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
[250 Pages Report] The global frozen foods market is projected to reach USD 363.7 billion by 2028 from USD 284.2 billion by 2023, at a CAGR of 5.1% during the forecast period in terms of value. One of the primary advantages is their longer shelf life compared to fresh alternatives. This quality significantly reduces food waste, a growing concern globally. Consumers can confidently stock up on frozen foods, knowing they won't spoil quickly, aligning with sustainability goals.
The proliferation of e-commerce has further propelled the frozen foods market. Online shopping platforms offer unparalleled convenience, allowing consumers to access and order frozen foods with ease. This digital accessibility has broadened the market's reach and made it simpler for individuals to incorporate frozen food products into their meal plans.
Globalization plays a pivotal role as well, with an extensive range of international cuisines available in frozen form. Consumers can now enjoy a diverse culinary experience from the comfort of their homes, adding excitement and variety to their diets.
Lastly, the perception of frozen foods as a safer option due to reduced contamination risk bolsters their demand. In an era where food safety is paramount, the frozen foods market benefits from this perceived advantage, further driving its growth and expansion.
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Market Dynamics
Drivers: Rapid Growth in the Packaged Food & Beverage Drives Growth in the Frozen Foods Market
The rapid growth in the packaged food and beverage industry is significantly fueling the expansion of the frozen foods market. This synergy can be attributed to several key factors. Firstly, the packaged food and beverage sector is experiencing increasing demand due to changing consumer lifestyles and preferences. Convenience, portability, and longer shelf life are all characteristics that appeal to today's busy consumers.
Frozen foods align seamlessly with these trends, providing convenient, ready-to-eat or easy-to-prepare meal options. They offer a practical solution for individuals and families seeking quick, hassle-free dining choices in the packaged food realm.
Furthermore, the packaged food industry's robust distribution networks and marketing strategies make it easier for frozen food products to reach a broader consumer base. This collaborative growth strengthens both sectors, as they cater to evolving consumer needs for convenience and variety in their food choices.
Restraints: Rising Preference for Fresh and Natural Food Products
The escalating preference for fresh and natural food products is exerting a constraining effect on the growth of the frozen foods market. Consumers today are increasingly health-conscious and inclined towards choices perceived as less processed and more wholesome. This shift in preference is driven by the desire for higher nutritional value and fewer additives in their diets.
As a result, the frozen foods market faces the challenge of convincing health-conscious consumers that their products offer comparable nutritional benefits to fresh alternatives. Additionally, the perception that fresh foods are inherently healthier can deter potential consumers from exploring frozen options.
Moreover, the rising trend of farm-to-table and locally sourced produce further reinforces the preference for fresh foods, as consumers seek to connect with the source of their food and support local agriculture.
Opportunities: Rising disposable incomes in emerging economies, driving frozen foods segment
The expanding trade of processed foods presents a significant opportunity within the frozen foods market. As global trade networks continue to grow, the frozen foods industry stands to benefit in several ways. Firstly, increased international trade facilitates the exchange of a wide variety of processed foods, including frozen options. This enables consumers to access a diverse range of products from around the world, expanding their culinary horizons. Secondly, globalization supports the import and export of frozen food ingredients, allowing for cost-effective sourcing of raw materials. This can lead to more competitive pricing and increased profitability for frozen food manufacturers. Moreover, international trade encourages innovation and the development of new frozen food products to meet the tastes and preferences of different regions. This diversity in offerings can attract a broader consumer base and drive market growth.
Challenges: Lack of Cold Chain Infrastructure in Developing Countries
The lack of adequate cold chain infrastructure in developing countries poses a formidable challenge to the frozen foods market. Cold chain infrastructure, which includes temperature-controlled storage, transportation, and distribution facilities, is essential for maintaining the quality and safety of frozen food products. In many developing nations such as South Africa, and Kenya these critical components of the supply chain are underdeveloped or insufficient.
