Frozen Food Market to Reach USD 437.1 Bn by 2032, Europe Dominates with 33% of the Market Share
According to Market.us, The Frozen Food Market Is Encouraged to Reach USD 437.1 billion by 2032, Revenue to Index 5.10% CAGR Over the Next 10 Years (between 2023 and 2032). The Market Boost Due to Growing Demand for Products that can be Quickly and Easily Prepared
New York, March 22, 2023 (GLOBE NEWSWIRE) — The global frozen food market size accounted for USD 269.1 billion in 2022. It is projected to exceed USD 437.1 billion by 2032, growing at a CAGR of 5.10% from 2023 to 2032. The rising demand for ready-to-eat meals and cold cuts, as well as other convenience foods, is driving this market’s steady expansion. Ready-to-eat (RTE) food consumption has been significantly influenced by the frantic lifestyles of millennials and the growing number of working people worldwide.
It is anticipated that this will contribute to the global expansion of RTE foods. Over the past few years, consumer spending on foods that can be stored on a shelf has increased. The worldwide rise in the employment rate adds to this. This has made it easier to consume RTE and fast food.
Get additional highlights on major revenue-generating segments, Request a Global Frozen Food Market sample report at https://market.us/report/frozen-food-market/request-sample/
- By type, in 2022, The ready-to-eat and convenient food category is anticipated to dominate the global market.
- The frozen food market is expected to expand during the forecast period due in large part to the rising popularity of vegan products.
- Due to the change in lifestyle, the majority of adults worldwide have reported health issues, which is driving the industry’s expansion.
- In 2022, Europe dominated the market with the highest revenue share of 33%.
- North America has held a 30% revenue share in 2022.
- Asia-Pacific is expected to register the fastest growth rate during the forecast period from 2023-2032.
The frozen food market is expected to be dominated by the ready-meals sector. The shifts in consumers’ lifestyles brought on by the fast-paced work environment, particularly among the working-class population are driving the market. Along with that, the growing preference for ready-to-eat frozen meals due to their convenience accounted for the substantial market share held by this segment.
The large market shares that this category holds are also influenced by the growing popularity of ready-to-eat meals among the younger generation and adolescent population. They are also preferred due to the ease with which they can be obtained from a variety of convenience stores and supermarkets.
Factors affecting the growth of Frozen Food Market
There are several factors that can affect the growth of the frozen food market. Some of these factors include:
- Due to changing eating habits and lifestyles, rising consumer demand for ready-to-eat foods may have a significant impact on the market.
- Advances in technology: There is room for expansion in the market due to the growing innovations in frozen food market.
- An increase in disposable income is a factor that has a significant impact on the expansion of the frozen food market.
- Government support and funding: Governments around the world is increasingly providing financial support and funding for eco-friendly packaging research. This is driving growth in the industry.
- The primary driver of market expansion is rising disposable income per capita and an expanding workforce.
- The majority of consumers are moving towards food that is ready to eat, which will boost the frozen food market.
- Due to consumers’ fast-paced lifestyles, there has been an increase in demand for fast food.
- One of the most recent market trends is online grocery shopping. This has resulted in the creation of the most recent apps that make it simpler for customers to select the products they want.
To understand how our Frozen Food Market report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/frozen-food-market/#requestSample
Top Trends in Global Frozen Food Market
One of the most recent market trends is online grocery shopping, which has resulted in the creation of the most recent apps that make it simpler for customers to select the products they want. Customers are more likely to shop there because of the convenience and variety of options available for online shopping. Cold chain logistics have proven to be essential for expanding one’s share of the frozen food market in any nation.
However, there is still a lack of infrastructure for the cold chain in developing nations, making it impossible for these nations to provide their citizens with safe frozen food products. A lack of investment in developing economies as a result of the monetary crisis is one factor that is slowing down the cold chain logistics industry. As a result, the frozen food market has been hindered. However, consumers’ growing preference for natural and fresh foods may limit the Frozen Food Market.
Online grocery shopping and the development of new apps that make it easier for customers to select their preferred products are among the most recent market trends. Due to the convenience and variety of online shopping options, customers are more likely to shop there.
