Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Growing importance of Ready-to-Eat (RTE) food products as a result of hectic lifestyles among working-class individuals on a global level are expected to expand the industry size over the next few years.
The globalfrozen food marketsize is expected to reach USD 380.5 billion by 2027, expanding at a CAGR of 3.4%, according to a new report by Grand View Research, Inc. Rising consumers preference for the ready-to-eat food products which needs least preparation as well as cooking time and offers higher shelf life is the key driving factor for the market. Moreover, shifting consumer dietary preference in hectic and busy life across the global is anticipated to offer new scope for the market over the forecast period.
Over the past few years, people are finding less time for cooking at home owing to their busy schedule. This, in turn, is driving demand for frozen food across the globe as it can be cooked in less time. Thereby, in order to sever better, the manufacturers are launching all kinds of frozen items such as frozen potatoes, ready meals, meat, fish products, which is expected to promote frozen food market scope over the next few years.
The sudden breakdown of coronavirus across the globe has significantly surged the demand for frozen food owing to its property of keeping nutrition for long time and higher shelf life as compared to the fresh veggie, fruits, and meat. Almost all the countries in the world have proposed a country level lockdown in which people are restricted to go outside their houses. This panic situation around the globe has propelled the demand for the frozen food products as it helps the customers to avoid regular market visits.
Europe and North America have got affected severely due to this pandemic. According to the local news of U.S., the demand for frozen meat especially hotdog has increased by around 300.0% in the second week of March, 2020. These market trends are anticipated to expand the scope of frozen foods as shelf-stable products over the forecast period.
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Further key findings from the report suggest:
Frozen potatoes are anticipated to be the fastest growing product segment with a CAGR of 4.0% from 2020 to 2027 owing to increasing demand for french fries as well as rising application of potatoes in various types of cuisines across the globe
Frozen ready meals was the largest product segment with a market share of more than 30.0% in 2019 and expected to maintain the dominance over the forecast period owing to large consumption among working class people around the globe specially in North America and Europe
Europe was the largest market for frozen food, accounting for a share of more than 35.0% in 2019. Strong acceptance of long-shelf products among the consumers of key markets including Germany, U.K., and France is expected to remain a key favorable factor for the industry
Asia Pacific is anticipated to be the fastest growing region with a CAGR of 3.9% from 2020 to 2027 owing to increasing trend of ready-to-eat food among the working-class people and college grads of countries such as China and India
Mergers and acquisitions is expected to remain a key strategy among the industry participants. For instance, in October 2018, ConAgra Brands Inc. completed the acquisition of Pinnacle Foods at USD 10.9 billion.
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Grand View Research has segmented the global frozen food market on the basis of product and region:
Frozen Food Product Outlook (Revenue, USD Billion, 2016 – 2027)
Fruits & Vegetables
Potatoes
Ready Meals
Meat
Fish/Seafood
Soup
Others
Frozen Food Regional Outlook (Revenue, USD Billion, 2016 – 2027)
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
Browse Related Report:
Frozen Fruits Market :https://www.grandviewresearch.com/industry-analysis/frozen-fruits-market
Ready Meals Market :https://www.grandviewresearch.com/industry-analysis/ready-meals-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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FAQs
The global frozen foods market is projected to grow at a CAGR of 5.1% from 2023 to 2033, expanding from an estimated value of $281 billion in 2023 to $460.8 billion by the end of 2033.
What is the market size of the frozen food industry? ›
The global frozen foods market size was USD 284.2 billion in 2023 and is projected to grow from USD 363.7 billion in 2028, at a CAGR of 5.1%. One of the primary advantages is their longer shelf life compared to fresh alternatives. This quality significantly reduces food waste, a growing concern globally.
How much money is the frozen food industry worth today? ›
How much is the frozen food market worth? Fortune Business Insights says that the global market size was valued at USD 297.47 billion in 2023.