This deficiency hampers the frozen foods market in multiple ways. It can lead to temperature fluctuations during transportation and storage, resulting in quality degradation and potential food safety risks. Moreover, the limited cold chain infrastructure restricts the availability of frozen products in remote and underserved areas, limiting market penetration and growth potential.
Additionally, the cost of establishing and maintaining cold chain infrastructure is often high, posing financial challenges for both producers and distributors. Overall, addressing the cold chain infrastructure gap in developing countries is crucial to unlock the full growth potential of the frozen foods market in these regions.
Market Ecosystem
Based on type, the raw material segment is estimated to hold the largest market share during the forecast period of the frozen foods market.
Raw frozen food is poised to dominate the frozen food market due to its versatility and appeal to a wide range of consumers. This category encompasses an array of products, including fruits, vegetables, seafood, and meats, offering consumers the flexibility to create diverse and customized meals. Raw frozen foods retain their inherent nutritional value and flavor, often outperforming their cooked or processed counterparts. Furthermore, they cater to various dietary preferences, such as vegan, paleo, and gluten-free diets, making them inclusive and adaptable. In an era where health consciousness and convenience intersect, raw frozen foods align perfectly, allowing consumers to prepare fresh, wholesome meals with minimal effort. This appeal is driving their popularity, ensuring that raw frozen food remains the largest share of the frozen food market.
Based on consumption, the retail segment is anticipated to witness the highest growth in the frozen foods market.
The COVID-19 pandemic has accelerated the trend of consumers stocking up on frozen essentials due to their longer shelf life, providing a boost to the retail frozen food segment. Additionally, as consumers become more health-conscious, frozen foods are evolving to offer a wider range of healthier options, including organic and low-calorie choices, further appealing to a health-focused demographic.
Furthermore, retail channels provide a convenient and accessible distribution network, making it easier for consumers to purchase frozen foods. With the ongoing expansion of e-commerce and online grocery shopping, retail frozen foods are well-positioned to capture a significant share of the market as they cater to the evolving preferences and needs of today's consumers.
Based on the distribution channel, the online segment is projected to experience the highest growth during the forecast period of the frozen foods market.
The online distribution channel is poised to experience the fastest growth in the frozen food market due to a confluence of factors. Firstly, the digital transformation of the retail landscape has seen an exponential increase in e-commerce and online grocery shopping, driven by changing consumer preferences and convenience. This shift has been further accelerated by the COVID-19 pandemic, which prompted many consumers to turn to online platforms for their shopping needs, including frozen foods.
Secondly, online channels offer a wider variety and selection of frozen food products compared to brick-and-mortar stores, catering to diverse dietary preferences, including vegan, gluten-free, and organic options. This variety attracts a broader customer base, appealing to health-conscious and adventurous consumers.
Moreover, the ease of doorstep delivery and the ability to compare prices and products online makes it an attractive option for time-pressed consumers. As technology continues to advance and online platforms become more user-friendly, the online distribution channel is primed for rapid growth in the frozen food market, providing unparalleled convenience and accessibility for consumers.
Europe Holds the Largest Share of the Frozen Foods Market
Europe is a major hub for frozen vegetable consumption, driven by busy lifestyles and a growing demand for affordable, nutritious, and convenient food options. Rising incomes and changing dietary preferences are propelling this market, with consumers shifting towards plant-based diets. Key opportunities for vegetable suppliers are found in countries like Germany, France, Belgium, Italy, and the Netherlands. Public awareness of the superior nutritional value of frozen vegetables over fresh and refrigerated ones is boosting demand, especially among younger generations.
According to the European Ministry of Foreign affairs, in 2021, Europe imported €3 billion worth of frozen vegetables, totaling 2.8 million tonnes, with 91% coming from within Europe and only 9% from developing nations. Europe's status as a major global frozen vegetable producer drives this predominantly internal trade. Germany, with a 20% market share, leads European imports, followed by France (18%) and Belgium (14%). These countries, particularly Germany and France, are crucial focus markets. Belgium, while a major producer and exporter, sources certain vegetable varieties from other nations. Italy, the Netherlands, Spain, and Sweden also rank among the top European markets.
