Frozen Entree Market to Reach $57.05Bn, Globally, by 2030 at 4.6% CAGR with Meat-Based Entrees Segment Driving Growth During 2022–2030 | The Insight Partners
The global frozen entree market is dominated by supermarkets & hypermarkets segment in 2022. Europe held the largest share of the global market in 2022, and Asia Pacific is estimated to register the highest CAGR from 2022 to 2030. Key companies in the frozen entree industry include Conagra Brands Inc, Waffle Waffle LLC, Nestle SA, Del monte Foods Inc, Daiya Foods Inc, B&G Foods Inc, Kellogg Co, Mars Inc, Impossible Foods Inc, and Amy’s Kitchen Inc.
Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Frozen Entree Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, Distribution Channel, and Geography,” the frozen entree market is expected to grow from $39.93 billion in 2022 to $57.05 billion by 2030; it is estimated to grow at a CAGR of 4.6% from 2022 to 2030.
Frozen Entree Market: Competitive Landscape
Impossible Foods Inc, Kellogg Co, Conagra Brands Inc, Daiya Foods Inc, Nestle SA, Del monte Foods Inc, B&G Foods Inc, Waffle Waffle LLC, Mars Inc, and Amy’s Kitchen Inc are among the key players operating in the frozen entree market. The companies are expanding their footprints across emerging regions such as Asia Pacific and Middle East & Africa to meet the rising consumer demand and boost their revenues. For instance, in June 2021, Tyson Foods, Inc. launched the frozen entrée category in Asia Pacific and expanded its roots. The firm also reported that retail sale of the plant-based products category in Asia Pacific gained US$ 16.3 billion in 2020 and is anticipated to surpass US$ 20 billion by 2025. Such strategies are expected to provide new opportunities to the market players operating in the frozen entrée market over the forecast period.
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Frozen entrees are pre-packed meals that consist of various ingredients such as vegetables, meat, rice, lentils, quinoa, pasta, noodles, and sauces and dressings. Frozen entrees act line a complete meal as they are a good source of carbohydrates, proteins, fibers, vitamins & minerals. The sauces and dressings add flavor to the meals making them appealing and flavorful. Consumers are looking for convenient alternatives that are healthy as well as tasty. This factor is significantly driving the frozen entrée market growth. Also, with fast-paced lifestyle and extended working hours, people are increasingly preferring convenient food options that help them in saving cooking time and meet the daily nutritional requirements. This factor is expected to bolster the demand for frozen entrees over the forecast period.
Strategic Initiatives by Manufacturers to Provide Lucrative Opportunities to Frozen Entree Market Players
Manufacturers of frozen entrée are making significant investments in product innovation to expand their customer base and meet emerging consumer demands. They are focusing on providing sugar-free, organic, gluten-free, plant-based, and clean-labeled products, as well as products suitable for a keto diet to suffice the varied requirements of consumers. In September 2022, Impossible Foods launched its first frozen plant-based entrees called “Impossible Bowls.” The single-serve frozen meals are available in eight varieties and can be cooked in five minutes or less, featuring Impossible Food’s different plant-based meat options. The bowls were developed and distributed in partnership with Golden West Food Group and first launched at ~4,000 outlets of Walmart. Increasing focus of people on convenience food products while ensuring the nutritional balance in their diets has encouraged manufacturers to launch nutritionally enriched frozen entrées. Such product innovations help them widen their reach and gain an advantage over their competitors in international markets.
Frozen Entree Market: Segmental Overview
Based on type, frozen entrée market is categorized into meat-based entrees and plant-based entrees. The plant-based entrees segment is further divided into plant-based meat entrees, sweet potato entrees, vegetable entrees, and others. The plant-based entrees segment is expected to register the fastest CAGR from 2022 to 2030. Rising veganism owing to increasing awareness of health benefits of plant-based foods coupled with rising empathy toward animals is driving the demand for plant-based entrees. Government bodies across various countries are promoting the consumption of plant-based meat substitutes owing to the health benefits these products offer and the environmental concerns associated with animal-based meat. Impossible Foods, Beyond Meat are some of the plant-based meat entrée brands. In August 2022, the US Department of Agriculture revealed that the market for plant-based meat is growing faster than for meat-based products. Thus, all these factors are expected to positively contribute to the frozen entrée market for the plant-based meat entree segment. Also, the availability of a wide range of plant-based food brands across multiple retail channels is expected to augment the frozen entrée market growth over the forecast period.
Based on category, the frozen entrée market is bifurcated into organic and conventional. The organic segment is expected to register a faster CAGR from 2022 to 2030. Organically certified products are more expensive than conventional ones due to their superior quality. Farmers use organic growth stimulators to cultivate fruits and vegetables and avoid using herbicides and synthetic pesticides in farming. The rising health issues have pushed consumers toward adopting preventative health measures. Thus, the manufacturers are expanding their businesses by launching organic frozen entrée to respond to the rising health concerns and fulfill the growing consumer demand for organic food products.
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Impact of COVID-19 Pandemic on Frozen Entree Market
Before the onset of the COVID-19 pandemic, the frozen entree market was mainly driven by the rising demand for healthy and nutritious frozen food. However, a severe disruption in the supply chain, including the distribution of food products, was witnessed after the onset of the pandemic. The disruption in the supply chain also created a significant shortage of raw materials, hampering the production activities of various frozen food manufacturers worldwide. The food service industry was adversely affected by the pandemic as governments of various countries mandated the food service operators to remain shut. However, this factor boosted the home consumption trend, propelling the demand for frozen prepared meals and entrees.
Due to work from home mandates, people started investing more time in home cooking. The “Power of Frozen” report published by The American Frozen Food Institute and Food Industry Association in 2021 stated that in 2020, frozen food sales in North America grew by 21% and 13.3%, in terms of value and volume, respectively, compared to 2019. The frozen entrée category was among the top selling category during the pandemic as they are individually portioned, healthy, and easy to cook. These factors had a positive impact on the frozen entree market growth.
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