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Factors such as supply side, demand side and environmental factors remains the key foundation upon which the future of processed food market is built. Consumer behavior is another major issue as it reflects a change in people's lifestyles and diets. As our lives get more complicated due to the burden of work, people tend to look for easy-to-prepare foods, which just takes a short, as fast meal solution. The commodity of instant and ready to eat processed foods has created an expediently attractive option for consumers that is now a driving force in the market. Similarly, dietary behavior hindrance, like the rapidly growing preference for healthier food items, has resulted in the establishment of processed frozen foods with lowered sodium, fats and preservatives, to meet the desirable health status in consumers.
The matters of the economy such as the market frozen processed food market also have an important role to play. Income elasticity of demand is a free-standing economic condition for fluctuations in disposable income levels which in turn affect consumer capacity to consume goods service. The economic boom could be a backing for consumers who prefer ready-to-eat convenience meal on the consumption of frozen processed foods. Meanwhile, lower demand periods might be triggered by a range of economic decay scenarios, including increasing demand for alternative solutions that are cheaper together with the market.
Employment and finance of materials, be they the raw materials or the cost of them, have an abiding effect on the frozen prepared foods’ market. The predominant ingredients used by manufacturers to a wide range of meals and snack, like frozen foods and snacks are meat, vegetables, carbohydrates and dairy. Any diminution in the participants in the production process or in the price of materials for production will lead to the increase in production costs and retails prices. Besides, elements like weather conditions, government policies, and distribution chain interferences determine the period of availability and quality of raw materials which plays an important role in increasing the competitiveness in a market.
Along with this, government reglarion and policies play a key role in formation of the frozen processed market. Agencies recognized by government for food safety standards and labeling requirements work to see that frozen processed foods are safe and of good quality. Although import/export tariffs, trade agreements, and food additives are regulated, these rules also affect the operations of frozen food manufacturers. The affected companies compete in the market and use efficiency as a competitive edge.
It is technological improvements which tend to be the main driving force here, contributing to the growth of the frozen processed food market. The advancements in food processing know-how provide these manufacturers with solutions for improving product quality, increasing shelf-life, and making tasty frozen meals and snacks.
Along with competition, supply and demand have been the two major factors impacting the frozen processed food market. These days, a lot of players in bakery domain whose aim is to clash the competitors and increase their market share, so companies do have to differentiate their products by quality, taste, branding strategies ad also marketing. The excessive competition drives innovation within the manufacturing sector, as it pushes the existing companies to upgrade their products and align them with the changing consumer tastes, thus beating their competitors.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 122.09 Billion |
| Market Size Value In 2023 | USD 129.7 Billion |
| Growth Rate | 5.60% (2023-2032) |
Frozen Processed Food Market Highlights:
Global Frozen Processed Food Market Overview
Frozen Processed Food Market Size was valued at USD 129.7 billion in 2023. The Frozen Processed Food industry is projected to grow from USD 136.9 Billion in 2024 to USD 200.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.89% during the forecast period (2024 - 2032). Increased demand for convenience food and the hectic lifestyle of consumers due to demanding work culture are the key market drivers enhancing the market growth.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Frozen Processed Food Market Trends
- Growing demand for convenience food driving the market growth
The market CAGR for frozen processed food is being driven by the rising demand for convenience food. The demand for convenience foods in consumers has risen considerably over the past few years. The inclination of consumers toward convenience food products like baked goods, confectioneries, beverages, and other ready meals, is because of their ease of preparation and consumption. The rapid increase in demand for ready-to-eat food products is because of the sudden shift in dietary habits among consumers.
In recent years, the invention of frozen food products has been driven by the advancement in food processors, which allowed them to include frozen food products such as fruits, vegetables, meat, and seafood as an ingredient, improving the product quality and providing products as per the consumers' demand. A large number of manufacturers are concentrating on producing frozen foods to get a better hold of market share because of the high demand. Consumers are searching for affordable, convenient, and flavorful food products throughout the day because of the fast-paced life, which provides enormous growth opportunities for frozen food products. Consumers look for convenience foods that will reduce their food preparation time.
The major factors looked at by customers in convenience foods are the ease of packaging, use, nutritional value, variety, safety, and product appeal. Ready meals are the most popular frozen food products. The increasing popularity of seasonal foods is because of the hectic lifestyle of consumers and the availability of seasonal fruits and vegetables owing to the techniques providing a frozen form of processed food products. The easy transportation of frozen products across the globe has increased the demand for frozen processed food products in the market.
The change in the lifestyle of the population globally due to busy schedules is boosting the consumption of frozen processed food. The increase in the number of working women is raising the demand for frozen processed food products as they do not get time to cook and elaborate nutritious meal options. The development due to urbanization is also boosting the market; more than half of the population lives in urban areas, which as a result, increases the number of urban consumers in order to get wider choices and better food availability. It also contributes significantly towards improved living standards and raising incomes that boost the affordability of frozen processed food products to a greater extent. Thus, driving the Frozen Processed Food market revenue.
Segment Insights
Frozen Processed Food Type Insights
The Frozen Processed Food market segmentation, based on type, includes Frozen ready meals, Frozen seafood & meat products, Frozen snacks & bakery products, and others. Frozen seafood and meat segment dominated the frozen processed food product market due to the extended shelf-life and nutrition content of frozen non-veg products and seafood products and the change in the lifestyle and busy schedule of people. The frozen snack & bakery products segment is the next fasted growing in the market.
Frozen Processed Food Distribution Channel Insights
The Frozen Processed Food market segmentation, based on distribution channels, includes Supermarkets/ Hypermarkets, Specialty stores, Convenience stores, and online. The supermarket/ hypermarket is dominating the frozen processed food industry. This is because the infrastructure of the store and hypermarkets are available with freezing and temperature-controlling facilities, which boosts the growth of this segment as a distribution channel for frozen processed food products.
Figure 1: Frozen Processed Food Market, by Distribution channel, 2022 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Frozen Processed Food Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The European frozen processed food market area dominates this market, owing to an increase in the vegan population and hectic lifestyles demanding ready-to-eat breakfast products. It is the most attractive market in the world as it has high purchasing power and economic stability. Furthermore, the German frozen processed food industry is the fastest growing in the European region.
Further, major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FROZEN PROCESSED FOOD MARKET SHARE BY REGION 2022 (%)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
North American Frozen Processed Food market, accounts for the second-largest market share due to the increasing attraction towards frozen food among the millennial who live alone and the variety of options available in the product. Further, the German market of frozen processed food and UK Frozen Processed Food held the largest market share in the European region
The Asia-Pacific Frozen Processed Food Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to customers adopting digital retailing platforms and an increase in refrigeration facilities in retail shops. Moreover, China’s frozen processed food industry and India Frozen Processed Food held the largest market share in the Asia-Pacific region.
Frozen Processed Food Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the frozen processed food industry grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Frozen Processed Food industry must offer cost-effective items. Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Frozen Processed Food industry to benefit clients and increase the market sector. In recent years, the Frozen Processed Food industry has offered some of the most significant advantages to the food industry. Major players in the Frozen Processed Food market, including General Mills, Inc. (U.S.), Conagra Brands, Inc. (U.S.), Nestle S.A. (Switzerland), Unilever PLC (U.K.), Kellogg Company (U.S.), 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), Lantmannen Unibake International (Denmark), Cargill, Incorporated (U.S.), Europastry, S.A. (Spain), JBS S.A. (Brazil), ARYZTA AG (Switzerland), and Nomad Foods Limited (U.K.), and others, are attempting to increase market demand by investing in research and development operations.
Pilgrim's Pride Corporation is a chicken and pork company. Pilgrim's Pride Corporation obtained the Meats and Meals business of Kerry Consumer Foods in the UK and Ireland. This acquisition is anticipated to strengthen PPC's portfolio by including popular brands such as Denny, Richmond, and Fridge Raider in its brand family. Kerry Meals is a principal ethnic chilled and frozen ready meals business in the UK; Kerry Meats is a manufacturer of branded and private label meats, meat snacks, and food-to-go products in the UK and Ireland. Kerry provides customers with globally best-known food, beverages, and pharma brands.
The Frostkrone Food Group is a German company providing appetizing cheese delicacies, savory cream cheese fillings, scrumptious creamy delights, sweet confectionery, red-hot pizza pockets suiting every taste, and imaginative buffet selections that are taken from all four corners of the world. The company employs over 700 people worldwide that innovate and develop finger food ideas. The Frostkrone Food Group acquired Abergavenny Fine Foods Ltd, which is the best in the British retail and food service sector. Abergavenny Fine Foods Ltd is particulate in finger food and snack combinations in the form of deep-frozen goods or as fresh produce. Its product range includes finger foods such as Halloumi Fries, Jalapeno Poppers, Macncheese Croquettes, Jaffa Cake Bites, and goat cheese products.
Key Companies in the Frozen Processed Food market include
- General Mills, Inc. (U.S.)
- Conagra Brands, Inc. (U.S.)
- Nestle S.A. (Switzerland)
- Unilever PLC (U.K.)
- Kellogg Company (U.S.)
- 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)
- Lantmannen Unibake International (Denmark)
- Cargill, Incorporated (U.S.)
- Europastry, S.A. (Spain)
- JBS S.A. (Brazil)
- ARYZTA AG (Switzerland) and Nomad Foods Limited (U.K.)
Frozen Processed Food Industry Developments
April 2022: An Indian company that offers chilled meat and frozen foods, Prasuma, announced new snacks to its frozen food offerings. It also launched frozen chicken nuggets, frozen veg and chicken spring rolls, frozen veg and mini chicken samosas, mutton and chicken shammi kabads, mutton, chicken seekh kababs, and bacon.
February 2022: Tyson Foods Inc. Introduced its plans to build a new facility in Bowling Green, Kentucky, to spread its production of bacon by investing USD 355 million. It started producing products for the Wright Brand and Jimmy Dean brands, providing a range of frozen and refrigerated products in the market.
February 2021: A leading plant-based frozen food company, Strong Roots, announced a strategic partnership with McCain Foods, the family-owned leader in frozen potato specialties and appetizers, with the investment of USD 55 million in Strong Roots to take a minority stake in the business.
Frozen Processed Food Market Segmentation
Frozen Processed Food Type Outlook
- Frozen ready meals
- Frozen seafood & meat products
- Frozen snacks & bakery products
- Others
Frozen Processed Food Distribution Channel Outlook
- Supermarkets/ Hypermarkets
- Specialty stores
- Convenience stores
- Online
Frozen Processed Food Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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