Pune, India, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global frozen food market size was USD 285.18 billion in 2022 and is projected to surge from USD 297.47 billion in 2023 to USD 412.93 billion in 2030, exhibiting a CAGR of 4.80% over the study period. The expansion is driven by the rising availability of various types of products such as frozen seafood & meat, frozen ready meals, frozen snacks & bakery, and others.
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Leading Players Featured in the Research Report:
Companies leading the Frozen Food Market are McCain Foods, Wawona Frozen Foods, ConAgra Foods, Inc., General Mills, Inc., Bellisio Foods, and Nestle S.A. and more players profiled.
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.80% |
| 2030 Value Projection | USD 412.93 Billion |
| Frozen Food Market Size in 2022 | USD 285.18 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 162 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Frozen Food Market Growth Drivers | Market Share to Surge Driven by Rise in the Employment Rate of Women |
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COVID-19 Impact:
Imposition of Lockdown Restrictions Affected the Market Expansion
The pandemic period resulted in the enforcement of lockdown restrictions by the governments of various countries. This led to a spike in product sales impelled by panic buying. However, the reduced manpower in production units affected the supply of products, hampering the industry expansion.
Segmentation:
Frozen Snacks & Bakery Products Segment to Lead Owing to Growing Product Demand
On the basis of type, the market is subdivided into frozen seafood & meat products, frozen ready meals, frozen snacks & bakery products, and others. The frozen snacks & bakery products segment is anticipated to have a dominant share over the projected period. The expansion is propelled by the soaring product demand in developed countries such as France, Canada, Germany, the U.K., and the U.S.
Supermarket/Hypermarket Segment to Gain Traction Impelled by Soaring Availability of Numerous Products
By distribution channel, the market is fragmented into specialty stores, supermarkets/hypermarkets, online retail, and convenience stores. The supermarket/hypermarket segment is poised to hold a dominant position in the global market over the study period. The expansion is driven by the growing number of supermarkets in developing countries.
Based on geography, the market for frozen food is segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
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Report Coverage:
The report provides an analysis of the major trends driving the business landscape across various regions. It further gives an account of the key steps boosting the global business scenario throughout the forecast period. Other aspects of the report include merger agreements, acquisitions, and other strategies adopted by key industry players.
Drivers and Restraints:
Market Share to Surge Driven by Rise in the Employment Rate of Women
One of the key factors driving frozen food market growth is an upsurge in the employment rate of women. This has led to a rise in the purchase of frozen and ready meals as women who are part of the workforce find it difficult to prepare meals on a daily basis.
However, a rise in consumer preference for fresh and natural foods may hamper industry expansion to a considerable extent.
Regional Insights:
Europe to Ace the Market Driven by Upsurge in the Purchasing Power of Consumers
The rising vegan population in Europe is expected to augment frozen food market share in the region. Europe is set to dominate the global market and is slated to register notable expansion over the projected period. The surge is driven by key growth factors comprising of change in food preferences, economic stability, and high consumer purchasing power.
The Asia Pacific market is anticipated to record a substantial growth over the projected period. The expansion is propelled by the surging consumer adoption of digital retailing platforms.
Competitive Landscape:
Leading Industry Players Enter Partnership Agreements to Strengthen Industry Position
Major market participants are centered on adopting an array of strategic deals for strengthening the positions of their businesses. These include partnership agreements, collaborations, and the launch of new products. Additional initiatives comprise acquisitions, mergers, the formation of alliances and R&D activities.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Frozen Food Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Frozen Ready Meals
- Frozen seafood & meat products
- Frozen snacks & bakery products
- Others
- By Distribution Channel
- Supermarket/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
- North America Frozen Food Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Frozen Ready Meals
- Frozen seafood & meat products
- Frozen snacks & bakery products
- Others
- By Distribution Channel
- Supermarket/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
- By Country (Value)
- U.S
- By Type
- Frozen Ready Meals
- Frozen Seafood & Meat Products
- Frozen snacks & bakery products
- Others
- By Type
- Canada
- By Type
- Frozen Ready Meals
- Frozen Seafood & Meat Products
- Frozen snacks & bakery products
- Others
- By Type
- Mexico
- By Type
- Frozen Ready Meals
- Frozen Seafood & Meat Products
- Frozen snacks & bakery products
- Others
- By Type
- U.S
- By Type
To be Continued…!
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Key Industry Development:
- April 2021 – Troy Foods, the Tuber Group, and North Star Foods joined forces to establish REMS Frozen Foods. The new venture would provide extensive knowledge of the product and sourcing solutions to food providers and manufacturers.
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