Germany, ranked as the world's third-largest frozen vegetable importer (after the United States and Japan), holds the top spot in Europe. In 2021, 90% of Germany's frozen vegetable imports came from fellow European nations, with 10% originating from developing countries. This robust import activity within Europe contributes significantly to the growth of the European frozen foods market.
Contract catering, in which an external organization outsources catering services to a specialized company through a contractual arrangement, is becoming increasingly popular among businesses, public authorities, childcare centers, educational institutions, healthcare facilities, and correctional facilities in Europe. According to Food Service Europe, the contract catering industry boasts an annual turnover exceeding USD 26.59 billion, with substantial growth potential since, on average, only 35% of European firms or collective organizations providing social food services have contracts with catering companies.
The growing trend of dining outside the home is driving the expansion of contract catering to encompass a broader range of venues and events than ever before. This includes services at sporting events, museums, train stations, airports, and more. These organizations often rely on their contracted caterers not only to provide food but also to establish a unique style, atmosphere, and image for their customers.
This trend in contract catering is anticipated to have a positive impact on the European frozen foods market. With more venues and events seeking catering services, there is an increased demand for a diverse range of food options, including frozen foods. Contract caterers opt for frozen food solutions to efficiently meet this demand, as frozen foods offer convenience, longer shelf life, and the ability to cater to a wide range of tastes and preferences. As a result, the European frozen foods market stands to benefit from the growth of the contract catering sector as it continues to expand its reach and services.
Key Market Players
The key players in this market 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)
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Report Metric |
Details |
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Market size estimation |
2023–2028 |
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Base year considered |
2022 |
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Forecast period considered |
2023–2028 |
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Units considered |
Value (USD) |
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Segments Covered |
By Product, Type, Consumption, Distribution Channel, Freezing technique, and Region |
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Regions covered |
North America, Europe, Asia Pacific, Central & South America, and RoW |
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Companies studied |
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This research report categorizes the frozen food market based on Product, Type, Consumption, Distribution Channel, Freezing technique, and Region.
Target Audience
- Frozen food producers, suppliers, distributors, importers, and exporters
- Large-scale frozen food manufacturers and research organizations
- Related government authorities, commercial research & development (R&D) institutions, FDA, EFSA, USDA, FSANZ, EUFIC government agencies & NGOs, and other regulatory bodies
- Food product consumers
- Regulatory bodies, including government agencies and NGOs.
- Commercial research & development (R&D) institutions and financial institutions
- Government and research organizations
Frozen Food Market:
By Product
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Fruits & Vegetables
- Frozen Fruits
- Berries
- Mango Chunks
- Others
- Vegetables
- Cauliflower
- Broccoli
- Bell Pepper
- Carrot
- Beans
- Mushroom
- Avocado
- Corn
- Others
- Frozen Potatoes
- French Fries
- Other processed potato products such as Hash Brown, Etc
- Dairy Products
-
Bakery Products
- Proofed
- Fully Baked
-
Meat & Seafood Products
-
Poultry
- Raw (Secondary Processing)
- Pre/Half Cooked (Further Processing)
- Fully Cooked/Ready to Eat (Further Processing)
-
Red Meat
- Raw (Secondary Processing)
- Pre/Half cooked (Further Processing)
- Fully Cooked/Ready to Eat (Further Processing)
-
Fish/Seafood
- Raw (Secondary Processing)
- Pre/Half Cooked (Further Processing)
- Fully Cooked/Ready to Eat (Further Processing)
-
Poultry
-
Plant-based protein
-
- Pre/Half Cooked (Further Processing)
- Fully Cooked/Ready to Eat (Further Processing)
-
- Convenience Food & Ready Meals
- Pet Food
- Other Products
By Consumption
- Food Service
- Retail
By Type
- Raw Material
- Half-cooked
- Ready-to-Eat
By Distribution Channel
- Online
- Offline
By Freezing Technique
- Individual Quick Freezing (IQF)
- Blast Freezing
- Belt Freezing
By Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- Rest of the World (RoW)
Recent Developments
- In April 2023, Nestlé and the private equity firm PAI Partners came to an agreement to establish a joint venture focused on Nestlé's frozen pizza business in Europe. This move aimed to create a specialized player in a highly competitive and constantly evolving market segment. In this joint venture, Nestlé would maintain a minority stake, ensuring equal voting rights in partnership with PAI Partners.