Frozen potatoes, predominantly frozen fries, and chips are the most significant items as far as frozen food is concerned. Frozen potato fries make it easy for people who lead busy lives and want to eat something quickly. Germany is one of the largest importers of frozen goods due to rising consumer demand. The extensive selection of flavors, sizes, and shapes also piques the interest of the German market.
The expansion of giants like KFC, McDonald’s, Pizza Hut, Subway, and Frozen Potatoes’ use frozen food products which is a major driver of the global frozen food market. In addition, this market is anticipated to expand due to the use of these products by a wide range of end users, including quick-service restaurants, hotels and resorts, and full-service restaurants.
The increasing preference of consumers for convenience foods indirectly increases demand for frozen products due to the fact that they require less time and effort than cooking from scratch. The market for processed foods is driven by greater demand for convenience due to the consumer’s busy lifestyle.
As a result, there is more demand for frozen foods. An increase in disposable income is another factor that has a significant impact on the expansion of the frozen food market as consumers’ purchasing power grows. The global population’s ever-evolving and hectic lifestyles as well as an increase in the consumption of frozen foods as a result of increased spending power and disposable income are both contributing factors to the expansion of the frozen food market.
Frozen food products are the most popular in Europe. Consumers’ attitudes toward frozen food in Europe have been influenced by rising living standards and increasing demand for convenience.
The overall level of consumption remains high, even though growth in the consumption of frozen foods is limited in some parts of Europe. This is because chilled prepared foods, which are better tasting and of higher quality than frozen alternatives, are fiercely competing. Recent evidence suggests that the frozen food market is once again expanding in nations like Germany, France, and the UK.
Between the years 2023 and 2032, Asia Pacific is expected to expand at a CAGR of 5.6%, making it the market with the fastest growth. The increasing availability of frozen foods that are high in protein, low in calories and fat, and satisfy particular dietary requirements like dairy-free, vegan, sugar-free, gluten-free, and plant-based products will drive the region’s expansion.
Customers in Malaysia were offered plant-based frozen bites, nuggets, and strips by an Asia-Pacific food brand. They will also be available in additional regional markets in the coming months, which will further boost sales of these products.
Have Queries? Speak to an expert, or To Download/Request a Sample, Click here.
There are numerous regional and international competitors in the frozen food market, which is highly competitive. The market is dominated by Unilever, General Mills, Nestle SA, Nomad Foods Ltd., Wawona Frozen Foods, Tyson Foods Inc., and ConAgra Foods, Inc.
The global market is dominated by the largest frozen food companies in the world. Expanding their product lines to meet the needs of various market segments, particularly frozen desserts, is these businesses’ primary focus. Additionally, they profit from emerging markets. To gain market share, businesses compete on a variety of factors, including product offerings, flavors and ingredients, price, functionality, packaging, and marketing strategies.
Scope of the Report
|Market Value (2022)||USD 269.1 Billion|
|Market Size (2032)||USD 437.1 Billion|
|CAGR (from 2023 to 2032)||5.1%|
|Europe Revenue Share||33%|
|APAC Revenue Share||30%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Frozen foods are more convenient than cooking from scratch because they take less time and effort. The increasing demand for convenience is driving the market for frozen foods. As a result, the demand for frozen foods rises.
An increase in disposable income is another factor that can have a significant effect on the growth of the frozen food industry. Both the changing lifestyles and increasing spending power of consumers around the globe and an increase in frozen food consumption due to higher disposable income are contributing factors to the market’s growth.
The primary driver of the processed foods industry is convenience packaged edible goods. This appeals to all ages. As a result of consumers’ preference for convenience foods and RTE, the global market has seen rapid changes. Frozen food products are more popular because they require less effort and take less time to prepare than traditionally cooked food. Consumers’ increasing disposable incomes will also play a significant role in the market’s growth over the next few years.
The primary disadvantage of this market is that certain consumers view frozen foods as inferior to fresh foods. Consumers believe that edibles that have been stored for more than a year lose their nutritional value. However, the IFIC (International Food Information Council) and the US Food and Drug Administration (FDA) dispelled these myths.
Natural and fresh foods can be just as good as frozen ones. However, because they are more concerned about the product’s freshness, consumers with lower incomes typically prefer fresh food. This factor may impede the market’s expansion during the forecast period due to consumers’ preference for fresh produce over frozen ones.
