The frozen food market comprises products that are preserved by a freezing process before being distributed and sold. Common frozen food products include frozen ready meals, meat and seafood, fruits and vegetables, snacks, and others. The growth of the frozen food industry is mainly attributed to factors like changing consumer lifestyle, increase in the number of working women, and rising demand for convenience food products. The frozen food market offers advantages like long shelf life, fresh taste, ease of preparation, and availability of seasonal products throughout the year. The wide variety of frozen entrees provides consumers the flexibility to choose from ready-to-eat or ready-to-cook meals depending on their preferences.
The Global Frozen Food Market is estimated to be valued at US$ 298.69 Bn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the frozen food market are Ajinomoto Co., Inc., Kellogg Company, Conagra Brands, Inc., Nestle SA, General Mills, Inc., Kraft Heinz Company, Unilever Group, McCain Foods Limited, Nomad Foods Ltd., The Schwan Food Company, Tyson Foods, Inc., JBS S.A., Birds Eye Limited, Hormel Foods Corporation, Dr. Oetker GmbH, Amy's Kitchen Inc., Nichirei Corporation, Findus Group, Goya Foods Inc., Pinnacle Foods Inc. The major players are focusing on new product launches, expanding their production facilities and geographical presence to cater to the growing demand.
Growing population, rising income levels, and changing dietary habits in developing nations are fueling the demand for Frozen Food Market Demand products globally. Rapid urbanization and increasing number of working women joining the workforce have substantially boosted the demand for convenience frozen meals and snacks.
Key players are expanding their operations globally, especially in fast-growing emerging economies in Asia Pacific and Latin America. Acquisitions and partnerships allow companies to enhance their product portfolio and distribution network. Local players are also merging and collaborating with global brands to leverage technical and marketing expertise.
Market Key Trends
The increasing popularity of plant-based and organic frozen food items is one of the key trends in the market. Major brands are launching various healthy frozen meals prepared from plants to cater to the rising health-conscious population. Moreover, clean label movement is prompting companies to offer transparent ingredients list without additives and preservatives. Sustainable and eco-friendly packaging using recyclable materials is another notable trend in the frozen food industry.
Porter’s Analysis
Threat of new entrants: The frozen food market requires large capital investments and R&D which limits new entrants. Moreover established players have strong brand loyalty and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products from various brands. However, buyer switching costs are low.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of raw material substitutes and suppliers are less concentrated.
Threat of new substitutes: Substitutes like fresh and canned foods pose low threat as frozen foods have advantages like longer shelf life and convenience.
Competitive rivalry: The frozen food market is highly competitive with major players differentiating through product innovation, branding and marketing.
Geographical Regions
North America accounts for the largest share of the global frozen food market in terms of value due to growing demand for convenience foods. Factors such as busy lifestyles, increasing number of working women and awareness about health benefits of frozen foods are driving growth.
Asia Pacific is expected to be the fastest growing regional market for frozen foods during the forecast period. Rapid urbanization, rising incomes, expansion of modern retail and changing dietary patterns are fueling demand, especially in countries such as China, India and Japan. Penetration of frozen foods is relatively low currently in Asia compared to developed markets presenting significant opportunities.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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