Frozen Foods Market Overview, Industry Analysis, Size, Share, Trends, Growth Opportunities, and Forecast – 2028

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Frozen Foods Market Overview, Industry Analysis, Size, Share, Trends, Growth Opportunities, and Forecast – 2028

Frozen Foods Market Overview, Industry Analysis, Size, Share, Trends, Growth Opportunities, and Forecast - 2028
MarketsandMarkets™
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 global frozen foods market is estimated at USD 284.2 billion in 2023; it is projected to grow at a CAGR of 5.1% to reach USD 363.7 billion by 2028. The changing consumer lifestyles and busier schedules have increased the demand for convenient meal options, and frozen foods provide a quick and easy solution. Advancements in freezing and packaging technologies have improved the quality and shelf life of frozen products, making them more appealing to consumers. Additionally, concerns about food waste and the desire for longer-lasting food items have contributed to the popularity of frozen foods. The expanding variety of healthier frozen options, such as fruits, vegetables, and organic products, aligns with the growing emphasis on health and wellness, further driving the growth of the frozen food market.

Frozen Foods Market

Frozen Foods Market Trends:

1. Convenience: Consumers are increasingly opting for frozen foods due to their convenience. These products offer quick and easy meal solutions for busy lifestyles, requiring minimal preparation time.

2. Extended Shelf Life: Freezing helps preserve the quality and freshness of food for an extended period, allowing consumers to stock up on their favorite items without worrying about spoilage.

3. Variety: The frozen foods market offers a wide range of options, including fruits, vegetables, meats, seafood, ready-to-eat meals, and desserts. This variety appeals to diverse consumer preferences and dietary needs.

4. Health and Nutrition: Advances in freezing technologies have enabled manufacturers to retain the nutritional value of foods. Frozen fruits and vegetables, for example, often contain comparable nutrients to their fresh counterparts, making them a convenient option for maintaining a healthy diet.

5. Globalization: Increasing globalization has facilitated the availability of a wide range of frozen foods from around the world. Consumers can enjoy seasonal produce and specialty items year-round, regardless of their geographic location.

6. Rising Disposable Income: As disposable incomes rise in many regions, consumers are more willing to spend on convenience foods like frozen meals. This trend has further fueled the growth of the frozen foods market.

7. Changing Lifestyles: Urbanization, dual-income households, and hectic lifestyles have led to a growing demand for convenient meal solutions. Frozen foods offer a convenient alternative to cooking from scratch, appealing to time-strapped consumers.

8. Technological Advancements: Advancements in freezing, packaging, and distribution technologies have improved the quality and safety of frozen foods. These technologies help maintain the texture, flavor, and nutritional content of frozen products, enhancing their appeal to consumers.

9. Health and Wellness Trends: Despite the convenience factor, consumers are increasingly conscious of their health and wellness. Manufacturers are responding by offering healthier options, such as organic, gluten-free, and low-sodium frozen foods, to meet this growing demand.

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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 set to lead the frozen food market due to its versatility and broad consumer appeal. This category includes a wide range of products, such as fruits, vegetables, seafood, and meats, giving consumers the flexibility to create diverse and personalized meals. Raw frozen foods maintain their nutritional value and flavor, often surpassing their cooked or processed counterparts. They also accommodate various dietary preferences, including vegan, paleo, and gluten-free diets, making them inclusive and adaptable. In a time where health consciousness and convenience converge, raw frozen foods fit perfectly, enabling consumers to prepare fresh, wholesome meals with minimal effort. This widespread appeal is driving their popularity, ensuring raw frozen food holds the largest share of the frozen food market.

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.

Top Companies in theFrozen Foods 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).

Conagra Brands, Inc.

Conagra Brands, Inc. stands as a prominent player in the North American packaged food industry, boasting a robust portfolio of branded and private-label food products. The company’s influence extends to the commercial food sector, serving restaurants and global food service operations. Conagra’s business segments encompass grocery and snacks, refrigerated & frozen, food service, and international operations, spanning approximately 50 locations worldwide.

Noteworthy brands under Conagra’s umbrella include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender’s, Reddi-Wip, Slim Jim, and emerging brands such as Angie’s, BOOMCHICKAPOP, Duke’s, Earth Balance, Gardein, and Frontera. The company’s strategic focus centers on bolstering profitability, primarily through the rapid expansion of both branded and private label portfolios, achieved via relentless innovation. Conagra responds to consumer preferences by developing clean-label, nutritious products that cater to evolving tastes and demands.

Conagra’s subsidiaries, including Pinnacle Foods, Ralcorp Holdings, Inc., Blake’s All Natural Foods, and Frontera Foods, further strengthen its market presence. In a competitive landscape, Conagra competes with key industry rivals such as General Mills, The Kraft Heinz Company, and Kellogg. With a comprehensive product portfolio and a focus on innovation and efficiency, Conagra Brands, Inc. maintains its stature as a major player in the food industry.

In July 2023,  Conagra Brands, Inc. launched a product under the Birds Eye brand. Birds Eye is revolutionizing the frozen vegetable market by offering not only the convenience and nutritional benefits of frozen veggies but also introducing an impressive level of innovation—three times more than competitors in the past three years. The latest products mentioned go beyond the conventional role of vegetables as a side dish and can now be relished as appetizers, snacks, versatile side dishes, or meal enhancements.

NESTLE

Nestle is a global food and beverage giant that commands a vast portfolio of over 2,000 brands. In addition to its core food and beverage operations, Nestle is engaged in the pharmaceutical sector. The company’s product range spans beverages, dairy-based items, ice creams, prepared dishes, and pharmaceutical products. With a truly international footprint, Nestle’s presence spans across Europe, the Americas, Asia, Oceania, and Africa. It primarily conducts its operations through an extensive network of subsidiaries and boasts an impressive 29 research and development facilities worldwide. Nestle’s products reach consumers in 189 countries, supported by manufacturing facilities in 85 countries.

The company is organized into seven major business segments, encompassing Powdered and liquid beverages, milk products and ice cream, Nutrition, and healthcare, Prepared dishes and cooking aids, Confectionery, Water, and Petcare. Nestle’s extensive subsidiary portfolio includes well-known names like Nespresso (Switzerland), Gerber Products Company (US), Galderma SA. (Switzerland), Nestlé Waters (France), Chocolates Garoto S.A. (Brazil), and Svitoch (Ukraine). In the competitive landscape, key rivals include Lantmannen Unibake (Denmark), Associated British Foods Pic (UK), and Unilever (Netherlands). Nestle SA’s global stature and diverse offerings position it as a major player in the food and beverage industry.

Frozen Foods Market Industry News

1. 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.

2. 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.

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