Asia-Pacific Frozen Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Frozen Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Frozen Food Market is projected to register a CAGR of 6.8% during the forecast period, 2022-2027.

The market is majorly driven by the growing consumer interest in shelf-stable food due to hectic lifestyles. Expanding working women population accompanied by economic development has fueled the demand for convenience food such as frozen food in the region over the past decade. Over the years, the market evolved from selling raw foods, such as frozen meat, fish, vegetables, and fruits, to prepared ready meals, ready-to-cook food such as dough, cutlets, gravy mixes, sandwiches, etc., and frozen desserts.

Convenience is the key factor influencing consumer preference as ready-to-cook frozen foods need less preparation time. Moreover, rising technological innovations including freezing technologies and a cold chain supply chain enable easy accessibility of frozen food products across the region, which in turn supports the market expansion. Further, the advent of new technologies has resulted in the affordability of frozen food. However, factors like the change in the flavors, including sweetness, fat content, and texture when compared to fresh foods are expected to affect the market’s growth.

Key Market TrendsRising Inclination Towards Convenience Food

Owing to fast-paced lifestyles and the need for a quick meal or snack among adults, there has been a growing demand for healthy and convenient food that can be consumed instantly. Frozen food products are considered beneficial as most of them can be cooked within less time for consumption. These factors have been propelling the market growth.​ Ready-to-cook frozen foods such as canned seafood, instant vegetable mix, rice dishes, and noodles are extremely popular among millennial consumers as these items are half-prepared and require minimum cooking time. Moreover, key brands have provided consumers with large varieties of frozen food, wherein much of the preparation work has been done outside the home. This development has been facilitated by technological innovations in preservation, packaging, freezing, artificial flavorings and ingredients, and by using microwaves.​ For instance, in September 2020, SABIC, a leading manufacturer of diversified chemicals, launched a new packaging solution for frozen food, featuring a new grade of PE(polyethylene) with innovative film production technology. Further, the company claims that the new packaging solution is 100% recyclable and offers better visibility of packaged frozen food products due to higher light transmission.

Retail Sales through Online Stores is Expanding at Highest CAGR

The convenience associated with online transactions has increased the reliance on this retail channel. Consumers can compare various options and purchase the required product at the convenience of their homes. Further, online platforms offer various discounts, along with a wide assortment of frozen snacks. These product offerings include frozen snacks ranging from frozen potato fries, wedges, pizzas, croissants, fish cakes, squid rings, frozen momos, and many more. Alongside this, the major frozen snack manufacturers are partnering with e-commerce platforms to acquire a wider consumer base. For instance, in April 2022, Prasuma, an Indian frozen food brand, launched a new line of frozen food snacks including chicken nuggets, veg, and chicken spring rolls, veg and chicken mini samosas, kababs, and bacon, among others. The company has made these products available in more than 70 cities of India through its retail partners such as Swiggy Instamart, Nature’s Basket, Walmart, and Meatigo.com.

Competitive Landscape

The market is moderately competitive, with the substantial presence of both global and regional players. The key players in the Asia-Pacific frozen food market are McCain Foods Limited, Lantmannen, Conagra Brands Inc., Ajinomoto Co. Inc., and General Mills, Inc. Leading companies are focused on the advanced distribution network and manufacturing expertise to gain a competitive advantage in the fastest growing market. For instance, in June 2022, FroGo, a meals tech startup, launched India's first e-commerce, which caters completely to the frozen food supply. This online retail platform offers frozen food and meals, including frozen snacks from different market giants, including Mc Cain Limited. Additionally, frozen food brands are targeting potential consumers with innovative product offerings and improved packaging formats that match the evolving consumer preference in the area of convenience and sustainability.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.