- In March 2023, McCain Foods, the global leader in frozen potato products manufacturing, made a significant announcement of a substantial investment totaling USD 438.4 million. This investment is directed towards the expansion and doubling in size of its potato processing plant located in Coaldale, Alberta. This strategic move is expected to foster continued growth for the company, strengthening its ability to cater to key markets.
- In January 2022, Unilever, the largest ice cream company globally, introduced its new portfolio offerings for the year 2022. These offerings spanned across four of its prominent packaged ice cream and frozen novelty brands, namely Breyers, Klondike, Magnum ice cream, and Talenti Gelato & Sorbetto. This strategic move reflected Unilever's commitment to innovation and meeting consumer preferences by continuously refreshing its product lines and expanding its portfolio.
Frequently Asked Questions (FAQ):
What is the current size of the Frozen foods market?
The frozen foods market is estimated at USD 284.2 Billion in 2023 and is projected to reach USD 363.7 Billion by 2028, at a CAGR of 5.1% from 2023 to 2028.
Which are the key players in the market?
The key players in this market 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).
Which region is projected to account for the largest share of the frozen foods market?
Europe holds the distinction of being the largest market in the frozen foods sector due to a combination of factors. Firstly, the region boasts a well-established and affluent consumer base that values convenience without compromising on quality. Secondly, changing lifestyles and an increase in dual-income households have driven demand for time-saving meal solutions, making frozen foods an attractive choice. Additionally, Europe's strong cold chain infrastructure ensures the preservation of frozen products' quality during distribution. Lastly, the market benefits from a wide array of innovative and culturally diverse frozen food offerings, catering to the varied tastes and preferences of European consumers, further fueling its dominance in the industry.
Which frozen product is projected to grow at the highest rate during the forecast period?
Convenience foods and ready meals are poised for the highest growth within the frozen foods market due to changing consumer lifestyles and the demand for quick, easy-to-prepare options. Factors like urbanization, busy schedules, and a desire for convenience drive this trend, making these products increasingly popular choices among consumers seeking efficient meal solutions.
Which distribution channel is projected to account for the fastest growth of the frozen foods market?
Online distribution channel is expected to experience rapid growth in the frozen foods market due to the increasing prevalence of e-commerce and shifting consumer preferences. Convenience, a wide product selection, and the ease of home delivery have made online platforms a preferred choice for purchasing frozen foods. This trend is further accelerated by digital advancements and changing shopping habits, driving the swift expansion of online distribution.
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The study involved four major activities in estimating the current size of the frozen food market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
This research study involved the extensive use of secondary sources—directories and databases such as Bloomberg Businessweek and Factiva—to identify and collect information useful for a technical, market-oriented, and commercial study of the frozen food market.
In the secondary research process, various sources such as annual reports, press releases & investor presentations of companies, white papers, food journals, certified publications, articles from recognized authors, gold & silver standard websites, directories, and databases, were referred to identify and collect information. This research study involved the extensive use of secondary sources—directories and databases such as Bloomberg Businessweek and Factiva—to identify and collect information useful for a technical, market-oriented, and commercial study of the frozen food market.
Secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool of key players, and market classification and segmentation as per the industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.