Nearly 25% of people purchased food and other necessities from online retailers in 2022. Retail grocery shopping is emerging as one of the opportunities for businesses to showcase and sell their products in light of the growing popularity of smartphones and the Internet.
Online grocery shopping and the development of new apps that make it easier for customers to select their preferred products are among the most recent trends that are propelling the market forward. Because of the variety and convenience of the options, customers gravitate toward online shopping.
The expansion of this market as a distribution channel for frozen products is being fueled by the presence of freezing and temperature-controlled facilities in the infrastructure of convenience stores and hypermarkets.
Grow your profit margin with Market.us – Purchase This Premium Frozen Food Market Report at https://market.us/purchase-report/?report_id=22479
Report Segmentation of the Frozen Food Market
Product Type Insight
Fruits and vegetables, dairy products, bakery products, meat and seafood, convenience foods and ready meals, and other products make up the market’s product segmentation. The ready-to-eat and convenient food category is anticipated to dominate the global market by 2022. This is because people’s ever-changing and hectic lifestyles have created an increase in the consumption of frozen foods all over the world.
Foods that are frozen can be prepared quickly and easily. They’re good for you and packed with nutrients. Due to consumer acceptance of these products and brand awareness in developing nations, the frozen food export industry has grown recently.
Distribution Channel Insight
In 2022, the offline segment had approximately 88% revenue share. Supermarkets and hypermarkets, convenience stores, grocery stores, and local shops are examples of offline channels. The distribution of frozen food has increased in an increasing number of these stores in various regions. The retailing industry is being transformed by the rapid growth of the supermarket and hypermarket sectors.
The main idea behind supermarkets and hypermarkets is to make customers feel at ease, and manufacturers are working hard to show off their products in these places. In developing nations, supermarkets are expanding their presence in tier 2 and tier 3 cities, making products available in smaller towns. The expansion of the market into new markets and smaller nations has benefited from this factor.
For more insights on the historical and Forecast Frozen Food Market data from 2016 to 2032 – download a sample report at https://market.us/report/frozen-food-market/request-sample/
Based on Type
Based on Distribution Channel
- Online Platforms
- Offline Stores
Based on Product
- Fruits & Vegetables
- Ready Meals & Convenience foods
- Meat products
- Fish/Seafood products
- Bakery products
- Breads & Pizza crusts
- Other Frozen Products
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Market Key Players
- Unilever PLC
- Nestle S.A.
- General Mills, Inc.
- Nomad Foods
- Tyson Foods
- Conagra Brands Inc.
- Wawona Frozen Foods
- Bellesio Parent, LLC
- The Kellogg Company
- The Kraft Heinz Company
- Other Key Players
Recent Development of the Frozen Food Market
- Keventer Agro, an FMCG company based in Kolkata, is set to collaborate with Disney India’s consumer products division to launch a food range. The “Disney Delights,” “Marvel Avengers Delights,” and “Marvel Spider-Man Delights” food lines are aimed at children and families and include frozen savory snacks, milk, and milkshakes.
- Since the pandemic, ITC Ltd.’s frozen snack business has expanded three times, driven by consumers’ desire for variety in home-cooked meals. During this time, the conglomerate has introduced ten new products.
- In the next three years, the frozen food company Sumeru plans to expand its domestic market to 250 crores.
Browse More Related Reports:
- Frozen Pizza Market is expected to be worth around USD 32,874.16 million by 2031.
- Frozen food packaging market was valued at USD 42.90 million in 2022 and is expected to reach a value of USD 71.0 million by 2032, at a CAGR of 5.3% over the forecast period.
- Frozen seafood market is predicted to rise from a valuation of USD 31 billion in 2022 to USD 50.3 billion by the end of 2032.
- Fresh Food Market was USD 3,200 Bn in 2022 and is expected to reach USD 4,828.7 Bn by 2032.
- Food Packaging Market was valued at USD 358.3 billion in 2022 and is expected to reach USD 592.8 billion at a CAGR of 5.3% between 2023 and 2032.
- Probiotic Market Size is Expected to Reach USD 131 Bn by 2032; Food and Beverage Industry Drives the Growth
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn | Facebook | Twitter
CONTACT: Global Business Development Teams – Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: [email protected] Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.