Global Frozen Foods Market Forecast to 2028: Market to Grow

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Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) — The “Global 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 – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

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%

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.

Prominent companies include General Mills Inc. (US), Nestle (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.

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.

Key Attributes:

Report Attribute Details
No. of Pages 705
Forecast Period 2023 – 2028
Estimated Market Value (USD) in 2023 $284.2 Billion
Forecasted Market Value (USD) by 2028 $363.7 Billion
Compound Annual Growth Rate 5.1%
Regions Covered Global

Premium Insights

  • Increase in Demand for Convenience Food to Drive Market During Forecast Period
  • Convenience Food & Ready Meals Segment to Lead Market During Forecast Period
  • Raw Material Segment to Lead Market During Forecast Period
  • Food Service Segment to Account for Largest Share in 2023 and
  • Offline Segment to Account for Larger Share in 2023 and
  • Convenience Food & Ready Meals Segment Dominated Market in
  • India and China to Achieve Significant Growth During Forecast Period

Case Studies

  • Coles Quality Foods Installed Cryogenic Flour Chilling System to Achieve Consistent Dough Mixing Performance
  • Mmci Robotics Incorporated Specially Designed Mmci Fd-1500 Automated Pallet Dispenser into Robotic Setup to Achieve Seamless Palletizing at Low Temperatures

Market Overview

  • Macroeconomic Indicators
  • Changing Consumer Lifestyles and Dietary Preferences
  • Globalization and International Trade Policies
  • Inflation Rate

Market Dynamics

Drivers

  • Developments in Retail Landscape
  • Rising Demand for Convenience Food
  • Technological Advancements in Cold Chain Market

Restraints

  • Rising Preference for Fresh and Natural Food Products
  • Need for Maintaining Temperature Requirements

Opportunities

  • Digitalization of Retail Industry
  • Increasing Trade of Processed Food

Challenges

  • Lack of Cold Chain Infrastructure in Developing Economies

Industry Trends

Value Chain Analysis

  • Research and Product Development
  • Raw Material Sourcing
  • Production and Processing
  • Packaging
  • Distribution
  • Marketing & Sales

Technology Analysis

  • Robotics Freezer Palletizing System
  • Frozen Bakery Products and Artificial Intelligence

Company Profiles

  • General Mills Inc.
  • Conagra Brands, Inc.
  • Grupo Bimbo
  • Nestle SA
  • Unilever
  • Kellogg Co.
  • Mccain Foods Limited
  • The Kraft Heinz Company
  • Associated British Foods PLC
  • Ajinomoto Co. Inc.
  • Vandemoortele
  • Lantmannen Unibake
  • Cargill, Incorporated
  • Europastry SA
  • Jbs Foods
  • Kidfresh
  • Aryzta AG
  • Shishi He Deming Seafood Co. Ltd.
  • Oob Organic
  • Omar International Pvt. Ltd.
  • Kuppies
  • Bubba Foods, LLC
  • Smart Price Sales & Marketing, Inc.
  • Chevon Agrotech Private Limited
  • M/S India Frozen Foods

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