Russia, Moscow, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Frozen food Market refers to food products that are preserved through freezing to maintain their freshness, texture, and nutritional value over extended periods. This method involves rapidly lowering the temperature of the food to below its freezing point, usually at or below -18°C (0°F). Freezing slows down the growth of microorganisms and enzyme activity, which can cause spoilage or foodborne illnesses. It also halts chemical reactions that degrade the quality of food, thus extending its shelf life without the need for preservatives. Frozen food includes a wide variety of products such as vegetables, fruits, meats, seafood, prepared meals, and baked goods. These products are typically frozen soon after harvest, catch, or preparation, ensuring they retain much of their original taste and nutrient content. The freezing process can be done through methods such as blast freezing, cryogenic freezing, or flash freezing.
Introspective Market Research is thrilled to announce the release of its newest report, "Frozen Food Market." This comprehensive analysis reveals that the global Frozen Food market, valued at USD 304.48 Billion in 2023, is on a trajectory of significant growth, projected to reach USD 510.06 Billion by 2032. This upward momentum corresponds to a robust CAGR of 5.9 % over the forecast period from 2024 to 2032.
Frozen foods are food products that have been thoroughly processed, packed, and preserved through freezing, following strict commercial practices. These foods are then intended for consumption at a later time. Frozen foods offer an affordable and convenient way to include nutritious items like fruits, vegetables, proteins, dairy products, and whole grains in daily diets. Their ease of preparation and long shelf life make them popular with consumers, including chefs who benefit from their quality, reduced labor costs, and minimized food waste.
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One key advantage of frozen foods is their nutritional value. While fresh foods lose some of their vitamins and minerals over time, freezing helps retain these nutrients, making frozen options often more nutritious than fresh produce stored for extended periods. This aspect has made frozen food an attractive option for consumers. A survey conducted by Deloitte with 2,000 adults revealed that many people, while enjoying fresh foods, are also aware of the significant amount of food waste associated with them. As a result, they often turn to frozen alternatives. The survey found that 57% of adults aged 18 to 34 believed that frozen vegetables are better than fresh ones, highlighting the shift in perception about the benefits of frozen foods.
The younger generation, in particular, is increasingly drawn to frozen food due to the quality and health benefits it provides. These attributes, combined with the extended shelf life and convenience that frozen foods offer, have contributed to the growing market demand. As lifestyles become busier and consumers look for practical meal solutions, frozen foods have gained popularity for their ability to meet both health and convenience needs. This trend is expected to continue driving the growth of the frozen food market, especially as more people recognize that freezing helps preserve nutritional value while reducing waste.
The growing demand for plant-based and organic frozen food options further contributes to the market’s expansion. With more consumers prioritizing health, sustainability, and environmental responsibility, frozen food manufacturers are responding by offering a broader range of healthy, eco-friendly options. This evolving trend underscores the enduring appeal of frozen foods, making them an essential part of the modern food industry and an attractive choice for health-conscious and environmentally aware-consumers alike.
Key Industry Insights
Increasing Female Working Population and Demand for Convenience Food
In recent years, the global increase in the female working population has led to a rise in demand for frozen food products. With more women entering the workforce, preparing fresh meals daily becomes challenging due to hectic lifestyles and busy schedules. This shift has resulted in a growing preference for frozen meals, as they save time and offer convenience. According to the U.S. Department of Labor, in 2019, the employment rate for women was 46% in the U.S., 45% in South Africa, and 43.7% in China. The increasing number of working women has significantly boosted sales of frozen foods, including both raw materials and ready-to-cook or ready-to-eat meals.
Frozen foods are not only time-saving but also portable, which has driven rapid market growth. Rising disposable incomes, greater awareness, and the availability of longer shelf-life products further contribute to this trend. Additionally, technological innovations in the food industry have expanded the range of convenience foods, including canned, packaged, frozen, and instant products. With microwaveable and shelf-stable options becoming more common, frozen food holds a dominant share in this segment. As more women join the workforce and lifestyle trends continue to evolve, the demand for convenient food options is expected to rise, further fueling the growth of the frozen food market.
Technological Advancements and Digitalization in the Retail Sector creates an opportunity
The expansion of online grocery shopping, driven by the introduction of new apps, is significantly transforming the retail industry. This shift is providing consumers with greater convenience and a broader selection of products tailored to their preferences. The rising use of smartphones and the internet, combined with rapid digitalization in retail, is creating substantial growth opportunities for the frozen food market. Online grocery platforms enable major manufacturers and companies to effectively showcase and sell their frozen food products to a wider audience.