What is the market segmentation of the frozen food industry? ›
Frozen food products are preserved under low temperatures and have a long shelf life. The frozen food market is segmented by product category, product type, distribution channel, and geography. Based on product category, the market is segmented into ready-to-eat and ready-to-cook.
What is the future of frozen food? ›
Stakeholders say that the integration of smart technology and data analytics into the supply chain is revolutionising the frozen food sector. With the advent of AI and smart manufacturing, there are several fronts in the supply chain where newer technology and data analytics have contributed significantly.
What is the trend in frozen food sales? ›
Frozen food retail sales have experienced significant growth, driven primarily by price increases attributed to inflation. Consumers are buying less often, switching brands and sizes, and prioritizing value and convenience. Frozen meals and desserts lead the way, and consumers seek nutritional benefits and good prices.
What country is the largest supplier of frozen food? ›
India is the world's biggest exporter of frozen food, with the US, Australia, and the UK being its main markets. The top exporters of frozen food worldwide are Mexico, Belgium, and China.
How much growth is expected in the frozen meal market by 2030? ›
The global frozen food market size is expected to reach USD 504.41 billion by 2030 from USD 265.13 billion in 2022, growing at a CAGR of 8.4% during the forecast period. One of the major drivers of the market is the increasing demand for convenience foods.
Are frozen foods profitable? ›
A frozen food business can be profitable, but the exact profitability can vary based on several factors including your location, product selection, pricing strategy, distribution channels, and operational efficiency.
What is the biggest problem of frozen food segments? ›
What are the challenges when processing frozen food?
- Coping with cold temperatures. Frozen food requires you to work in cold temperatures. ...
- Preventing sticking. Frozen food often leads to condensation. ...
- Avoiding damage. Some frozen food is delicate, such as fruit and vegetables. ...
- Handling high volumes.
No Preparation and Added Food Safety:
Frozen foods offer explicit cooking directions, leaving no room for error and under-cooked food. And because the preparation (dicing, chopping, etc.) has already been done, all you have to do is heat and serve, leaving less chance for contamination.
What is the profit margin on frozen food? ›
Industry analysis shows that the average profit margin in the frozen food industry can vary widely, often situated between 10% and 20%, influenced by factors such as product type, sourcing, and operational efficiencies.
Who is the target audience for frozen food? ›
This condition makes frozen food the best and fastest alternative because the cooking process is very fast and easy. Frozen food businesses also target people, either individuals or families, who don't have much time to cook. This condition makes them choose to fill calories by cooking frozen foods.
How do I market my frozen food? ›
How to Use Marketing Plan for Frozen Food Product
- Conduct market research. Start by researching your target market and understanding their needs, preferences, and buying habits. ...
- Define your marketing objectives. ...
- Develop your marketing strategies. ...
- Create a content calendar. ...
- Monitor and analyze results.
A frozen food has a “safe” storage and distribution life that can be measured in years when compared to the days or months of a chilled product; the storage life being controlled by quality changes in the food not its microbiological safety.
What is the ice cream market forecast? ›
U.S. Ice Cream Market Trends
The ice cream market in the U.S. is expected to grow at a CAGR of 3.8% from 2024 to 2030. The U.S. market is mainly driven by the demand for premium ice creams. According to the IDFA, in 2022, the ice cream industry had a USD 13.1 billion impact on the U.S. economy.
What is the outlook for the food market? ›
Food prices are expected to continue to decelerate in 2024 compared to recent years. In 2024, prices for all food are predicted to increase 2.2 percent, with a prediction interval of 1.5 to 2.9 percent.
What are the projections for food prices? ›
In 2024, prices for all food are predicted to increase 2.2%, with food-at-home prices projected to go up just 1%. Looking beyond this year, the U.S. Department of Agriculture is forecasting the price for all food to increase 2% in 2025. Food-at-home prices could increase 0.7%.
What is the growth forecast for the food industry? ›
Revenue in the Food market amounts to US$833.80bn in 2024. The market is expected to grow annually by 4.05% (CAGR 2024-2029).
