PUBLISHER: The Business Research Company | PRODUCT CODE: 1435386
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435386
Frozen foods are food items preserved through freezing and stored in a freezer until preparation.
Primary types of frozen foods include frozen fruit, juice, vegetables, and specialty frozen foods. Frozen fruits, harvested at peak ripeness, are rapidly frozen and packaged in a nitrogen environment. These frozen food items cater to users in the food service industry and retail sectors, distributed through various channels such as supermarkets, hypermarkets, convenience stores, e-commerce platforms, and other distribution channels.
The frozen food research report is one of a series of new reports from The Business Research Company that provides frozen food statistics, including global market size, regional shares, competitors with frozen food shares, detailed frozen food segments, market trends and opportunities, and any further data you may need to thrive in the frozen food industry. This frozen food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The frozen food market size has grown strongly in recent years. It will grow from $226.16 billion in 2023 to $240.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed in the historical period can be attributed to various factors, including globalization's cross-cultural influences, brand loyalty stemming from effective marketing campaigns, the appeal of convenience and time-saving attributes, evolving consumer lifestyles, and innovations in product varieties within the frozen food industry.
The frozen food market size is expected to see strong growth in the next few years. It will grow to $303.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. Forecasted growth is driven by sustainability, ethnic flavors, clean labeling, healthy eating initiatives, and increased demand for frozen snacks. Major trends include sustainable packaging, premium options, freezing technology advancements, processing innovations, digital marketing, and personalized offerings in the frozen food sector.
The growth of the frozen food market is supported by the anticipated stable economic growth in various developed and developing nations. According to the International Monetary Fund (IMF), global GDP is projected to have reached 3.3% in 2020 and further increased to 3.4% in 2021. This recovery, coupled with rising commodity prices after a notable decline in the historical period, is expected to contribute to the market's expansion. Developed economies are poised for steady growth during the forecast period, with emerging markets expected to exhibit slightly faster growth than their developed counterparts. The envisaged stable economic conditions are such as ly to spur investments in end-user markets, thereby propelling the frozen food market forward.
The growth trajectory of the frozen food market is being steered by an escalating demand for food safety measures. Food safety encompasses practices and conditions that ensure consumable products are free from contamination, safe for consumption, and pose no threat to human health. This emphasis on food safety is crucial for bolstering consumer confidence, ensuring product quality, and mitigating the risk of foodborne illnesses. An example of this growing concern is evident in England, Wales, and Northern Ireland, where 93% of consumers believe in the accuracy of information on food labels, according to the Government Digital Service, a UK-based governmental body. Similarly, in Scotland, 68% of consumers express confidence in the information provided on food labels. Consequently, the heightened demand for food safety is a driving force behind the expanding frozen food market.
The frozen food market faced significant challenges in 2020 due to the outbreak of the COVID-19 disease, acting as a substantial constraint. The pandemic disrupted supply chains as trade restrictions and lockdown measures imposed by governments globally hindered the movement of goods. COVID-19, an infectious disease with symptoms resembling the flu, originated in Wuhan, Hubei province, China, in 2019 and spread globally, impacting regions such as Western Europe, North America, and Asia. Manufacturers in the food and beverage industry heavily rely on the supply of raw materials from both domestic and international sources. However, widespread government restrictions on the movement of goods, both internationally and domestically, led to production halts due to shortages in raw materials. Additionally, trade restrictions on non-essential goods and concerns about contamination in manufacturing facilities contributed to the overall decline in the market throughout 2020 and into 2021. Nevertheless, the frozen food market is anticipated to recover from the pandemic-induced disruptions, considering it as a "black swan" event unrelated to ongoing or fundamental weaknesses in the market or the global economy.
Frozen food manufacturers are adopting advanced freezing technologies such as Individual Quick Freezing (IQF) to enhance the yield and quality of their frozen food products. The IQF method involves the rapid freezing of individual food items on a conveyor belt within a blast freezer. Unlike as bulk or block freezing, IQF freezes each piece of food separately, resulting in increased yield by 1.5-3% and producing high-quality products with enhanced nutritional value and reduced wastage. Notable examples of IQF foods encompass fruits such as blueberries, strawberries, and peaches, as well as vegetables such as corn, peas, and green beans. The global IQF vegetable market is anticipated to reach $2 billion by 2026, underscoring substantial demand for IQF food products in the future.
Key players in the frozen food market are actively innovating new food products to maintain their market position. Advanced frozen food refers to products frozen using cutting-edge freezing technologies that preserve the food's quality, texture, and nutrients. For instance, in May 2023, Beyond Meat Inc., a US-based food company, introduced three frozen plant-based ready meals at Tesco stores, including Spaghetti Bolognese, Keema Curry & Pilau Rice, and Chili with Coriander Rice. Catering to flexitarians, vegetarians, and vegans with busy schedules, these meals provide a plant-based twist on traditional comfort foods, ensuring quick preparation and a rich protein content. Available across Tesco locations in the UK, these ready meals follow the UK debut of Beyond Meat's plant-based chicken, showcasing the company's commitment to introducing new and innovative products to the market.
Major companies operating in the frozen food market report are Nippon Suisan Kaisha Ltd., Frosta Aktiengesellschaft, Nestle S.A., Unilever PLC, Tyson Foods Inc., The Kraft Heinz Company, Kraft Heinz Co., General Mills Inc., Alfa SA.B. de C.V., Kellogg's Company, Conagra Brands Inc., McCain Foods Limited, Ajinomoto Co. Inc., BRF S.A., J. R. Simplot Company, Patterson Frozen Foods Inc., On-Cor Frozen Foods Inc., Paris Foods Corp., Lamb Weston Holdings Inc., Rich Products Corporation, Nomad Foods Ltd., J&J Snack Foods Corp., Schwan's Company, Wawona Frozen Foods Inc., Breyers, Bellisio Foods Inc., Oregon Ice Cream Co. LLC, Peak Foods Llc, Nulaid Foods Inc., OLD FASHIONED KITCHEN INC., Italia Foods Inc., Jacmar DDC LLC, ORC Foods Inc., Panhandle Foods Sales Inc., Amy's Kitchen Inc., Goya Foods Inc.
Asia-Pacific was the largest region in the frozen food market in 2023. North America was the second-largest region in the frozen food market. The regions covered in the frozen food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the frozen food market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The frozen food market consists of sales of frozen fruit, frozen juices, frozen vegetables, frozen dinners, entrees, frozen side dishes, frozen pizza, frozen whipped toppings, frozen waffles, frozen pancakes, french toast. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Frozen Food Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on frozen food market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for frozen food ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The frozen food market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.