Frozen Food Market - Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

Frozen Food Market - Global Industry Analysis (2019 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

Frozen food products have been among the popular segments of convenience food sector. While the fresh V frozen argument continues to influence consumer mindsets, certain claims by the industry players and regulatory authorities may more likely work to the advantage of frozen food market. The global frozen food market was valued at US$243.8 Bn in 2021 and is expected to index the valuation of US$362.2 Bn by 2029 end. This is due to the enforcement of stricter guidelines by regulatory authorities, as well as a growing sense of awareness concerning the benefits of leading a healthier lifestyle through better eating habits.

More emphasis is being given by manufacturers to improving the nutritional content of processed or frozen food products, as well as a greater demand for better quality products, particularly by younger generations of individuals who are willing to spend more for these products that offer more value. Additionally, improved, eco-friendly, flexible packaging solutions are also expected to play an integral part in boosting adoption of frozen foods. The market will index a CAGR of 4.9% over the forecast timeline, 2022 – 2029, says the report.

Key Research Insights and Trends Across Frozen Food Market

The proliferation of supermarkets and hypermarkets will boost market growth prospects

Improved products offerings to boost adoption rates among younger consumer demographics

Approvals by regulatory authorities concerning nutritional value of frozen food will bolster market growth

North America remains the key revenue contributor with a projected CAGR of 22%

Supermarkets and Hypermarkets Remain Major Revenue Contributors in Frozen Food Market

As globalization and urbanization levels proliferate, there continues to be a steady increase in the number of supermarkets and hypermarkets mushrooming around the world. This is a major factor contributing to the increase in generated revenues of the frozen food market, as these outlets account for most frozen product sales. Moreover, these larger-scale brick-and-mortar distribution channel outlets are equipped with adequate cold storage solutions that can effectively store perishable products for longer as well as allow for the sale of frozen goods from around the world in one location. Supermarkets and hypermarkets are also increasingly becoming more prominent across various emerging economies which is also expected to have a profound impact on projected revenues to be generated. On the other hand, ready meals will reportedly continue to be the top-selling category.

North America Frontrunner in Global Frozen Food Market

As per analysis carried out by Fairfield Market Research, North America is slated to remain the regional frontrunner in the global frozen food market over the course of the forecast period. There are several factors that continue to contribute to this region’s market dominance, such as a greater demand for ready-to-eat products, the leading of hectic lifestyles, as well as greater access to a wider range of products, to name a few. On the other hand, markets in the Asia Pacific are expected to index the fastest CAGR while steadily increasing in prominence due to a spike in the number of distribution channels, a higher demand for frozen goods, and a growing number of industry players engaged in this region.

Key Competitors

Cargill Inc., Nestle SA, Nomad Foods Ltd., General Mills Inc., Unilever Plc, Tyson Foods Inc., Conagra Brands Inc., Kellogg Company, The Kraft Heinz Company, and Associated British Foods Plc., all collectively account for the majority revenue share of the frozen food market and are extensively detailed under our comprehensive competitive profiling and strategic analysis.

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