Frozen Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Frozen Desserts; Frozen Bakery; Frozen Meat, Poultry, and Seafood; Frozen Ready Meals; Frozen Snacks and Appetizers; Others) and By Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
Publication Month: Jun 2022 |
Report Code: TIPRE00004541
| No. of Pages: 190
| Category: Food and Beverages
| Status: Published
The frozen food market is expected to grow from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028; it is expected to grow at a CAGR of 5.9% from 2022 to 2028.
Frozen foods are often stored at around −18°C as a commercial standard for food preservation. The products should not suffer structural and chemical changes because dried and frozen foods are stable for long storage periods. Frozen products do not require added preservatives because microorganisms do not grow when the food temperature is below −9.5 °C, sufficient to prevent food spoilage. The demand for frozen food products is increasing as they have extended shelf-life, are suitable for single-person consumption, and can be prepared in very less time. Thus, the frozen food market is expected to drive significantly.
Europe held the largest frozen food market share in 2021, while other developing regions, such as Asia Pacific and the Middle East & Africa, are expected to grow significantly in the forecast period. The growth of the market in Europe is mainly attributed to the rising demand for convenience food, extensive retail infrastructure, and availability of a wide range of products of different brands across different distribution channels. Moreover, the market is projected to witness significant growth in the coming years due to the strong presence of prominent players such as Nestle S.A.; and Bounduelle Group, operating actively across Europe. These factors are projected to drive the Europe frozen food market over the coming years.
Report Coverage - Frozen Food Market
Market Size Value in
US$ 251,155.35 Million in 2021
Market Size Value by
US$ 373,767.59 Million by 2028
CAGR of 5.9% from 2022 to 2028
No. of Pages
No. of Tables
No. of Charts & Figures
Historical data available
Type, and Distribution Channel
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Frozen food Market
The COVID-19 pandemic brought unprecedented challenges for many sectors in early 2020. Lockdowns, border restrictions, travel bans, manufacturing discontinuation, and other safety measures rolled out by governments as per the guidelines of the WHO and national health ministries hampered the manufacturing operations of various industries, including the food & beverage industry. However, the outbreak provided lucrative opportunities for the manufacturers of frozen food. During the initial phase of the pandemic, almost all the countries in the world have proposed a country-level lockdown in which people are restricted from going outside their houses. This global crisis has propelled the demand for frozen food products owing to their higher shelf life. Moreover, people stayed at home due to the government mandates, which stimulated the demand for frozen snack products during the pandemic.
Frozen Food Market Breakdown – by Region
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Flourishment of E-Commerce
In recent years, the organized retail sector has undergone a massive transformation. The emergence of e-commerce has resulted in considerable changes in the way people shop and spend their money. People increasingly prefer online retail platforms for purchasing frozen foods. According to American Frozen Food Institute, online sales of frozen food products will increase by 75% in 2020. The online sales of food and beverages rose significantly during the pandemic due to the shutdown of brick-and-mortar stores and governments' imposition of social restrictions. This factor contributes to the growth of the frozen food market by eliminating the dependency on offline retail stores.
Based on type, the frozen food market is segmented into frozen desserts; frozen bakery; frozen meat, poultry, and seafood; frozen ready meals; frozen snacks and appetizers; others. The meat, poultry, and seafood segment are projected to register the largest share during the forecast period. The rising consumption of meat products, especially poultry meat, drives the segment growth. According to the US Department of Agriculture (USDA), in 2021, beef production in the US was US$ 5,866.54 million, pork production accounted for US$ 2,872.6 million, and poultry production accounted for US$ 5,267.81 million. Frozen meat products are growing in popularity as they can be stored conveniently, reducing food wastage. The growth of the meat, poultry, and seafood segment is fueling the growth of the frozen food market.
Distribution Channel Insights
Based on distribution, the frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The online retail segment is projected to register the highest CAGR in the market due to its shopping and product delivery convenience. Online retail stores offer various products with heavy discounts; consumers can conveniently buy desirable products remotely. Additionally, the door-step service attracts many customers to shop through e-commerce platforms. Moreover, these websites offer product information and user reviews, which help buyers compare products and make informed decisions.
Frozen Food Market, by Distribution Channel– 2022 and 2028
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The key 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 engaged in developing products with reduced health risks to meet emerging consumer trends and abide by regulatory frameworks. They are involved in mergers and acquisitions, business expansions, and partnerships to expand their market share.
