The frozen foods market has gained an impressive impetus owing to increase in demand for convenient ways of life in this modern fast-paced age. This intelligence study on the frozen foods market by Persistence Market Research has placed the market value at around US$ 161 Bn.
Revenue is expected to increase 1.4X by 2031 with the market expanding at a CAGR of 4% over the next ten years. The frozen foods industry also depicts an absolute dollar opportunity worth US$ 77.6 Bn by the end of the decade.
Find Out More about the Report Coverage
- Nestlé S.A.
- Ajinomoto Co., Inc.
- Kraft Foods Group, Inc.
- ConAgra Foods, Inc.
- General Mills, Inc.
- H. J. Heinz Company.
- Tyson Foods, Inc.
- Unilever PLC.
- Maple Leaf Foods Inc.
- Pinnacle Foods Inc.
The company profiles include attributes such as company overview, products and services, financial performance and recent developments.
Key Points Covered in Frozen Foods Market Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on sales of frozen foods and how to navigate
- Recommendation on key winning strategies
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Boost in Demand for Frozen Foods
Urbanization and fast-paced life have changed many market trends and completely revolutionized the way we live. We are in a world where everything is fast-paced and everyone wants to get more done in less time. Frozen foods have perfectly fit the criteria and have completely altered the way we consume nutrition-rice foods.
In the recent rise of vegan and plant-based food, demand for frozen vegan food has also gone up.
- To cater to this demand, plant-based frozen food brand Tattooed Chef exceeded its distribution goal of 10,000 stores, and is on a charge to become a major provider of plant-based frozen foods. The company also has plans to expand into refrigerated and ambient products soon.
- On August 17, 2021, Real Good Foods Company, a known name in the frozen foods industry, announced the launch of seven new frozen products in 1,500 Kroger stores across the United States. These new entrées are high in protein, low carb, grain-free, and gluten-free, and hence, help consumers stay on track with their health goals and enjoy a good meal at the same time. This is an addition to the line of entrées that the company launched back in 2020.
With brands focusing and expanding their frozen product portfolios, we are expecting to see some major changes in the global frozen foods landscape.
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Rampant pace of lifestyle and dealing with work leaves lesser time to indulge in delicacies. The fact remain concurrent in every part of the consumers’ society, which is why frozen foods are set to gain substantial importance. Easier and speedier procedure to cook and eat these products has promoted their use to almost every other consumer. In 2021, the global market for frozen foods is estimated to amount to a market value of US$ 161 Bn.
According to the research report compiled by Persistence Market Research, global demand for frozen foods is anticipated to expand at a CAGR of 4% and reach a market value of nearly US$ 240 Bn by the end of forecast period (2021-2031).
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Key Market Dynamics
The most crucial factor driving the consumption of frozen foods comes from the kitchen itself. A majority of women in the western regions continue to opt for ready-to-eat foods instead of wasting a lot of time on cooking meals. In such scenarios, dependents continue to buy frozen foods and furnish the demands of the housewives.
Home cooks, chef and other culinary professionals, on the other hand, might not promote the use of frozen foods and will continue catering to intricately cooked cuisines. Another driver for the growth of frozen foods market globally includes the busy lifestyles of the working class.
Proactive lifestyle has urged people to consumer frozen food products whenever they have spare time. Easier availability of frozen foods has influenced the purchasing patterns of consumer regarding dietary products, rendering a firm place for frozen foods in their list of daily consumables.
Besides the geographical classification, the growth of global frozen foods market can be fragmented on the basis the type of products. Frozen pizza, frozen bakery products & confectionery items, frozen fish or seafood, frozen potatoes, frozen ready-to-eat meals, and frozen meat are the categorical types of products. On the long run, the frozen ready meals shall be the largest product segment.
- Frozen ready-to-eat meals
- Frozen fish/seafood
- Frozen meat products
- Frozen pizza
- Frozen potatoes
- Frozen bakery products & confectionery items
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Rest of the World
The global market for frozen foods continue to expand variably across several regions in the world. Europe, North America, Asia Pacific, and Rest of the World (RoW) are the primary four regions segmented in the report. Europe is expected to have a bright outlook over the forecast period, as the U.K. market is anticipated to rise at a healthy CAGR of 6.7% and amass the highest market share in the region.
North America is slated to be next in the line as a lucrative region for the growth of frozen foods market. Asia-Pacific, on the other hand, will endure the highest CAGR through 2031. With significant rise in its urbanization, the Asia-Pacific frozen foods market is more likely to dominate the global market during this period, and replace Europe as the largest frozen foods market.
Key Market Players
Growing consumption of frozen foods is urging companies to produce sustainable and durable food products. Leading companies in the global food & beverages industry are slated to participate in the growth of global frozen foods market by dedicating a division towards the production of such food products.
While Nestle and H.J. Heinz Company are among these four, other key companies include, ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills, BRF SA (Brazil), Tyson Foods Inc., Mother Dairy Fruit & Vegetable Pvt. Ltd. (India), Pinnacle Foods Inc., Ajinomoto Co. Inc., Kraft Foods Group Inc., and Unilever PLC, among others.
FAQs Answered in Market Study
- What has substantially influenced the demand for frozen foods?
Growing consumer preference for convenient food products to save time has majorly boosted sales of frozen foods.
- How is the frozen foods market expected to evolve over the next ten years?
The industry is expected to evolve at a moderate pace while registering a CAGR of 4% through 2031.
- What are the estimated market metrics for 2031?
The market for frozen foods is expected to amass revenue worth nearly US$ 240 Bn by the end of this decade.
- What is the marketplace data for the U.K.?
The market in the U.K. is anticipated to increase at a CAGR of 6.7% and amount for the largest market share in the European region.
- What are the market performance statistics for the past 5 years?
The industry performed well while progressing at a moderate CAGR of 3.1% from 2016 to 2020.
- Who are the prime manufacturers of frozen foods?
ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills, BRF SA (Brazil), and Tyson Foods Inc. are major producers of frozen foods.
- Which countries are driving demand for frozen foods?
The U.S., Canada, Germany, China, and the U.K are major nations leading the demand for frozen foods.
- What trends are shaping the frozen foods market?
Increased ease in the acquisition of frozen foods has drastically influenced the purchasing patterns and preferences of consumers, and this trend has majorly shaped the market in terms of demand.
- At present, how much do frozen foods market revenues total?
The frozen foods industry amounts to a net worth of approximately US$ 161 Bn.
- How much revenue has the North American frozen foods market roped in?
In 2021, the frozen foods industry in the North American region is expected to rope in revenue worth US$ 36 Bn.