Fort Collins, Colorado, Nov. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Frozen Food Market size was valued at USD 284.2 Billion in 2022 and is anticipated to be valued at USD 448.3 Billion by 2032 at a CAGR of 4.8%.
Food waste is a huge global issue that costs consumers a lot of money. In the US alone, more than 119 billion pounds of food is wasted annually, which is equal to USD 408 billion. Frozen foods can help reduce food waste by offering easy portion control and longer shelf life, making it a convenient solution to this environmental problem.
Frozen foods retain nutritional value as they are picked, processed, and frozen at the source. In contrast, fresh foods spoil during transportation, which increases their price. Additionally, frozen foods can be stored longer, reducing cooking waste and saving consumers money. These factors are expected to boost the market growth.
Isochoric freezing is an efficient technology for preserving food items. It freezes food at subfreezing temperatures without damaging it. The method doesn't develop ice crystals inside the product, making it better than the existing techniques. This technique requires a chamber with rigid walls to maintain the volume during processing, which can be customized according to specific requirements. Isochoric freezing enables freezing food products that cannot be frozen through traditional methods, such as tomatoes and leafy vegetables.
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Segmentation Overview:
The global frozen food market has been segmented into product, freezing method, distribution channels, and region. Frozen seafood and meat have a significant market share. In 2022, sales increased by around 7% due to its convenience and inhibition of bacterial growth. Supermarkets/hypermarkets are the major distributors with promotional schemes driving consumer footfall.
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Frozen Food Market Report Highlights:
- The global frozen food market growth is anticipated at a CAGR of 4.8% by 2032.
- The convenience of frozen foods and the adoption of online grocery shopping propel market growth.
- North America accounts for the largest share due to affordability and nutritious value, with sales reaching USD 72 billion in 2022.
- Some prominent players in the frozen food market report include General Mills Inc., Nomad Foods Ltd., Bellisio Foods, Nestle SA, Cargill, Incorporated, The Kellogg Company, Grupo Bimbo S.A.B. DE C.V., Lantmannen Unibake International, ConAgra Brands, Inc., The Kraft Heinz Company, Unilever PLC, Wawona Frozen Foods, and Tyson Foods, Inc. among others.
Industry Trends and Insights:
- Nestle France closed a frozen pizza factory due to the E. coli outbreak.
- Cargill opened the first Cocoa Development Center in Asia-Pacific to address changing consumer preferences in Indonesia.
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Frozen Food Market Segmentation:
By Type: Frozen Ready Meals, Frozen Seafood & Meat Products, Frozen Snacks & Bakery Products and Others
By Freezing Method: Contact Freezing, Blast Freezing, Brine Freezing, Cryogenic Freezing, Slow Freezing and Individually Quick-Frozen (IQF)
By Distribution Channel: Supermarket/Hypermarkets, Convenience Stores, Specialty Stores and Online Retail
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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