Progressive industry trends in the frozen food market to help players develop effective long-term strategies
Business growth strategies adopted to secure growth in developed and developing markets
Quantitative analysis of the frozen food market from 2022 to 2028
Estimation of global demand for frozen food
Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
Recent developments to understand the competitive market scenario
Market trends and outlook, and factors governing the growth of the frozen food market
Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
Size of the frozen food market at various nodes
Detailed overview and segmentation of the market and the frozen food industry dynamics
Size of the growth in various regions with promising growth opportunities
The major players operating in the global frozen food market are Conagra Brands, Inc.; General Mills; PEPPERIDGE FARM INCORPORATED; Bonduelle Group; McCain Foods Limited; Bellisio Foods, Inc.; Tyson Foods, Inc.; Kelloggâ€™s Company; Nestle S.A.; and The Kraft Heinz Company.
Strategic development initiatives by manufacturers anticipate lucrative opportunities for the frozen food market. Manufacturers of frozen food 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. Moreover, people have started focusing on convenience food products while maintaining the nutritional balance in their diets, manufacturers are launching nutritionally enriched frozen products. Such product innovations help them extend their reach and gain a competitive edge in international markets. Strategies such as business expansion and production capacity scaleup are also being adopted by frozen food manufacturers to better serve their customers. These initiatives by manufacturers are creating lucrative growth opportunities in the frozen food market.
Based on type, frozen meat, poultry & seafood segment has largest revenue share. Frozen meat includes beef, goat, lamb, and pork. Poultry includes white meat derived from chicken & turkey. Seafood includes fish, crustaceans like crabs & lobsters, and molluscs like clams, oyesters, scallops, and musells. The rising consumption of meat products, especially, poultry meat is driving the segment growth. Frozen meat products are growing in popularity as they can be stored conveniently which reduce 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 segmentâ€™s growth. Further, the meat is rich source of proteins, and it contains essential amino acids, and collagen. Hence, the benefits associated with the consumption of frozen meat, encouraging consumers to include frozen meat products in their diet. 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 omega 6 fatty acids, vitamins, minerals, and amino acids. Thus, the health benefits of seafood are driving their consumption across the globe, which is thereby driving the segmentâ€™s growth.
Europe accounted for the largest share of the global frozen food market. The growth of frozen food market in Europe is mainly attributed to the rising demand for convenience food, extensive retail infrastructure, and availability of a wide range of products of different brands across different distribution channels. Moreover, the presence of consumers with high per-capita income is also driving the demand for frozen food especially frozen meals, bakery products, and snacks. Consumers are seeking nutritional benefits from the products they consume. Therefore, the demand for clean, organic, gluten-free, and minimally processed frozen food has increased significantly which is driving the market growth in the region. bakers across the region are incorporating natural and certified organic ingredients in their products to fulfill changing consumer preferences. This factor is projected to offer new opportunities in the frozen food market in Europe during the forecast period.
Based on the distribution channel, supermarkets and hypermarkets segment is projected to grow at the fastest CAGR over the forecast period. Supermarkets and hypermarkets are large retail establishments that offer a wide range of products, such as groceries, foods & beverages, and other household goods. Products from various brands are available at reasonable prices in these stores, allowing consumers to shop & find the right product quickly. Supermarkets & hypermarkets provide an array of frozen food brands to cater the consumerâ€™s demand. In such stores, products are arranged on the shelves properly so that customers can get access easily. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Supermarkets and hypermarkets focus on maximizing product sales to increase their profit. Manufacturers of frozen foods usually prefer to sell their products through supermarkets and hypermarkets owing to heavy customer footfall at such stores. Moreover, such stores have modern storage facilities which ensure ideal storage conditions for frozen foods.
Growing consumption of convenience food is driving the frozen food market. Over the past few years, the lifestyles of people across the world have evolved dramatically. Due to hectic work schedules, peopleâ€™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. The development and popularity of these food items are ascribed to many social changes; the most notable of these are the increasing number of smaller households and the rising millennial population across the world. Due to hectic work schedules, millennials prefer to be efficient with their time, rather than spending it on tedious tasks. Thus, they are more likely to spend their money on convenience food. These factors are significantly boosting the demand for convenience food among consumers, eventually boosting the growth of the frozen food market.
The List of Companies - Frozen Food Market
Conagra Brands, Inc.
PEPPERIDGE FARM INCORPORATED
McCain Foods Limited
Bellisio Foods, Inc.
Tyson Foods, Inc.
The Kraft Heinz Company
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global frozen food market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.