Primary Research
Extensive primary research was conducted after obtaining information regarding the frozen food market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, South America, and the Rest of the World. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors, from business development, marketing, research, and development teams, and related key executives from distributors, and key opinion leaders. Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to types of frozen food, type, product, consumption, distribution channel, freezing technique, and region. Stakeholders from the demand side, such as food and beverage companies and health and personal care companies who are using frozen food were interviewed to understand the buyer’s perspective on the suppliers, products, and their current usage of frozen food and outlook of their business which will affect the overall market.
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
designation |
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General Mills Inc. (US) |
General Manager |
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Conagra Brands, Inc. (US) |
Sales Manager |
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GRUPO BIMBO (Mexico City) |
Director |
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Nestle (Switzerland) |
Individual Industry Expert |
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Givaudan (Switzerland) |
Marketing Manager |
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Unilever (UK) |
Sales Executive |
|
Kellogg Co. (US) |
Sales Manager |
|
McCain Foods Limited (Canada) |
Individual Industry Expert |
|
The Kraft Heinz Company (US) |
Manager |
|
Cargill, Incorporated (US) |
Individual Industry Expert |
Frozen Foods Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the frozen food market. These approaches were also used extensively to determine the size of various subsegments in the market. The research methodology used to estimate the market size includes the following details:
- The key players in the industry and the overall markets were identified through extensive secondary research.
- The revenues of the major frozen food players were determined through primary and secondary research, which were used as the basis for market sizing and estimation.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All macroeconomic and microeconomic factors affecting the growth of the frozen food market were considered while estimating the market size.
- All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain final quantitative and qualitative data.
Global Frozen Foods Market: Bottom-Up Approach
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Global Frozen Food Market: Top-Down Approach
Data Triangulation
After arriving at the overall size from the market size estimation process explained above, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for various market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both the top-down and bottom-up approaches.
Market Definition
The frozen food market refers to the segment of the food industry that involves the production, distribution, and sale of food products that have been preserved through freezing. These products are typically prepared and packaged while frozen and can include a wide range of items such as fruits, vegetables, meats, seafood, ready-to-eat meals, baked goods, and more. The market encompasses both retail and food service sectors, serving consumers who seek convenient, long-lasting, and often nutritious food options that can be stored in a frozen state until ready for consumption. The frozen food market is influenced by factors such as changing consumer lifestyles, the desire for convenience, advancements in freezing and packaging technologies, health and wellness trends, and environmental concerns related to food preservation and waste reduction.
Key Stakeholders
- Government regulatory authorities and research bodies
- Frozen food manufacturers
- Raw material suppliers
- Distributors & suppliers
- Importers & exporters of frozen food
- Traders of frozen food
- End-use industries
- Industry associations
Report Objectives
- Determining and projecting the size of the frozen food market, with respect to type, product, consumption, distribution channel, freezing technique, and regions, over five years, ranging from 2023 to 2028
- Identifying the attractive opportunities in the market by determining the largest and fastest-growing segments across regions
- Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- Analyzing the micro-markets with respect to individual growth trends, prospects, and their contribution to the total market
- Impact of macro- and microeconomic factors on the market
- Impact of recession on the global frozen food market
- Shifts in demand patterns across different subsegments and regions.
- Identifying and profiling the key market players in the frozen food market
- Understanding the competitive landscape and identifying the major growth strategies adopted by players across the key regions.
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
The following customization options are available for the report:
Product Analysis
- Product Matrix, which gives a detailed comparison of the product portfolio of each company.
Geographic Analysis
With the given market data, MarketsandMarkets offers customizations according to company-specific scientific needs.
- Further breakdown of the Rest of Europe into the Netherlands, Poland, Belgium, Sweden, and other EU & non-EU countries
- Further breakdown of the Rest of Asia Pacific into Indonesia, Malaysia, Thailand, the Philippines, Singapore, and Vietnam.
- Further breakdown of the Rest of the World into Middle East and Africa.
Company Information
- Detailed analyses and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Frozen Foods Market
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