[Updated] Worldwide Frozen Food Market Size/Share Statistics Envisaged to Reach USD 476.24 Billion By 2032, at 5.1% CAGR: Polaris Market Research
As per the recent [115+ Pages] analysis by Polaris Market Research, the global frozen food market size and share was valued at USD 395.06 billion in 2022 and is predicted to reach USD 604.17 billion by 2032. Also, the study states that the market reveals a robust 4.4% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032. The global key market players include Bellisio Parent, LLC, Conagra Brands Inc., General Mills, Inc., Nestlé S.A., Nomad Foods Ltd., The Kellogg Company, The Kraft Heinz Company, Tyson Foods Inc., Unilever PLC, Wawona Frozen Foods.
New York, NY, Dec. 19, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a recent study report titled “Frozen Food Market Share, Size, Trends, Industry Analysis Report, By Product (Frozen Meat & Poultry, Frozen Vegetables and Fruits, Frozen Ready Meals, Frozen Seafood, Frozen Snacks); By Distribution Chanel; By Type; By End-Use; By Region; Segment Forecast, 2023 – 2032” in its research database.
As per the recent analysis by Polaris Market Research, the global frozen food market size and share was valued at USD 395.06 billion in 2022 and is predicted to reach USD 604.17 billion by 2032. Also, the study states that the market reveals a robust 4.4% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is called Frozen Food? What is the Frozen Food Market Size and Share?
Frozen food is maintained under low temperatures in order to grow its shelf-life and be eaten over a long period. Frozen prepared meals, frozen baked goods and snacks, frozen fish and meat, and other products such as frozen fruits and vegetables are examples of different types of frozen goods available in the market. A variety of outlets, such as convenience stores, specialty shops, supermarkets, hypermarkets, and internet retail platforms, are used to distribute these products.
The processed food sector is primarily driven by the convenience that ready-to-eat food products offer, which appeals to consumers of all ages. Packaged foods, especially frozen or convenience food items, are highly sought after since they take less time and effort to prepare than food from scratch. The frozen food market is thriving due in large part to customers’ increasing disposable incomes, which suggests that growth will continue in the years to come.
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What are the Key Findings of the Report?
- The primary drivers of the frozen food market’s expansion are the expansion of the global cold-chain business, the rising demand for convenience foods, and shifting customer tastes and preferences.
- The frozen food market segmentation is primarily based on distribution channel, product, end-use, type, and region.
- Europe accounted for the largest market share in 2022.
Who is the Market Leader of Frozen Foods?
- Conagra Brands, Inc.
- Europastry S.A.
- General Mills Inc.
- Grupo Bimbo
- Kellogg Company
- Lantmannen Unibake
- Nestle SA
- The Kraft Heinz Company
- Vandemoortele NV
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- Which Factors are Driving the Market Growth?
Convenience store growth and an increasing number of working professionals are the main drivers of the frozen food market growth. The growing working-class population, especially in urban and suburban regions, has complicated the proliferation of convenience stores. Convenience stores have changed beyond traditional offers to include a varied selection of products to fulfill the needs of their busy clients as the demands of a fast-paced lifestyle continue to climb.
Moreover, convenience stores have turned their attention to the frozen food sector in an effort to offer quick and simple meal options to customers who are pressed for time. These shops now provide a large range of frozen options, satisfying the needs of the working-class consumer who values both quality and convenience. These options include ready-made meals, snacks, and ingredients.
- What are the Latest Market Trends and Opportunities?
In order to improve the quality of their food products, frozen food producers are incorporating advanced technologies, such as Individually Quick-Frozen (IQF) technology. Food is put on a conveyor belt and quickly moved to a blast freezer in this process, where it quickly freezes. In contrast to traditional bulk or block freezing techniques, IQF technology guarantees that every molecule in the product is frozen separately. This method preserves the higher nutritional values of frozen food while contributing to enhanced product quality, boosting the frozen food market demand.
