Frozen Foods Market by Product (Fruits & Vegetables, Dairy Products, Bakery Products, Meat and seafood Products, Plant-Based Protein, Convenience Food and ready Meals, Pet Food), Consumption, Type, Distribution Channel Region - Global Forecast to 2028

Frozen Foods Market by Product (Fruits & Vegetables, Dairy Products, Bakery Products, Meat and seafood Products, Plant-Based Protein, Convenience Food and ready Meals, Pet Food), Consumption, Type, Distribution Channel Region - Global Forecast to 2028

The frozen foods market is projected to grow from USD 284.2 Billion in 2023 to USD 363.7 Billion by 2028, at a CAGR of 5.1% during the forecast period. Globalization has emerged as a key driving factor in the thriving frozen foods market, significantly impacting consumer choices and industry trends. This phenomenon is reshaping the landscape of frozen foods, primarily through two critical aspects: convenience and sustainability. Convenience, the cornerstone of the frozen foods sector, aligns seamlessly with the fast-paced lifestyles of contemporary consumers. Frozen foods offer quick, easy meal solutions, sparing individuals the time and effort required for extensive meal preparation. This inherent convenience appeals to busy households and professionals seeking efficient dining options without compromising on taste or nutrition. Moreover, frozen foods boast a longer shelf life compared to their fresh counterparts, contributing to sustainability efforts by reducing food waste. This sustainability aspect resonates with environmentally conscious consumers concerned about the impact of food production and disposal on the planet. Furthermore, globalization has facilitated the infusion of international cuisines into the frozen food market. Consumers can now explore a diverse range of global flavors and culinary traditions in a convenient frozen format.

“Plant-based protein in the frozen food products segment is expected to be one of the fastest growing sub-segments in the market.”

Frozen plant-based protein products are experiencing remarkable growth in the frozen food market due to several compelling factors. There is a burgeoning demand for plant-based and vegetarian options among health-conscious consumers seeking sustainable and ethical food choices. These products offer a healthier alternative to traditional meat-based frozen items, attracting a broad and diverse customer base. Additionally, the taste and texture of frozen plant-based proteins have improved significantly, replicating the sensory experience of meat products. This has made them more appealing to consumers who may have been hesitant to try plant-based options in the past.

Furthermore, concerns about environmental sustainability and animal welfare are driving consumers to opt for plant-based alternatives. Frozen plant-based proteins align with these ethical and sustainable values, making them an attractive choice.

Lastly, the convenience factor associated with frozen foods, combined with the benefits of plant-based eating, creates a compelling value proposition for consumers looking for quick, nutritious, and environmentally friendly meal solutions. As a result, the rapid growth of frozen plant-based protein products is expected to continue as the market evolves to meet these changing consumer preferences.

Ready-to-eat frozen foods is one of the segments that is projected to grow rapidly during the forecast period.

Changing consumer lifestyles and the increasing pace of life have amplified the demand for convenient meal solutions. Ready-to-eat frozen foods offer a quick and hassle-free dining option, eliminating the need for time-consuming meal preparation. The advancement in freezing and packaging technologies ensures that these products maintain their taste, texture, and nutritional value, meeting consumer expectations for quality. Furthermore, the expanding variety of cuisines and flavors available in the ready-to-eat frozen food segment caters to diverse tastes and preferences. This versatility attracts a broad consumer base. Additionally, the convenience of online shopping and e-commerce platforms has made it easier for consumers to access and purchase ready-to-eat frozen foods.

Asia-Pacific is projected to grow rapidly during the forecast period.

The Asia-Pacific region is poised to emerge as the fastest-growing market for frozen foods. This surge can be attributed to several key factors. Firstly, changing consumer lifestyles and an increasing urban population are driving demand for convenient and time-saving food options, making frozen foods an attractive choice. Additionally, improved cold chain infrastructure and retail penetration have made frozen foods more accessible to consumers across the region. Finally, a diverse range of cuisines and preferences across the region is prompting innovation and customization in the frozen food industry, further fueling its rapid growth in the Asia-Pacific market.

As per Agricultural and Processed Food Products Export Development Authority ( APEDA) reports, India stands as the world's second-largest producer of fruits and vegetables, making its frozen food processing industry a highly promising and rapidly expanding sector. According to statistics provided by the National Horticulture Board, India achieved remarkable fruit and vegetable production figures in the 2020-2021 period, with 102.48 million tons of fruits and 200.45 million tons of vegetables. Fruit cultivation covered an expansive 9.6 million hectares, while vegetables spanned 10.86 million hectares. Moreover, in line with data from the FAO, India reigns supreme as the world's largest producer of mangoes, papayas, guavas, bananas, and mangosteen. Regarding vegetables, India leads in the production of potatoes, onions, tomatoes, and okra. These abundant supplies of fruits and vegetables, particularly the anticipated growth in frozen mangoes, frozen pineapple, and frozen banana slices or dice, are projected to significantly bolster the Asia-Pacific frozen foods market in the coming decade.

The break-up of the profile of primary participants in the frozen foods market:

By Company Type: Tier 1 – 30%, Tier 2 – 45%, and Tier 3 – 25%

By Designation: CXOs – 25%, Managers – 50%, Executives-25%

By Region: Asia Pacific – 40%, Europe – 25%, North America – 25%, and Rest of the World – 10%

Prominent companies include General Mills Inc. (US), Nestlé (Switzerland), Unilever (Netherlands), McCain Foods Limited (Canada), Conagra Brands, Inc (US), Kellogg's Company (US), Grupo Bimbo (Mexico), and The Kraft Heinz Company (US), among others.

Research Coverage:

This research report classifies the frozen foods market based on various factors, including product categories (such as Fruits and vegetables, Dairy Products, Bakery Products, Meat and seafood Products, Plant-Based Protein, Convenience Food and ready Meals, Pet Food, and Others), consumption patterns (Food Service and Retail), product types (Raw Material, Half-Cooked, and Ready-to-Eat), distribution channels (Offline and Online), and regions (North America, Europe, Asia Pacific, Central & South America, and Rest of the World). The report provides comprehensive insights into market dynamics, encompassing drivers, limitations, challenges, and opportunities that influence the growth of the frozen foods market. Additionally, it offers a thorough analysis of key industry players, their business profiles, solutions, services, strategies, contracts, partnerships, agreements, new product launches, mergers, acquisitions, and recent developments in the frozen foods market. The report also includes a competitive analysis of emerging startups within the frozen foods market ecosystem.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall frozen foods market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Rapid growth in the packaged food & beverage industry, Rise in end-use applications, and Environmental and economic benefits), restraints (Rising preference for fresh and natural food products and Requires constant temperature monitoring), opportunities (Digitalization of the retail industry and Increasing trade of processed food), and challenges (Lack of cold chain infrastructure in developing economies) influencing the growth of the frozen foods market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the frozen foods market.

Market Development: Comprehensive information about lucrative markets – the report analyses the frozen foods market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the frozen foods market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like General Mills Inc. (US), Nestlé (Switzerland), Unilever (Netherlands), McCain Foods Limited (Canada), Conagra Brands, Inc (US)among others in the frozen foods market strategies. The report also helps stakeholders understand the frozen foods market and provides them with information on key market drivers, restraints, challenges, and opportunities.