Consumers are increasingly drawn to the convenience, variety, and accessibility offered by online shopping, further fueling demand for frozen food. In addition, growing research and development (R&D) efforts by key players in the market are focused on enhancing and maintaining product quality, which is crucial for driving market growth. These initiatives help companies stay competitive while meeting the evolving demands of consumers.
The introduction of advanced technologies, such as high-pressure processing (HPP), is also playing a key role in the frozen food market. This technology offers a cost-effective solution for preserving food quality and safety, opening new avenues for profitability and market expansion. As a result, the frozen food sector is well-positioned to benefit from these technological advancements and the ongoing digital transformation of the retail landscape.
Taste and Texture: A significant challenge
The market growth of certain food products is being hindered by concerns over their lower nutritional quality and taste compared to fresh alternatives. Consumers are becoming increasingly health-conscious, paying close attention to the foods they consume. Processed or preserved foods often fall short in delivering the same nutrient levels as fresh food, which can lead to dissatisfaction among consumers who are prioritizing their health and well-being. The loss of essential vitamins and minerals during processing, along with the addition of artificial preservatives, flavors, and chemicals, further contribute to the perception of reduced nutritional value.
Taste is another critical factor affecting market expansion. Fresh food tends to offer superior flavor and texture, which cannot always be replicated in processed versions. This perceived inferiority in taste drives many consumers to choose fresh options whenever possible, negatively impacting the market demand for products seen as lower in quality. Additionally, the potential health risks associated with consuming certain processed foods, such as those linked to obesity, heart disease, and other chronic conditions, raise concerns among health-conscious individuals. These factors collectively result in hesitation when it comes to purchasing such products, especially in markets where fresh food is readily accessible.
In conclusion, the combination of reduced nutritional quality, inferior taste, and potential health-related problems is slowing market growth. As consumers continue to prioritize health, companies in the food industry must innovate and improve the nutritional profile and flavor of their products to remain competitive.
Key Manufacturers
Market key players and organizations within a specific industry or market that significantly influence its dynamics. Identifying these key players is essential for understanding competitive positioning, market trends, and strategic opportunities.
- Nestlé (Switzerland)
- J.M. Smucker (USA)
- McCain Foods (Canada)
- Mondelez International (USA)
- Ajinomoto Co., Inc. (Japan)
- Nomad Foods (United Kingdom)
- CP Foods (Thailand)
- McCormick & Company (USA)
- Green Giant (USA)
- OSI Industries, Inc. (USA)
- Premier Foods plc (England)
- Van den Berghe Foods (Netherlands)
- Froneri International Ltd. (England)
- Samyang Food (South Korea)
- McCormick Plc (USA)
- C.F. Mueller Company (USA)
- CP Kelloggs India (India)
- Iglo Foods Holdings Limited (Germany)
- Fuji Food Corporation (Japan)
- B&G Foods, Inc. (USA) and Other Major Players
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In May 2024, Nestlé announced the launch of its new frozen food brand, Vital Pursuit, set to debut in fall 2024. The brand was developed in response to the growing popularity of GLP-1 drugs, used for weight loss and diabetes management. Vital Pursuit aims to provide meals rich in essential nutrients like protein, fiber, vitamins, and minerals, catering to individuals taking these medications who may struggle to meet their nutritional needs. While these products could be beneficial for maintaining a balanced diet, experts caution against relying solely on them, emphasizing the importance of whole, unprocessed foods for overall health.
In March 2024, BigBasket partnered with celebrity chef Sanjeev Kapoor to introduce a new frozen food brand called Precia. The brand offers a variety of convenient, high-quality frozen vegetables, snacks, and sweets. Precia's frozen vegetable lineup includes staples like green peas and mixed vegetables, catering to the growing demand for ready-to-use, preservative-free ingredients. In the frozen snacks segment, popular items such as momos, French fries, and other finger foods aim to provide quick meal solutions for households. Additionally, Precia offers traditional Indian sweets like gajar ka halwa and purani dilli rabdi, delivering authentic flavors in a frozen, easy-to-serve format.
Key Segments of Market Report
By Type:
The Ready-to-Eat (RTE) segment is poised to dominate the frozen food market during the forecast period, driven by several key factors. One of the primary reasons is the increasingly hectic lifestyle of consumers, who seek convenience in their meals. Ready-to-eat frozen foods offer a quick and hassle-free solution for individuals with limited time for meal preparation. The extended shelf-life of these products, coupled with their minimal preparation requirements, makes them an attractive option for consumers across all age groups.
