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The global Frozen Food Market size is expected to value at USD 360.36 billion by 2024. The market is subject to witness a substantial growth due to the changing lifestyle patterns, shifting preferences among consumers towards ready-to-cook meals, increasing demand for convenience food, and growing focus towards hygienic food products. Frozen food products are able to retain maximum vitamins and minerals.
The freezing allows longer shelf life for the food products and limits any form of microbial growth that leads to food spoilage. In addition, increasing penetration by e-commerce retail stores is expected to fuel the growth of frozen food industry in the upcoming years. Increasing demand form staple food products from developed economies across the globe is propelling market growth as well, in the recent years. Globally, the frozen food market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the industry.
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Advanced freezing techniques not only extends life span of the food products but also maintains their nutritional value. Increasing demand for frozen fruits and vegetables from developed and developing economies is expected to positively affect market performance of frozen food industry in the upcoming years. Furthermore, emergence of advanced refrigeration media for commercial and industrial application is predicted to boost market growth over the forecast period. Increasing import and export activities for frozen food products such as chilled beef products, frozen pizza, frozen fruits & vegetable, and many more, is expected to foster market growth. Rising import activities the China and India is bolstering market growth in the upcoming years.
However, higher quantity of sodium and preservatives coupled with high-calorie value of the food product are projected to hamper the market growth to a certain extent. In addition, lack of availability of proper distribution channels and freezing facilities in rural areas of both developing and developed economies is limiting market progress, in the recent years. Yet, recent R&D activities by numerous large-scale packaged food manufacturers and advancement in freezing are estimated to offer lucrative growth opportunities for market players in the upcoming years.
Additionally, increasing penetration of large retail chains, supermarkets, hypermarkets, domestic stores and e-commerce websites in both developing as well as developed economies across the globe are expected to boost market demand for frozen food products in the upcoming years. Changing food patterns is one of the critical factor responsible for the expansion of frozen food market, in the recent years. Other factors such as changing lifestyle preferences, growing demand for convenience food, and need for maximizing limited leisure time, are expected to fuel market growth in upcoming years.
Frozen ready-to-cook meals is considered as one of the fastest growing segment in the frozen food industry with substantial revenue generation in the last couple of years. Growing popularity of the frozen ready-to-cook meal segment is attributed to growing popularity based on hygiene and timely preparation. The frozen potato segment has also witnessed massive growth, in the recent years due to rising demand for gluten free food products and high nutritional content.
The frozen food market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies for production & distribution of frozen food products, and existence of well-established industrial infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the frozen food with massive growth in forecast period. Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with shifting trends towards convenience food, improved living standard, increasing per capita income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the frozen food industry are General Mills, Inc., Ajinomoto Inc., Nestle S.A., Unilever Plc, Allens, Inc., The H. J. Heinz Company, McCain Foods Ltd., Dole Food Company, Inc., The Schwan Food Company, Inc., Rich Products Co., and Amy’s Kitchen Incorporations.
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