Frozen Food Market Size Worth $373.7 Billion Globally, by 2028 at 5.9% CAGR – Exclusive Report by The Insight Partners

New York, Nov. 16, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Frozen Food Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Type, Distribution Channel, and Geography,” the market is expected to grow from US$ 251.15535 billion in 2021 to US$ 373.76759 billion by 2028; it is expected to grow at a CAGR of 5.9% from 2022 to 2028. Due to hectic work schedules, people’s dependency on products saving time and effort has increased. The surge in the consumption of high-quality convenience food is one of the biggest trends in the food industry. Convenience food, such as frozen snacks, frozen meals, cold cuts, and ready-to-eat products, allows consumers to save time and efforts associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. Due to these factors, the market growth is expected to propel in the coming years.

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Frozen Food Market Report Scope & Strategic Insights:

The frozen food market in Asia Pacific is projected to register the highest CAGR during the forecast period. The market growth is attributed to increasing demand for frozen snacks, appetizers, ready meals, and desserts in the region, and muffins and the growing influence of western culture on the eating habits of the young population in the region. Companies such as Ocean Treasure, suprima bakeries, and Vesco Foods are actively operating in the market. All these factors are further expected to drive the frozen food market growth.  

Frozen Food Market : Competitive Landscape and Key Developments

A few leading players operating in the frozen food market are Conagra Brands, Inc.; General Mills Inc.; Pepperidge Farm Incorporated; Bonduelle Group; Mccain; Bellisio Foods, Inc.; Tyson Foods, Inc.; Kellogg’s Company; Nestlé S.A.; and The Kraft Heinz Company. These players are focused on developing innovative products to meet the changing requirements of consumers.

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Strategic Development Initiatives by Manufacturers

Frozen food manufacturers are making significant investments in product innovation to expand their customer base and meet emerging consumer trends. They are launching gluten-free, plant-based, sugar-free, organic, and clean-labeled products, as well as products suitable for a keto diet, which meet the varied requirements of consumers. For instance, in August 2021, Real Good Foods Company, a known name in the frozen foods industry, announced the launch of 7 new protein-rich, low-carb, grain-free, and gluten-free frozen product categories in 1,500 Kroger stores across the US. Such product innovations help them extend their reach, gain a competitive edge in international markets, and drive the frozen food market further.

Frozen food manufacturers are also adopting strategies such as business expansion and production capacity scaleup to serve their customers better. For instance, in January 2021, Nomad Foods announced plans to acquire the Frozen Foods (FFBG) business of Fortenova Group, including Ledo, Frokom, and other brands. With this acquisition, FFBG would extend Nomad’s portfolio into new and developing European markets while creating scope for potential future consolidation in Central and Eastern Europe. These initiatives by manufacturers are creating lucrative growth opportunities in the frozen food market.

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Frozen Food Market : Segmental Overview

Based on type, the frozen food market is segmented into frozen desserts, frozen bakery, frozen meat, poultry, seafood, frozen ready meals, frozen snacks, and appetizers. The frozen meat, poultry, and seafood segment accounted for the largest market share in 2021. Frozen meat products are growing in popularity as they can be stored conveniently, reducing food wastage. The rising demand for frozen meat, poultry, and seafood products owing to their extended shelf life and requirement of minimum preparation time are driving the segment’s growth. Moreover, the demand for frozen seafood products is also increasing due to rising awareness regarding the nutritional benefits associated with the consumption of seafood. Seafood is rich in omega 3 and 6 fatty acids, vitamins, minerals, and amino acids. Thus, the demand for frozen meat, poultry, and seafood products is increasing and is further expected to drive the frozen food market.

Based on distribution channel, the frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment accounted for the largest share in 2021. Supermarkets and hypermarkets are large retail establishments that offer a wide range of products, such as groceries, foods & beverages, and other household goods. Supermarkets & hypermarkets provide an array of frozen food brands to cater to the consumers’ demand.

Impact of COVID-19 Pandemic on Frozen Food Market

Supply chains were completely disrupted due to nationwide lockdown and border restrictions enacted by various governments during the COVID-19 pandemic, which affected the production and distribution of several products. However, the pandemic had a short-term impact on the food industry. The frozen food market experienced positive effects of this crisis. As people stayed in their homes, they had plenty of time for breakfast, which boosted the sales of frozen breakfast products. This factor also created a massive demand for frozen food. The CEO of Kraft Heinz Co. made the official announcement in March 2020 that the business is making every effort to close the demand-supply imbalance as a result of the profound changes taking place in the food industry. Thus, these factors are expected to propel market growth.

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Browse Adjoining Reports:  

Frozen Bakery Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Breads and Rolls, Cakes and Pastries, Cookies and Biscuits, and Others), Category (Gluten-free and Conventional), and End Use (Foodservice and Food Retail) and Geography

Frozen Potato Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (French Fries, Hash Brown, Shaped, Mashed, Battered/Cooked, Topped/Stuffed, and Others) and End User (Residential and Commercial)

Frozen Snacks Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Vegetables and Fruit Snacks, Meat Poultry and Seafood Snacks, Bakery Products, Meat Substitutes, Frozen Desserts, Others); Distribution Channel (Hypermarkets and Supermarkets, Convenience Stores, Online Stores, Others) and Geography

Frozen Waffles Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Flavored and Unflavored), Category (Gluten-Free and Conventional), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)

Frozen Meat Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Beef, Pork, Chicken, Others. On the basis of sales channel, the market is categorized as Retailers and wholesalers, E-commerce companies), and Geography

Frozen Chicken Nuggets Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Others) and Geography

Ready Meals Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Product Type (Frozen Ready Meals, Chilled Ready Meals, Canned Ready Meals, Dried Ready Meals); Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail Stores, FOthers) and Geography

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