Frozen ready-to-eat meals, such as dinners and breakfasts, are often perceived as healthier alternatives to fast food, helping consumers maintain better dietary control. These meals come in a variety of options, catering to different tastes and nutritional needs, which further fuels their popularity. As people become more health-conscious, the ability to easily manage calorie intake with pre-portioned meals has enhanced the appeal of this segment.
Additionally, the growing awareness of the nutritional benefits of frozen foods and advancements in freezing technology have improved both the quality and taste of RTE products. This, in turn, has boosted their adoption globally. The wide availability of these meals in supermarkets, grocery stores, and online platforms has made them more accessible, contributing to the anticipated substantial growth of the RTE frozen food market.
By Product:
The frozen food market is significantly influenced by the Meat and Seafood segment, which held the largest share in 2022. This segment's dominance is primarily driven by its increasing incorporation in the menus of major food chains like KFC, Pizza Hut, and McDonald's, which has fueled consumer demand. The versatility and convenience of frozen meat and seafood products make them a popular choice among end users, including hotels, full-service restaurants, resorts, and quick-service restaurants.
Additionally, the growing preference for frozen meat and seafood products can be attributed to their numerous benefits. These products are often free from harmful preservatives, ensuring higher nutritional value, which resonates well with health-conscious consumers. The extended shelf life of frozen meat and seafood enhances food safety and reduces waste, making them a practical choice for both consumers and food service establishments.
As consumers continue to seek high-quality, convenient meal options, the Meat and Seafood segment is poised for substantial growth. The increasing awareness of food safety and quality standards further cements the segment's position as a leader in the frozen food market, attracting investments and innovation from various stakeholders in the food industry.
By Region:
North America has seen significant growth in the frozen food market in recent years and is expected to continue this upward trend over the forecast period. Key factors driving this expansion include the growing recognition of the benefits of frozen foods, increasing urbanization, a rising population, and heightened consumer awareness surrounding ready-to-eat and ready-to-cook meal options.
Frozen novelties have emerged as the best-selling items within the frozen food category, demonstrating strong consumer demand. A leading player in the industry is Nestlé USA, which consistently produces a wide range of frozen food products. Their substantial sales in categories such as frozen pizza illustrate the growing popularity of these products and their role in driving market growth.
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Consumer spending on frozen foods has shown notable trends, with significant amounts allocated to various categories like frozen pizza and seafood. The demand for ready-to-cook processed meals is anticipated to further boost the frozen food market in North America in the coming years, as consumers increasingly seek convenient and quick meal solutions. Overall, the frozen food market in the region is poised for robust growth, supported by changing lifestyles and preferences.
Comprehensive Offerings:
- Historical Market Size and Competitive Analysis (2017–2023): Detailed assessment of market size and competitive landscape over the past years.
- Historical Pricing Trends and Regional Price Curve (2017–2023): Analysis of historical pricing data and price trends across different regions.
- Market Size, Share, and Forecast by Segment (2024–2032): Projections and detailed insights into market size, share, and future growth by segment.
- Market Dynamics: In-depth analysis of growth drivers, restraints, opportunities, and key trends, with a focus on regional variations.
- Market Trend Analysis: Evaluation of emerging trends that are shaping the market landscape.
- Import and Export Analysis: Examination of trade patterns and their impact on market dynamics.
- Market Segmentation: Comprehensive analysis of market segments and sub-segments, with a regional breakdown.
- Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking.
- PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors.
- PORTER’s Five Forces Analysis: Assessment of competitive forces influencing the market.
- Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors.
- Legal and Regulatory Environment by Region: Analysis of the legal landscape and its implications for business operations.
- Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, coupled with a SWOT analysis.
- Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.
About Us:
Introspective Market Research is a premier global market research firm, leveraging big data and advanced analytics to provide strategic insights and consulting solutions that empower clients to anticipate future market dynamics. Our team of experts at IMR enables businesses to gain a comprehensive understanding of historical and current market trends, offering a clear vision for future developments.
Our strong professional network with industry-leading companies grants us access to critical market data, ensuring the generation of precise research data tables and the highest level of accuracy in market forecasting. Under the leadership of CEO Mrs. Swati Kalagate, who fosters a culture of excellence, we are committed to delivering high-quality data and supporting our clients in achieving their business goals.
The insights in our reports are derived from primary interviews with key executives of top companies in the relevant sectors. Our robust secondary data collection process includes extensive online and offline research, coupled with in-depth discussions with knowledgeable industry professionals and analysts.
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