Enjoy complimentary customisation on priority with our Enterprise License!
The Frozen and Convenience Food market size is projected to increase by USD 468.9 billion at a CAGR of 8.09% between 2023 and 2028. The frozen food industry is experiencing significant growth due to several key trends. First, there is a growing consumer inclination toward vegan and plant-based options, driving the demand for vegan frozen foods. Second, the expansion of retail stores offering frozen and convenience foods has increased accessibility and convenience for consumers. Third, major food manufacturers and brands are launching new frozen and convenience food products to meet this demand. For instance, Nestle's Garden Gourmet brand recently introduced a line of vegan frozen meals, while Tyson Foods entered the plant-based market with its Raised and Rooted brand. These trends are expected to continue shaping the frozen food market in the coming years.
One of the main factors driving the market is the growing consumer inclination toward vegan frozen foods. There is an increasing preference for vegan food among the consumer segment. The main segments in vegan food include plant-based food products and plant-based dairy alternatives. There is a significant increase in demand for vegan foods in so many countries, especially the UK and the US. This demand is further fuelled by the rising demand for meat alternatives among consumers in these countries. As a result, several companies in the market are launching new frozen vegan products to cater to consumer preferences. For instance, in January 2020, Nestle SA introduced plant-based sausages in Europe and the US. By the introduction of this product line, the company is catering to the consumer demand for meat-free evening meals. Hence, such factors are expected to drive the global market during the forecast period.
To get additional information about the market, Request Free Sample
The market is thriving amidst trends in health awareness and retail industry digitalization, catering to busy lifestyles and the demand for easy-to-prepare meal options on online shopping platforms. It encompasses a variety of products in the convenience foods market, including frozen foods and gluten-free ready meals, offering portability and longer shelf life. Domestic brands benefit from reduced domestic tariffs and streamlined trade routes, enhancing competitiveness in the processed food trade. With globalization influencing consumer preferences for international cuisines, the market emphasizes food safety and quality in the packaged food and beverage industry. This sector serves diverse segments from full-service restaurants to quick service restaurants (QSRs) and hotels & resorts, supporting meal plans from breakfast meals to dinners/entrees, reflecting the convenience and variety sought by consumers today.
A key factor shaping the market is the increasing need for convenience. There is an increasing preference for ready-to-eat meals due to the increasingly hectic lifestyles of consumers. The main reason for the growing preference for ready-to-eat meals is that it reduces the preparation or cooking time and clean-up time.
Hence, convenience is a vital factor that is fuelling the demand for ready-to-eat foods which in turn positively impacts the convenience and frozen food market. Factors such as advancements in refrigeration, an increasing number of single-person and smaller households, and a growing number of working women are fuelling the demand for these foods. Hence, such factors are expected to drive the market during the forecast period.
Health risks associated with the consumption of frozen foods are a major challenge hindering the market during the forecast period. Frozen foods are referred to as processed foods that are required to be stored at very low temperatures to prevent spoilage and improve their shelf life. Several frozen food manufacturers are often using low-cost alternatives instead of healthy ingredients.
Additionally, the daily consumption of frozen food can lead to several health issues such as kidney disease, diabetes, dementia, and obesity. Furthermore, daily consumption of frozen food can lead to an increasing risk of developing high blood pressure and other health issues. Hence, there are many side effects and health issues regarding the frequent consumption of frozen food which is expected to hinder the market growth during the forecast period.
The increasing preference for the convenience food segment is increasing the market growth during the forecast period. There is an increasing preference for the convenience food segment and this segment mainly caters to those consumers who lack cooking skills and long work hours. Hence, it has become increasingly easy for consumers to prepare convenience foods as they do not have to buy preserved ingredients separately. Furthermore, the rising number of grocery stores increases the availability of packaged foods for consumers which has significantly contributed to the growth of this segment. Hence, such factors are expected to drive market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The offline segment mainly comprises supermarkets/hypermarkets, convenience stores, grocery stores, and local merchants. The wide availability of different kinds of frozen and convenience food products such as peas, chips, fish fillets, bread, preserved fruit, nuts, snacks, pizza sausages, and chicken across these stores are fuelling the growth of this segment which, in turn, is positively impacting the convenience and frozen food market growth. In the offline segment, hypermarkets and supermarket segments are mainly offering various brands at competitive prices.
The offline segment was the largest segment and was valued at USD 422.90 billion in 2018.
For a detailed summary of the market segments Request for Sample Report
Some of the key factors that influence the purchasing decision of consumers in several retail outlets such as hypermarkets, supermarkets, convenience stores, and clubhouse stores include convenience, huge SKUs, and a wide brand variety. There is an increasing preference for department stores among consumers due to the availability of a wide variety of products under a single roof. Several retailers in the market are introducing new business strategies such as competitive pricing, discount offers, and attractive to cater to a large consumer segment. Hence, such factors are expected to fuel the growth of the offline segment which in turn will drive the market growth during the forecast period.
North America is estimated to contribute 49% to the growth of the global market during the forecast period
Get a glance at the market share of various regions View PDF Sample
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to companies is Europe. Some of the prominent markets in Europe for frozen food include the UK, Germany, and Spain. Factors such as the rising number of M&A between companies, innovative marketing campaigns by companies, and premium offering of frozen food products are significantly contributing to the growth of the convenience and frozen food market in the region.
For instance, one of the prominent examples of M&A in Europe is General Mills acquiring a rapidly expanding away-from-home pie in 2022. The prime example of an innovative marketing campaign by a prominent vendor in Europe is a new advertising campaign launched by Young Seafood in 2020. It involved the participation of volunteers in demonstrating the company's contribution to improving their cooking skills. Some of the prominent companies in Europe which are offering frozen food include Nomad Foods and Young Seafood. Hence, such factors are expected to drive the market growth in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Frozen Food Market: Analysis Europe, North America, APAC, South America, Middle East and Africa - US, Germany, UK, China, Japan - Size and Forecast
India Frozen Food Market: by Product and Distribution Channel - Forecast and Analysis
Frozen Snack Food Market: Analysis Europe, North America, APAC, South America, Middle East and Africa - US, Germany, UK, China, Japan - Size and Forecast
The market is experiencing robust growth driven by evolving consumer needs and advancements in temperature monitoring and cold chain infrastructure. It meets practical solutions for families seeking convenient meal options through online grocery platforms and digital transformation in retail. This market caters to diverse dietary preferences, including paleo and gluten-free diets, with offerings in organic and low-calorie choices. Consumers benefit from a wide range of products such as frozen vegetables, fruits, and meats, ensuring nutritional value and flavor retention compared to cooked counterparts. Emphasizing food safety and quality, producers and distributors ensure the integrity of frozen food through stringent temperature-controlled storage and transportation. With a focus on sustainability and health consciousness, the market continues to innovate with plant-based alternatives and gourmet flavors, appealing to a global audience through varied retail channels and meal delivery services.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 468.9 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 49% |
Key countries |
US, Germany, UK, Japan, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ajinomoto Co. Inc., Amys Kitchen Inc., Associated British Foods Plc, Bakkavor Group PLC, Cargill Inc., Conagra Brands Inc., Corporativo Bimbo SA de CV, EUROPASTRY SA, General Mills Inc., JBS SA, Kellogg Co., Lantmannen ekonomisk forening, McCain Foods Ltd., MTR Foods Pvt. Ltd., Nestle SA, Omar International Pvt. Ltd, The Kraft Heinz Co., Tyson Foods Inc., Unilever PLC, and Vandemoortele NV |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
BUY NOW Full Report and Discover more
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.