by The global Frozen Food Market is estimated to be valued at US$ 183684.71 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The frozen food market comprises products such as frozen vegetables, frozen potatoes, frozen ready meals, frozen meat and poultry, frozen seafood, frozen desserts and ice creams. Frozen foods offer advantages such as increased shelf life and reduced need for refrigeration. They are convenient options for increasing consumption of fruits and vegetables.
Market key trends:
One of the key trend gaining momentum in the frozen food market is rise in demand for organic and clean label frozen foods. Consumers are increasingly looking for frozen foods made from organic and natural ingredients without artificial preservatives, colors, flavors, sweeteners or genetically modified ingredients. Moreover, growing prominence of vegan and vegetarian diets have boosted demand for frozen plant-based meat substitute products. Changing consumer preferences towards nutrition rich and healthier alternatives is a major factor driving growth of organic and clean label frozen foods.
SWOT Analysis
Strength: Frozen foods have a longer shelf life compared to fresh foods as they are preserved at low temperatures. This allows manufacturers, retailers, and consumers to store frozen foods for longer durations without compromising on quality and taste.
Weakness: Frozen foods are generally more expensive than fresh foods. The processing and freezing methods increase production costs which are ultimately passed on to consumers. The perceived quality of frozen foods is also lower than fresh foods.
Opportunity: Growing working population and dual-income households have increased demand for convenient ready-to-eat meals. Frozen foods provide ease of preparation and save time for consumers. Rising health consciousness is also driving demand for frozen vegetables which are frozen quickly after harvesting to retain maximum nutrients.
Threats: Volatility in raw material prices impacts costs for frozen food manufacturers. Climate change is causing unpredictable weather patterns which can disrupt agricultural supply chains and availability of key ingredients. Intense competition from private label brands also puts pricing pressure on established frozen food brands.
Key Takeaways
The Global Frozen Food Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing preference for convenient ready meals and snacks. Busy lifestyles have boosted demand for frozen meals and appetizers that save time on cooking.
North America currently dominates the frozen food market, accounting for over 30% revenue share in 2023. Presence of major frozen food brands and retailers, along with tendency to frequently experiment with different cuisines, drive high product demand. However, Asia Pacific is projected to grow at the fastest pace during the forecast period. Rapid urbanization, rising disposable incomes, and growing young population support market expansion.
Key players operating in the frozen food market include Nestle S.A., Ajinomoto Co., Inc., Kraft Foods Group, Inc., ConAgra Foods, Inc., General Mills, Inc., H.J. Heinz Company, Tyson Foods, Inc., Unilever Plc., Maple Leaf Foods, Inc., and Pinnacle Foods, Inc. Leading brands focus on new product launches, acquisitions, and geographical expansions to strengthen their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