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Frozen Food Market: Report Scope
|Revenue Forecast in 2032
|USD 604.17 Billion
|Market size value in 2023
|USD 410.78 Billion
|Expected CAGR Growth
|4.4% from 2023 – 2032
|2023 – 2032
|By Product, By Distribution Channel, By Type, By End-Use, By Region
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Overview of the Top Segments
- The Frozen Meat and Poultry Sector Accounts for the Largest Revenue
Products include meatballs, frozen chicken, beef patties, chicken breasts, nuggets, steak, and sausage are all included in the frozen meat and poultry category. For safe ingestion, proper defrosting and thawing are essential. The prolonged shelf life of frozen meat and poultry, as well as their excellent nutritional value, are the key drivers driving this sector.
On the other hand, the frozen snacks sector is predicted to witness substantial growth. The market for frozen snacks is expected to grow as a result of consumers’ growing preference for convenience foods, including frozen pizza, burgers, french fries, and potato wedges.
- The Supermarkets Sector Accounts for the Highest Share
Throughout the forecast period, the supermarket sector held the largest frozen food market share. The retail sector is changing as a result of these markets’ rapid evolution. The primary idea behind these modifications is to put the comfort and choice of the customer first. Manufacturers are increasingly using supermarkets and hypermarkets to distribute their goods in an effort to challenge this notion.
Moreover, it is projected that the Internet retail sector will increase significantly during the forecast period. Online retail is growing rapidly since it’s convenient to access a wide range of things in one place using a smartphone and the internet. Customers may now easily make purchases from the comfort of their homes and enjoy the extra convenience of doorstep delivery.
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Europe: The growing vegan population in Europe is driving up demand for frozen veggies and is a major driver of the frozen food market in Europe. Further important factors driving market expansion in the region are changes in dietary preferences, robust consumer spending power, and economic stability.
North America: Because of increased consumer knowledge of frozen food products, the North American region is expected to grow at the quickest rate. The FDA has put in place a number of rules to restrict manufacturers’ use of chemicals, such as trans fats. Foods that are frozen require less cooking time since they are pre-cut, pre-washed, and sometimes partially cooked before being packaged and frozen. This increases their shelf life and improves portability, all of which support frozen food market size expansion.
Browse the Detail Report “Frozen Food Market Share, Size, Trends, Industry Analysis Report, By Product (Frozen Meat & Poultry, Frozen Vegetables and Fruits, Frozen Ready Meals, Frozen Seafood, Frozen Snacks); By Distribution Chanel; By Type; By End-Use; By Region; Segment Forecast, 2023 – 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/global-frozen-food-market
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- Redefined Meat, a well-known plant-based meat company, debuted its frozen meat products in Italy in May 2022 as part of a planned strategic move into the European market, capitalizing on its substantial global market share.
- With its most recent items, Seara, a well-known food brand known for its high-end frozen food selections, introduced a revolutionary new product line to the frozen food market in February 2022. Presenting the Seara Shawaya—a cutting-edge roasting chicken that fills a need in the market that any other product hasn’t filled.
Report Answers to the Following Questions
- How much is the frozen food market worth during the forecast period?
Ans: The market was valued at USD 395.06 billion in 2022 and is expected to grow to USD 604.17 billion by 2032.
- What factors contributed to the growth of the market?
Ans: The primary drivers of the frozen food market’s expansion are the expansion of the global cold-chain business, the rising demand for convenience foods, and shifting customer tastes and preferences.
- What is the growth rate of the market during the forecast period?
Ans: The growth rate of the market during the forecast period is 4.4%.
- Which region is projected to hold the largest share of the market?
Ans: Europe accounted for the largest market share in 2022.
Polaris Market Research has segmented the Frozen Food market report based on product, distribution channel, and region:
By Product Outlook
- Frozen Meat & Poultry
- Frozen Vegetables & Fruits
- Frozen Ready Meals
- Frozen Seafood
- Frozen Snacks
By Distribution Channel Outlook
- Convenience Stores
- Online Retail
- Specialty Stores
By Type Outlook
- Raw Material
By End-Use Outlook
- Ambulatory Surgical Centers
- Cardiology Centers
- Specialty Clinics
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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