozen food market’s share has been the implementation of cold chain logistics. Additionally, emerging economies lack a robust cold chain infrastructure facility. Therefore, the cold chain logistics business’s growth has been slowed as a result of the low fund allocation for the development of robust cold chain infrastructure units, which prevents the company from supplying frozen food products to consumers. This, in turn, poses a significant obstacle to the expansion of the global market.
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The Global Frozen Foods Market is segmented based on product, application and region
Global Frozen Foods Market: Product Segment Analysis
● Convenience Food & Ready Meals
● Fruits & Vegetables
● Meat & Seafood
● Bakery Products
● Dairy Products
Global Frozen Foods Market: Application Segment Analysis
● Offline
● Online
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The global Frozen Foods market profiles key players such as:
● General Mills Inc
● Kraft Heinz Company
● Grupo Bimbo S.A.B. de C.V.
● Conagra Brands Inc.
● Nestle SA
● Unilever
● McCain Aryzta
● Foods Limited
● Associated British Foods plc
● Vandemoortele NV
● Europastry S.A.
● Omar International Pvt Ltd
● Ajinomoto
● Kidfresh
???? Recent Developments
• Prasuma, an Indian company that specializes in the chilled meat and frozen foods industry, announced the introduction of a new line of frozen foods in April 2022. The new products include mutton and chicken shammi kababs, frozen veg and chicken spring rolls, frozen chicken nuggets, frozen veg and chicken mini samosas, chicken seekh kababs, and bacon. The firm will be able to expand its frozen foods operation in India as a result of the initiative.
• Tyson Foods Inc., the second-largest livestock processing and marketing firm in the United States, announced in February 2022 that it would construct a new unit in Kentucky, the United States. The initiative is intended to augment its bacon production by investing nearly $355 million.
➤ Market for Frozen Foods in the Asia-Pacific Region To achieve the maximum compound annual growth rate (CAGR) of 5.7% from 2023 to 2030
The frozen foods market in the Asia-Pacific subcontinent is expected to experience the maximum CAGR during the forecasting years. A rise in the availability of frozen food products that are protein-rich, gluten-free, sugar-free, plant-based, vegan, and dairy-free may be the reason for the regional market’s growth in 2023-2030. For example, in the first half of 2021, First Pride, a food-producing company in the Asia-Pacific region, introduced frozen nuggets, frozen food strips, and frozen bites to its consumers in Malaysia. This action will increase the demand for frozen diets in the Asia-Pacific subcontinent.
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