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The frozen food market size is estimated to grow at a CAGR of 7.73% between 2022 and 2027. The market size is forecast to increase by USD 132.77 billion. This frozen food market report extensively covers market segmentation by product (frozen ready-to-eat meals, frozen meat and poultry, frozen fish and seafood, frozen fruits and vegetables, and others), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The expansion of retail stores offering frozen food is one of the key drivers fueling the frozen food market growth. The organized retail sector is undergoing a significant expansion, as indicated by the growing presence of supermarkets, hypermarkets, and specialty stores worldwide. Large organized retailers primarily sell frozen food products such as frozen food, frozen fish and seafood, frozen meat and poultry, and frozen fruits and vegetables. Thus, the expansion of retail stores is expected to drive market growth during the forecast period.
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Technological innovations are one of the key frozen food market trends propelling the market growth. Vendors that offer frozen food use various strategies to achieve a competitive edge in the global market. They are trying to improve the quality and shelf life of frozen foods with certain technological innovations. Innovative pouch packaging is one such method used by vendors to avoid the loss of nutrients in frozen foods.
Moreover, the unique packaging solution offered by the company allows consumers to take frozen food from the refrigerator and place it directly in the microwave oven. Thus, the increasing availability of such innovative packaging solutions may encourage more vendors to offer innovative packaging, thereby reducing the use of plastic packaging.
Health risks associated with the consumption of frozen ready meals are one of the factors limiting the frozen food market growth. Frozen foods are processed foods that are stored at a low temperature to prevent spoilage and increase their shelf life. Their manufacturers often substitute healthier ingredients with cheap alternatives. Furthermore, the frequent consumption of frozen food puts consumers at risk of developing high blood pressure and other health-related problems.
Thus, increased consumer awareness regarding frozen food will limit the growth of the market during the forecast period. This frozen food market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026. Such factors will hinder the market growth during the forecast period.
Offline Frozen food is a market segment that continues to play a significant role in the food industry. This segment includes a wide variety of frozen products that cater to a variety of consumer tastes and culinary preferences. Retailers such as supermarkets and hypermarkets, as well as specialty stores, continue to play an important role in the frozen food market. Moreover, traditional retailers are looking for ways to enhance customer experiences, such as store layout visibility of products, and customer service. This will have a negative impact on the demand for frozen foods and will slow down the market growth during the forecast period.
The frozen food online market has been going through a lot of changes in the last few years. People's tastes have changed, technology has come a long way, and e-commerce has made it easier for people to shop around. There's so much variety in frozen foods, everything from frozen fruit and vegetables to prepared meals and delicious desserts. Convenience is a major reason for the growth of online frozen food. With busy lifestyles and the need for quick and easy meal solutions, many people and families have turned to frozen foods to satisfy their cravings. The convenience of shopping online is offered by these platforms. The popularity of convenience, enhanced quality, and cutting-edge technology has made online frozen food a market that is ripe for growth.
The market share growth by the frozen ready meals segment will be significant during the forecast period. Frozen food can be defined as complete meals that do not require additional ingredients. The frozen food segment comprises frozen pizza, frozen pasta, frozen croissants, frozen Asian meals, frozen rice bowls, and frozen noodle bowls, among other products. Due to convenience and the shorter time needed for the preparation of meals, frozen foods are gaining popularity.
The frozen ready meals segment was the largest segment and was valued at USD 63.57 billion in 2017.
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Frozen food is often high in sulfur content, and its consumption may lead to an increase in blood pressure. Frozen food can also be reheated. A shift in consumers towards healthier food options will also have a negative impact on the frozen food segment. Thus, the companies are trying to expand their frozen-ready meals product line with healthy varieties.
Frozen meat and poultry products offer nutritional benefits to consumers; meat and poultry products are a good source of nutrients, including vitamin B12, zinc, iron, fats, and proteins. Freezing is an ideal way to preserve animal products such as meat and poultry. A prolonged shelf life of a product can be achieved by the storage of frozen meat and poultry. Consumers' requirement for a protein-rich diet may influence the demand for frozen meat and poultry products. Furthermore, by setting up new production facilities for frozen meat and poultry products, certain producers seek to strengthen their presence on the market. Expansions by vendors offering frozen meat and poultry may increase the sales of these products and drive market growth during the forecast period.
North America is estimated to contribute 44% to the growth of the global market during the forecast period.
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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. The large markets for frozen foods in Europe include the UK, Germany, and Spain. Some factors influencing the growth of the frozen food market in Europe are the increasing number of mergers through M&As and innovative promotional campaigns by manufacturers and the premiumization of frozen food products.
Moreover, in September 2021, Nomad Foods acquired one of Europe's leading frozen food companies, Fortenova Group's frozen food business. Innovative marketing campaigns are being worked on by some of the companies. In January 2020, Young Seafood launched a new advertising campaign, which involved the participation of volunteers in demonstrating the company's contribution toward enhancing their cooking skills. Such factors will increase the market growth in his region during the forecast period.
The outbreak of COVID-19 led to an increase in the sales of frozen food in Europe, as frozen foods have a long shelf life and can be stored easily and consumed at any time. However, in 2021, the starting of large-scale COVID-19 vaccination programs to cover most of the population living in Europe led to a slow recovery in economic activities.
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 frozen food market report also includes detailed analyses of the competitive landscape of the market and information about 15 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 frozen food market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Frozen Food Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.73% |
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Market growth 2023-2027 |
USD 132.77 billion |
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Market structure |
USD Fragmented |
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YoY growth 2022-2023(%) |
7.23 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 44% |
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Key countries |
US, Japan, China, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ajinomoto Co. Inc., Aryzta AG, Conagra Brands Inc., Dr. August Oetker Nahrungsmittel KG, General Mills Inc., Hanover Foods, J.R. Simplot Co., JBS SA, Kellogg Co., Lantmannen Unibake International, McCain Foods Ltd., Nestle SA, Nomad Foods Ltd., PNW Veg Co. LLC dba NORPAC, Smith Frozen Foods Inc., The Kraft Heinz Co., Tyson Foods Inc., Unilever PLC, Vandemoortele NV, and Wawona Frozen Foods Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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