Frozen Foods Market Analysis

Global Frozen Foods Market Overview

Frozen Foods Market Size was valued at USD 214.22 Million in 2023. The frozen foods industry is projected to grow from USD 396.88 Million in 2024 to USD 558.76 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 4.36% during the forecast period (2024 - 2032).The rising demand for frozen goods from developing nations, as well as increased demand from the food service sector, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Frozen Foods Market Trends

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  Growing demand for convenience food to boost the market growth

  
  

The convenience that packaged edible products provide is what essentially drives the processed food sector and draws customers of all ages. The preference of consumers for convenience foods and RTE foods has sped up frozen foods market transformation internationally. The demand for frozen foods items is mostly driven by the fact that these foods need less work and preparation time than cooked foods. Another significant factor contributing to the market expansion in the next years is rising consumer disposable income in the market for frozen foods. The World Bank estimates that 2/3 of the world's population will settle in urban regions by 2050. By 2050, nearly a billion people will reside in metropolitan areas. Because of the growing population and busy lifestyle, frozen foods is becoming more and more popular in the frozen foods market.

Furthermore, women's employment rates have significantly increased in recent years. For the growing number of working women, it has become more challenging for them to prepare or cook healthy meals every day. This has led to the purchase of frozen and ready-to-eat meals. The U.S. Department of Labor approximates that in China, the employment rate for women was 43.7% in 2019. Similarly, the employment rate for women in South Africa is 45%, while it is 46% in the United States. These are some of the main driving forces promoting the market for frozen foods expansion.

The International Labor Organization reports that in 2019, the unemployment rate significantly decreased in industrialized and developing economies like the United States, the United Kingdom, Canada, and Germany. The 3.3 billion persons that are employed ly are 15 years of age and older.

Organization for Economic Co-operation and Development (OECD) October 2020 reports that the amount of food services offered online has grown by 66.3% in Korea. Given the increase in infections, initiatives like these are therefore anticipated to be positive for the frozen foods industry's growth over the predicted period. However, to cater to the demand, there have been significant advances in food & beverage innovations. The leading online suppliers of frozen dinners/entrees, beef, poultry, and seafood in 2020 saw a 75% growth in dollar sales of frozen foods. This pattern is anticipated to continue over the long term and accelerate the frozen foods market revenue.

Frozen Foods Market Segment Insights

Frozen Foods Type Insights

The frozen foods market segmentation, based on type, includes frozen and frozen processed. The frozen processed segment held the majority share in 2021, a contribution of around ~56-58% with respect to the frozen foods market data. This is due to the longer shelf life and higher nutritional value of frozen seafood and non-vegetarian goods. The demand for these products generated by developed nations like the United States, the United Kingdom, France, Canada, and Germany, as well as developing nations in Asia Pacific and Africa, is what is thought to be driving the segment's growth and accounting for the segment's dominance of the frozen foods market. This segment is being driven by alterations in lifestyle and hectic schedules.

In June 2020, A frozen food firm named GOELD was introduced by the Goel Group. The company sells fifteen items across four categories, including vegan delights, Indian bread, and munchies.

Frozen Foods Distribution Channel Insights

The frozen foods market segmentation, based on distribution channels, includes store-based and non-store-based. The store-based segment dominated the frozen foods market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Supermarkets/hypermarkets, convenience stores, grocers, and neighborhood shops are examples of offline outlets. The distribution of frozen foods has increased significantly among a growing number of these retailers in a variety of different places. Hence, the rising demand for frozen foods positively impacts market growth.

Figure 2:  Frozen Foods Market, by Distribution Channel, 2024 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Frozen Foods Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Europe's frozen foods market accounted for USD 85.39 million in 2021 and is anticipated to exhibit a significant CAGR growth during the study period. The demand for ready-to-eat breakfast items has increased significantly as a result of busy lifestyles. With a significant growth potential for baked food items and potato products, Europe is also one of the most alluring frozen foods markets in the world.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  FROZEN FOODS MARKET SHARE BY REGION 2024 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Asia Pacific frozen foods market accounts for the second-largest market share as consumers have started using internet retailing platforms. The expansion of the regional market is also aided by the rising number of cold chain facilities in various emerging nations. Further, China frozen foods market held the largest market share are benefiting from an increase in refrigeration facilities in retail stores and an increase in the availability of frozen foods through online retailers, and Japan frozen foods market was the fastest growing market in the Asia-pacific region. Urbanization is anticipated to result in significant market expansion across several Southeast Asian nations.

For instance, in June 2021, Consumers in Malaysia may now purchase frozen plant-based bits, nuggets, and strips thanks to First Pride, an Asia-Pacific food company, and will increase the sales of these products by making them accessible in additional regional marketplaces in the upcoming months.

North America frozen foods market, is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the high level of consumer awareness of the advantages of such vegetables. The FDA has implemented a number of restrictions that reduce the use of dangerous compounds like Trans fats. Food that has been prewashed, precut, and frozen reduces the amount of cooking required because it is more portable and has a longer shelf life. These elements are promoting market expansion in the area. Moreover, U.S. frozen foods market held the largest market share, and the Mexico frozen foods market was the fastest-growing market in the Asia-Pacific region.

Frozen Foods Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product offerings, which will fuel the growth of the frozen foods market. In order to expand their  footprint, market participants are also undertaking a variety of strategic activities, with key market developments such as contractual agreements, new product launches, increased investments, mergers and acquisitions, and collaboration with other organizations. Competitors in the frozen foods industry must offer products that are affordable to grow and survive in a more cutthroat and competitive industry.

One of the major business strategies adopted by manufacturers in the frozen foods industry is manufacturing locally to cut operating expenses will benefit customers and increase the market sector. In recent years, the frozen foods industry has provided medicine with some of the most significant benefits. The frozen foods market major player such as General Mills (USA), Tyson Foods Inc (USA), Grupo Bimbo (Mexico), and others are working on expanding the market demand by investing in research and development activities.

Tyson Foods Inc. (Tyson Foods) processes and markets meat products, including chicken, beef, and hog. In addition to processing, marketing, and transportation of chicken and associated allied products, the company also produces breeding stock and feed. In 2021, Tyson Foods Inc. launched frozen Bites, Nuggets, and Strips from its brand-new plant-based First Pride line at a few retail locations and in the Asia-Pacific e-Commerce market. The F&B industry's largest sector right now is plant-based food, which is also seeing significant R&D spending.

Also, Food, bioscience fine chemicals, medicines, and health products are the main areas of interest for Ajinomoto Co Inc (Ajinomoto), a company that produces Food. It conducts research, develops, and produces sauces and seasonings and offers fast-food items like Knorr cup soup, coffee beverage products, office supplies, coffee vending machines, bakery items, nucleotides, processed foods, edible oils, amino acids, animal nutrition, frozen foods, sweeteners, beverages, and amino acids for foods and pharmaceuticals. In October 2021, Japanese food manufacturer Ajinomoto identified alternative proteins and frozen meals as two potential growth opportunities. As the demand for personalized diets, quick-to-prepare foods, and foods that prioritize nutritional balance continues to rise in the home consumption market, frozen meals are expected to do well.

Key Companies in the Frozen Foods Market include

• General Mills (USA)


• Tyson Foods Inc (USA)


• Grupo Bimbo (Mexico)


• Conagra Brands Inc (USA)


• Associated British Foods Plc (UK)


• Nestle S.A. (Switzerland)


• Unilever Plc. (UK)


• Ajinomoto Company (Japan)


• Kraft Heinz Company (USA)


• McCain Foods Limited (Canada)

Frozen Foods Industry Developments

June 2021: Kerry Consumer Foods' Meats and Meals business in the United Kingdom and Ireland was purchased by Pilgrim's Pride Corporation. By adding well-known brands to its brand family, such as Denny, Richmond, and Fridge Raiders, this acquisition is anticipated to boost PPC's portfolio. While Kerry Meats produces branded and private label meats, meat snacks, and food-to-go items in the UK and Ireland, Kerry Meals is a prominent ethnic chilled and frozen ready meals company in the UK.

March 2021: The frozen food division of Fortenova was purchased by Nomad Foods. The agreement for the sale of the aforementioned business includes Ledo Plus, Ledo Citluk, and From, as well as several other minor linked businesses.

Frozen Foods Market Segmentation

Frozen Foods Type Outlook

• Frozen


• Frozen Processed

Frozen Foods Distribution Channel Outlook

• Store-Based


• Non-Store-Based

Frozen Foods Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America