Frozen Food Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Frozen Food Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Frozen Food Market

The frozen food market size was valued at USD 297.47 billion in 2023, and the market is now projected to grow from USD 310.77 billion in 2024 to USD 441.11 billion by 2032, exhibiting a CAGR of 4.80% during the forecast period of 2023-2032.

In the COVID-19 pandemic, the demand for frozen food market growth escalated due to panic buying. Buyers looked for frozen products during lockdowns because they had a more extended expiration period. Frozen foods turned into primal options due to concerns about the possible interruptions in supply.

The increasing popularity of convenience meal merchandise drives the frozen food market share to increase, attracting customers from diverse age groups with ready-to-eat products. This trend inspires the global marketplace with the accelerated demand for packaged foods due to the fact they are greater convenient and less time-consuming. Other elements inclusive of increased disposable incomes, developing populace, and hectic life also assist in the product’s uptake.

Rising consumer knowledge and technological innovation compel the fast development of the online retail segment, supported by the appearance of new e-commerce sites. Growing internet connectivity and the popularity of smartphones drive significant expansion in the e-commerce sector, supported by government legislation. Availability and a wide range of products appeal to consumers, especially the working class, with potential market development and avenues for new market players.

Comprehensive Analysis of Frozen Food Market

The frozen food market and the food & beverages industry are experiencing significant growth, largely attributed to market segmentation. This expansion entails a comprehensive analysis of supply and demand dynamics that influence the industry's benefits. These segments are meticulously categorized based on types and distribution channels. The types includes, Frozen Ready Meals, Frozen Seafood & Meat Products, Frozen Snacks & Bakery Products, and Others and the distribution channels includes, Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail.

Europe dominates the frozen food market because of an increased vegan population focusing on frozen vegetables due to increasing purchasing power and food preferences. Breakfast cereals continue to be a growth segment due to busy schedules of the consumers. Moreover, in Europe, there is a ready market product, however, an initial rise in frozen food sales due to COVID-19 has since tapered off.

Key market players in the food and beverages industry significantly influence industrial growth and establish market benchmarks, ensuring a fair competitive environment. These players include, General Mills Inc. (U.S.), Nestle SA (Switzerland), Conagra Brands Inc. (U.S.), The Kellogg Company (U.S.), Grupo Bimbo S.A.B. DE C.V. (Mexico), Lantmannen Unibake International (Denmark), The Kraft Heinz Company (U.S.), Unilever PLC (U.K.), Wawona Frozen Foods (U.S.)and Tyson Foods, Inc. (U.S.).

In February 2024, The large frozen meals brand Stouffer’s stated that they will begin to offer a new particular single-serve White Cheddar Mac & Cheese. Fresh food items come out to make it easier to cook in five new styles, such as boiling in a bag, zapping in the microwave, baking in a pizza oven, fast-cooking oven, or using a steam cooker.

Segmentation Table

GlobalFrozen Food Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Growth Rate CAGR of 4.80% from 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Segmentation By Type, Distribution Channels, and Region

By Type Frozen Ready Meals

Frozen Seafood & Meat Products

Frozen Snacks & Bakery Products

Others

By Distribution Channels Supermarkets/Hypermarkets

Specialty Stores

Convenience Stores

Online Retail

By Region North America (By Type, Distribution Channel, and Country)

- U.S. (By Type)

- Canada (By Type)

- Mexico (By Type)

Europe (By Type, Distribution Channel, and Country)

- France (By Type)

- Spain (By Type)

- U.K. (By Type)

- Italy (By Type)

- Germany (By Type)

- Rest of Europe (By Type)

Asia Pacific (By Type, Distribution Channel, and Country)

- China (By Type)

- India (By Type)

- Japan (By Type)

- Australia (By Type)

- Rest of Asia Pacific (By Type)

South America (By Type, Distribution Channel, and Country)

- Argentina (By Type)

- Brazil (ByType)

- Rest of South America (By Type)

Middle East & Africa (By Type, Distribution Channel, and Country)

- U.A.E. (By Type)

- South Africa (By Type)

- Rest of the Middle East & Africa (By Type)


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