Published Date : 03 Feb 2023
The global frozen food market size was evaluated at USD 308.4 billion in 2022 and is projected to hit around USD 504.41 billion by 2030, growing at a CAGR of 6.34% from 2020 to 2030.
Food products stored at low temperatures and used for an extended length of time are referred to as frozen food. The product market consists of a variety of food items, such as soup, ready meals, fruits and vegetables, potatoes, meat and poultry, and seafood. Additionally, packaged ready-to-eat foods, bakery items, snacks, and desserts are included in frozen ready meals. Major consumers of frozen food items, such as frozen fruits and vegetables, potatoes, and non-vegetarian goods, include businesses like hotels, caterers, restaurants, and fast food franchises.
One of the most popular supermarket goods in North America and Europe is frozen meat, poultry, and fish. The greatest market for frozen bakery items and sweets is in Europe. In markets like India, the retail frozen food business is still developing and in its infancy. But over the past few years, it has steadily increased.
Over the next few years, it is anticipated that the business would grow in size due to customers' growing preference for shelf-stable foods on a global scale. According to a Progressive Grocer report from August 2021, sales of these foods increased by 4.9% for dinners and 10.9% for entrees, including morning meals. 2.7% more frozen meat and 10.4% more processed chicken were sold. This market will continue to expand as a result of the use of these items by multiple end users, including full-service restaurants, hotels & resorts, and quick-service restaurants.
Organization for Economic Co-operation and Development (OECD) October 2020 reports that the amount of food services offered online has grown by 66.3% in Korea. Given the increase of infections, initiatives like these are therefore anticipated to be positive for the industry's growth over the predicted period.
With a 35.7% share of the global market in 2022, North America contributed the most to that market. Due to single serving options and convenience of preparation, customers, particularly millennials, are becoming more accustomed to frozen food, which is anticipated to drive the market throughout the forecast period.
As an illustration, in October 2019, Bell & Evans introduced a line of frozen, raw chicken meatballs. The CAGR for the fastest-growing market, Asia Pacific, is predicted to be 6.4% from 2023 to 2032. The area economy will grow as there are more options for frozen foods that are rich in protein, low in calories, and low in fat, as well as foods that cater to special dietary needs including those that are vegan, sugar-free, gluten-free, and dairy-free.
Frozen Food Market Scope
|Market Size in 2023||USD 327.96 Billion|
|Market Size by 2030||USD 504.41 Billion|
|Growth Rate from 2022 to 2030||CAGR of 6.34%|
|Online Retail Segment CAGR||8.39%|
|Europe Market Share in 2021||36|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Distribution Channel, Consumption, Type, and Freezing Technique|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Women's employment rates have increased significantly over the globe. Because it is getting harder for more women to cook because of their employment, they are turning to frozen ready meals. For instance, the United States Department of Labor reports that the rate of employment for women in the country was 46% in 2019. In a similar vein, the employment rate for women was similar in China (43.7%) and South Africa (45%).
The market will grow throughout the forecast period as a result of all these factors working together. The small cottage pie, smoked haddock kedgeree, and broccoli & cheddar bake are some of the most well-known frozen ready meals. Increased investment in food processing R&D along with a strengthened distribution network for frozen food items are predicted to considerably contribute to the growth of the frozen ready meals market sector.
One of the main barriers to this market's growth is the perception among some consumers that frozen food is a subpar alternative to fresh food. Food processed a year or more before it is consumed is thought to be innutritious.
The US Food and Drug Administration (FDA) and the International Food Information Council (IFIC) have made claims about the nutritional value of frozen food, such as "frozen produce can be just as excellent as the fresh stuff in terms of nutrients," which are altering customer perception. Food items held at various temperatures can lose nutrients, while nutrients like vitamin C and folate can change with temperature changes.
Online grocery shopping and the development of new apps, which make it simple for customers to choose their chosen products, are two of the most recent trends propelling the business. Due to its convenience and variety, online shopping is preferred by customers. Nearly 25% of the population purchased food and consumables from online retail channels in 2018, according to Eurostat. Retail grocery shopping is becoming one of the venues for businesses to advertise and sell their food goods due to the increasing use of smartphones and the Internet.
Because ready meals are primarily consumed by working-class people worldwide, the ready meals category, which had the highest revenue share of 45.0% in 2022, is anticipated to continue to dominate the market. A February 2020 article in BioMed Central (BMC) reported that about 36% of adults in the U.S. admitted to eating prepared meals.
The market is also anticipated to expand as a result of the introduction of new products. For instance, China's HEROTEIN introduced sixteen ready-to-eat plant-based meat dinners in September 2022 that included various cuts of chicken and beef. China will receive the entire spectrum, which is entirely made of plants.
Distribution Channel Insights
In 2022, the offline sector had the biggest revenue share, with about 90.2%. Supermarkets/hypermarkets, convenience stores, grocers, and neighborhood shops are examples of offline outlets. The distribution of frozen food has increased significantly among a growing number of these retailers in a variety of different places.
According to a Talking Retail report from April 2021, the value and volume of frozen food sales through the supermarket sector climbed by 17.4% and 12.5%, respectively. Moreover, over the coming few years, the segment's momentum is anticipated to be maintained by the simple availability of such products in brick-and-mortar retailers on a global scale.
Market Key Players:
By Product Type
By Distribution Channel
By Freezing Technique
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