Frozen Food Market Size Worth US$ 373.77Bn by 2028 at 5.9% CAGR with Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized by The Insight Partners
Frozen Food Market Report Scope & Strategic Insights:
Frozen Food Market: Competitive Landscape and Key Developments
A few leading players operating in the frozen food market are Conagra Brands, Inc.; General Mills Inc.; Pepperidge Farm Incorporated; Bonduelle Group; Mccain; Bellisio Foods, Inc.; Tyson Foods, Inc.; Kellogg's Company; Nestlé S.A.; and The Kraft Heinz Company. These players are focused on developing innovative products to meet the changing requirements of consumers.
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The frozen food market in Asia Pacific is projected to register the highest CAGR during the forecast period. The market growth is attributed to increasing demand for frozen snacks, appetizers, ready meals, and desserts in the region, and muffins and the growing influence of western culture on the eating habits of the young population in the region. Companies such as Ocean Treasure, suprima bakeries, and Vesco Foods are actively operating in the market. All these factors are further expected to drive the frozen food market growth.
Strategic Development Initiatives by Manufacturers
Frozen food manufacturers are making significant investments in product innovation to expand their customer base and meet emerging consumer trends. They are launching gluten-free, plant-based, sugar-free, organic, and clean-labeled products, as well as products suitable for a keto diet, which meet the varied requirements of consumers. For instance, in August 2021, Real Good Foods Company, a known name in the frozen foods industry, announced the launch of 7 new protein-rich, low-carb, grain-free, and gluten-free frozen product categories in 1,500 Kroger stores across the US. Such product innovations help them extend their reach, gain a competitive edge in international markets, and drive the frozen food market further.
Frozen food manufacturers are also adopting strategies such as business expansion and production capacity scaleup to serve their customers better. For instance, in January 2021, Nomad Foods announced plans to acquire the Frozen Foods (FFBG) business of Fortenova Group, including Ledo, Frokom, and other brands. With this acquisition, FFBG would extend Nomad's portfolio into new and developing European markets while creating scope for potential future consolidation in Central and Eastern Europe. These initiatives by manufacturers are creating lucrative growth opportunities in the frozen food market.
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Based on type, the frozen food market is segmented into frozen desserts, frozen bakery, frozen meat, poultry, seafood, frozen ready meals, frozen snacks, and appetizers. The frozen meat, poultry, and seafood segment accounted for the largest market share in 2021. Frozen meat products are growing in popularity as they can be stored conveniently, reducing food wastage. The rising demand for frozen meat, poultry, and seafood products owing to their extended shelf life and requirement of minimum preparation time are driving the segment's growth. Moreover, the demand for frozen seafood products is also increasing due to rising awareness regarding the nutritional benefits associated with the consumption of seafood. Seafood is rich in omega 3 and 6 fatty acids, vitamins, minerals, and amino acids. Thus, the demand for frozen meat, poultry, and seafood products is increasing and is further expected to drive the frozen food market.
Based on distribution channel, the frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest share in 2021. Supermarkets and hypermarkets are large retail establishments that offer a wide range of products, such as groceries, foods & beverages, and other household goods. Supermarkets & hypermarkets provide an array of frozen food brands to cater to the consumers' demand.
Based on distribution channel, the frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held a significant market share in 2021; however, the online retail segment is projected to register the highest CAGR during the forecast period due to its shopping and product delivery convenience. Online retail stores offer a wide variety of products with heavy discounts; consumers can conveniently buy desirable products remotely. Additionally, the door-step service attracts many customers to shop through e-commerce platforms. During the COVID-19 pandemic, frozen food sales through online retail channels increased dramatically as they offered home delivery services. These factors are expected to boost the segment's growth in the foreseeable future.
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Based on geography, the frozen food market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Europe accounted for the largest share of the market. The Europe frozen food industry is rapidly advancing with the rising consumption of convenience frozen food. The market is projected to witness significant growth in the coming years due to the strong presence of prominent players such as Nestle S.A.; and Bounduelle Group, operating actively across Europe. Moreover, these companies offer a broad array of frozen foods, including frozen desserts, frozen bakeries, frozen ready meals, frozen meat, and frozen soups. This factor is expected to drive the frozen food market growth over the forecast period.
Impact of COVID-19 Pandemic on Frozen Food Market
Supply chains were completely disrupted due to nationwide lockdown and border restrictions enacted by various governments during the COVID-19 pandemic, which affected the production and distribution of several products. However, the pandemic had a short-term impact on the food industry. The frozen food market experienced positive effects of this crisis. As people stayed in their homes, they had plenty of time for breakfast, which boosted the sales of frozen breakfast products. This factor also created a massive demand for frozen food. The CEO of Kraft Heinz Co. made the official announcement in March 2020 that the business is making every effort to close the demand-supply imbalance as a result of the profound changes taking place in the food industry. Thus, these factors are expected to propel market growth.
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By Geography
North America
Europe
Asia Pacific (APAC)
Middle East and Africa (MEA)
South America
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