Frozen Food Market Size, Share, Industry, Forecast and outlook (2024-2031)

Frozen Food Market is segmented By Product Type (Meat & Poultry, Fish / Seafood, Fruits and Vegetables, Desserts, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Market Size

Global Frozen Food Market reached USD 30.1 billion in 2022 and is expected to reach USD 46.8  billion by 2031 growing with a CAGR of 5.7% during the forecast period 2024-2031. The growing employment population and increasing demand for frozen convenience foods are increasing the global frozen food market growth.

The increasing number of new product launches, such as frozen pizza & frozen seafood, and collaborations in the market are creating opportunities to reach out to most consumers worldwide. For instance, in March 2022, Ajinomoto Co. Inc., a Japanese multinational food and biotechnology corporation, announced a collaboration with SuperMeat, an Israeli bio-tech and food-tech company. Through this collaboration, it is projected to invest in SuperMeat, as one of its corporate venture capital projects. 

Growing demand for convenience foods, rising disposable income, hectic lifestyles, and increased new product launches are driving market growth. The increase in the employment-population ratio and the number of working women is raising the demand for ready-to-cook and eat foods. For instance, US employment-population ratio was 60.30 % for May 2023.

Market Summary

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Market Dynamics

Increasing Demand for Convenience Foods is Driving the Frozen Food Market Growth.

The increasing preference for convenient and easy-to-cook food drives the frozen food market growth. Increasing urbanization, changing lifestyles, and increasing women’s employment are raising the demand for convenience foods. The busy lifestyles left people with little time for their necessities. The various frozen meals, including frozen snacks, and meat, requires less time and effort than preparing from scratch. 

Increasing disposable income and the buying power of customers is also one of the factors that have a considerable influence on the growth of the frozen food market. The trend of living luxury and comfortable life has raised the demand for frozen food market. The increased online grocery shopping and availability of almost all frozen food, including frozen fruits and vegetables, in all possible stores, have a positive influence on market expansion.

Investments in the Cold Chain Drive the Frozen Food Market Growth

Frozen food is among the emerging trending foods right now. Temperature maintenance in frozen food throughout its storage and distribution is crucial in the proper food supply chain. This could be possible with the help of building superior cold chains. The greater investments in the cold chain are driving the market growth. The cold chain logistics have exhibited growth from 7.6% to 18.6% from the year 2020-2023.

The various developments in data management and technology developed within the cold chain make broader innovations possible. Investing in a robust, resilient and flexible cold chain is one of the most important defences against climate change. Factors such as an increase in the number of refrigerated warehouses and growth in the pharmaceutical sector are expected to drive the market’s growth. 

Increasing Preference for Fresh and Healthy Food Restrains the Market Growth.

The increased health awareness among people led to an increased preference for fresh and healthy food. Most people worldwide prefer natural and fresh food habits for a healthy lifestyle. For instance, in America, around 78% of consumers favour fresh foods. In the same way, about 69% of the consumers in Europe choose fresh foods as a priority. 

The growing interest in health and the trend to follow a natural and fresh diet has restrained market growth. The frozen food poses severe health risks such as diabetes, and others. Furthermore, the lack of infrastructure, higher costs of production & product, and food safety concerns are also hindering the frozen food market growth. 

Frozen Food Market Segmentation Analyisis

The global frozen food market is segmented based on product type, and region.

In the Frozen Food Products Market, the Desserts Segment Holds the Largest Market Share. 

The global frozen food market has been segmented by product type into meat & poultry, fish/seafood, fruits and vegetables, desserts, and others. The desserts segment held the largest frozen food market share of 38.8% in 2022 in the frozen food market analysis report. The frozen desserts are expanding more quickly in the food service sector, driving global frozen food market expansion. 

The rising demand for frozen desserts, such as ice creams and frozen yoghurt, in developing nations, including China and India, is a significant driver for growth. Also, the launch of premium ice creams, such as vegan and organic ice creams, is driving this segment’s expansion. For instance, in 2021, Oatly, a Swedish food company, announced introducing a vegan ice cream bar line in 3,000 stores across United States.

Global Frozen Food Market Geographical Share

The North America Held the Largest Share of the Global Frozen Food Market.

The global frozen food market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American frozen food market held the largest market share of 38.6% in 2022 in the frozen food market analysis. The rise in consumer awareness about the benefits of frozen food is driving this region’s market growth. The increasing employment-population ratio and rising demand for convenient foods are expected to drive North America’s market. For instance, the US employment-population ratio was 60.30 % for May 2023. Furthermore, rising disposable income, urbanization, changing lifestyles, and new product developments are also boosting this region’s market.

Market Major Key Players

The major global players in the market include Nestle, Tyson Foods, ConAgra Foods, Unilever, Pinnacle, Kraft Heinz, General Mills, Schwan’s, Kellogg’s, and Grupo Bimbo S.A.B. de C.V.

COVID-19 Impact on Frozen Food Market

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the food industry. Covid-19 has considerably impacted the global food supply chain phases involving frozen food production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments. 

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food industries as well. The COVID-19 pandemic is upending life, and the food sector is seeing increased trends like frozen food. The food businesses are launching innovative programs, including frozen food, that are straightforward to utilize.

Key Developments

• In May 2023, Bikano, a snack and packaged food manufacturing company, announced the launch of frozen products in the international market wide range of savoury snacks, sweets, and frozen items.
• In April 2022, Prasuma, one of India’s leading chilled meat and frozen food brand, announced the addition of new snacks to its frozen food portfolio.
• In June 2022, Conagra Brands Inc., an American consumer packaged goods holding company, launched more than 50 new products, including multi-serve frozen meals through its brands such as Healthy Choice, Marie Callender's, Banquet, Frontera, and others to satisfy its customers.

Why Purchase the Report?

• To visualize the global frozen food market segmentation based on product type, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of frozen food market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Frozen Food Market report would provide approximately 45 tables, 40 figures and 165 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies