by Frozen foods are pre-cooked or ready-to-cook foods that have been preserved by a freezing process. Common frozen foods include frozen pizza, frozen ready meals, frozen potato products, frozen meat products, and frozen seafood. With changing lifestyles and increasing number of working professionals, consumers are opting for convenience foods that require minimal or no preparation time. Frozen foods provide high convenience as they can be prepared and cooked in shorter duration. The global frozen food market comprises various food products that cater to different consumer segments. For instance, frozen seafood and meat products target health-conscious consumers, while frozen pizza and ready meals are popular among consumers seeking convenient meal solutions.
The global frozen food Market is estimated to be valued at US$ 167116.37 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 Dynamics:
One of the major drivers fueling the growth of the frozen food market is the increasing demand for convenience foods. Burgeoning consumer lifestyles are leading to less time available for cooking meals at home. As such, consumers are opting for frozen food products that can be cooked and prepared quickly at their convenience. In addition, the hectic schedules leave little time for grocery shopping on a daily basis. Here, frozen foods provide an alternative as they can be stored in freezers for longer duration without compromising on the quality or nutritional value of food. Growing urbanization coupled with dual-income households has augmented the demand for convenient packaged and processed food options such as frozen meals, pasta dishes, pizzas etc. This changing consumer behaviour is acting as a high impact driver for the frozen food market. Further, innovative product launches catering to varied taste profiles and growing application in food service industry is also propelling the market growth.
Segment Analysis
The global frozen food market is segmented on the basis of product type and end use. Based on product type, the market is dominated by frozen ready meals sub segment. This is because of changing lifestyle and busy schedule of people due to which they prefer easy to cook and ready to eat meals. Based on end use, the residential sub segment dominates the market as people nowadays prefer storing frozen foods at home for use as per their convenience.
PEST Analysis
- Political: The government policies supporting food processing industry positively impacts the frozen food market. Some governments implement regulations regarding food quality and safety which companies need to follow.
- Economic: Rising disposable incomes and growing middle class population fuels the demand for quality and convenient frozen food products. High economic growth in developing nations provides growth opportunities to frozen food manufacturers.
- Social: Changing demographics, increasing number of working women and dual income households drive the demand for convenience foods. People prefer ready to eat meals to save time in cooking.
- Technological: Advanced freezing technologies help improve food quality and safety. Technologies like flash freezing locks nutrients and flavor in the food. Packaging technologies increase shelf life of frozen products.
Key Takeaways
The global frozen food market is expected to witness high growth over the forecast period of 2023 to 2030.
Regionally, the Asia Pacific region dominates the market and is expected to maintain its dominance over the forecast period. Factors such as rising disposable incomes, increasing urbanization, growth of retail sector and awareness about convenience foods are driving the demand in Asia Pacific region, especially in countries like China and India.
Regional analysis related content comprises
Frozen food consumption is rising rapidly in developing Asian countries. China represents the fastest growing regional market owing to westernization of diets, hectic schedules and nuclear families. India is also emerging as a high growth market in South Asia driven by changing demographics and lifestyles.
Key players operating in the frozen food market are 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. Key players are focusing on capacity expansion, new product launches, and mergers and acquisitions to strengthen their market position.
