Frozen Food Market Is Expected To Reach Revenue Of USD 500.8 Bn By 2033, At 5.3% CAGR: Dimension Market Research

Advancements and Projections in the Frozen Food Market: Insights, Trends, Opportunities, and Recent Developments

New York, May 13, 2024 (GLOBE NEWSWIRE) — Market Overview

The Global Frozen Food Market size is expected to value USD 314.7 billion in 2024 which is further anticipated to reach USD 500.8 billion in 2033 at a CAGR of 5.3 % according to Dimension Market Research.

Frozen food items are products that require a preservation process that involves storing these at low temperatures to increase their shelf life which inhibits the growth of microbial and enzymatic activity and prevents it from spoilage. The rising demand for convenient & processed food leads to an increase in impulse buying which is a contributing factor to the growth of this market. The frozen food market is driven by the increasing popularity of shelf-stable foods among global consumers, & the adoption of these foods by many services, hotels & resorts, & quick-service restaurants.

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Important Insights

  • The global frozen food market is expected to grow by USD 171.2 billion by 2033 from 2025 with a CAGR of 5.3 % during the same forecasted period i.e. 2025 to 2033.
  • Ready-to-eat meals are ready to dominate the frozen food market based on product with the largest revenue share of 45.3% by the end of 2024, due to their appeal among working-class consumers, and the demand for fast food.
  • Blast freezing technology is favored for its ability to rapidly cool food items while preserving their nutritional content and freshness and it is useful in freezing a lot of food products like meat, seafood, fruits, and vegetables.
  • Retail is predicted to lead the Frozen food market, and capture the largest revenue share of 63.1% in 2024 due to increased demand for fast food. Also, online channels offer a wide range of vegan and plant-based items and gluten-free frozen food which attract a broader range of consumers who are looking for healthy items.
  • Europe is anticipated to dominate the frozen food market with a 34.1% share in 2024, due to its high living standard and preference for convenient food.

Trends

  • The demand for ready-to-eat meals and packed food in both developed & developing nations due to urbanization has resulted in a major growth of the frozen food market as these are highly favored by busy working-class consumers who offer a wide range of options.
  • Also, using digital technology helps companies create better marketing plans and offer personalized suggestions, making the experience for consumers better and contributing to the expansion of the frozen food industry.

Some of the prominent market players:

  • Unilever PLC
  • Nestlé S.A.
  • General Mills, Inc.
  • Nomad Foods Ltd.
  • Tyson Foods Inc.
  • Conagra Brands Inc.
  • Wawona Frozen Foods
  • Bellisio Parent, LLC
  • The Kellogg Company
  • The Kraft Heinz Company
  • Others

Competitive Landscape

  • Key players in the frozen food market often use tactics like launching new products and expanding through investments.
  • Manufacturers and suppliers prioritize improving logistics and increasing distribution networks to boost product acceptance globally. Some of the major key players in the frozen food Market are Unilever PLC, Nestlé S.A., General Mills, Inc.; and Nomad Foods Ltd.
  • Food service companies are encouraged to create products with longer shelf life due to the increasing consumption of frozen food. Companies allocate resources toward R&D to introduce high-quality frozen food products.

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Global Frozen Food Market Scope

Report Highlights Details
Market Size (2023) USD 314.7 Bn
Forecast Value (2033) USD 500.8 Bn
CAGR (2024-2033) 5.3%
Leading Region in terms of Revenue  Share Europe
Percentage of Revenue Share by Leading Region 34.1%
Historical Data 2017 – 2022
Forecast Data 2025 – 2032
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Technology, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

Retail is forecasted to dominate the frozen food market based on distribution channels with the largest revenue share of 63.1% by the end of 2024. These retailers are often equipped with freezer boxes that allow consumers to physically examine and purchase frozen food products, further fueling the growth of frozen food. The increase in demand for fast food from retail outlets is a significant driver of this segment’s growth. The rise of supermarkets and hypermarkets in local areas leads to an increased distribution of frozen food items, further fueling this market.

Growth Drivers

  • The rise in demand for ready-to-eat foods is driving the growth of frozen food products due to their time-saving nature and ease of cooking compared to preparing meals from scratch.
  • Packaged edible foods are attracting consumers across various age groups, leading to increased demand for frozen food products.
  • Factors such as a growing population and busy lifestyles contribute to the high consumption of frozen foods.

Restraints

  • However, the trend towards health-consciousness is leading some consumers to prefer fresh and natural foods over processed and convenient options, which can limit the growth of the frozen food market.
  • Organic and natural frozen meals, with fewer additives and high nutritional value, are competing in this changing consumer landscape.

Opportunities

  • Innovations in freezing technologies, like flash freezing which preserves nutrients and flavors, make frozen foods more appealing to health-conscious consumers.
  • Busy lifestyle, convenience, and the requirement for quick meal solutions fueled the demand for frozen food as consumers are continuously looking for items like frozen dinners, pizzas, and pre-cut vegetables which save time on meal preparation.

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Frozen Food Market Segmentation

By Product

  • Ready-to-eat Meals
  • Fruits & Vegetables
  • Meat
  • Dairy Products
  • Bakery Products
  • Others

 By Freezing Technology 

  • Blast Freezing
  • Belt Freezing
  • Individual Quick Freezing

By Distribution Channel

  • Retail
    • Hypermarkets & Supermarkets
    • Convenience Stores
    • Online
    • Others
  • Food Service

Regional Analysis

Europe is forecasted to dominate the frozen food market with the largest revenue share of 34.1% by 2024, driven by rising living standards and a growing adoption of convenient food options among consumers. Demand for ready-to-eat meals, population growth, and increased disposable income are factors fueling frozen food consumption in the European region.

This region is the largest consumer of frozen food, attributed to its longer shelf life and widespread popularity. Consumers in this region are focusing on products with minimal preservatives, improved nutritional value, reduced trans fats, and the addition of whole grains, thereby fueling the growth of this market. Asia-Pacific region, particularly countries like China and India, is expected to see an increase in the distribution of prepared and partially cooked frozen foods which contributes to driving this market further.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments in the Global Frozen Market

  • February 2024: Twin City Foods, Inc. and Smith Frozen Foods, Inc., two prominent frozen food companies, announced a partnership that aims to align resources and strengths to better serve customer needs and respond to market demands, all while providing support to local farmers.
  • July 2023: Conagra Brands, Inc. uncovered more than 50 new products across their frozen, grocery, and snacks divisions which offer a diverse range of flavors and pricing options within its frozen meal lineup, spanning different brands and entrees.
  • August 2022: The Kraft Heinz Company, under its Oscar Mayer brand, launched Cold Dog, a flavored frozen treat, as part of its major market expansion efforts.
  • June 2022: Conagra Brands, Inc., introduced over 50 new products, including multi-serve frozen meals, across its brands like Healthy Choice, Marie Callender’s, Banquet, Frontera, and others, aiming to meet customer demands.
  • April 2022: Conagra Brands, Inc., rolled out carbon-free certified carbon-neutral single-serve frozen meals to diversify its product range and take further steps towards environmental conservation.

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