Frozen Food Market

Frozen Food Market Outlook from 2024 to 2034

The global frozen food market is forecasted to jump from USD 365.2 billion in 2024 to USD 638.6 billion in 2034. Thus, the market’s progress is projected to happen at a CAGR of 5.7% for the forecast period.

Attributes	Key Insights
Estimated Global Frozen Food Size (2024E)	USD 365.2 billion
Projected Frozen Food Value (2034F)	USD 638.6 billion
Value-based CAGR (2024 to 2034)	5.7%

Frozen Food Market Overview

• Consumers are opting for healthy snacking due to rising concerns over the increasing rates of obesity and high consumption of unhealthy food. They opt for food products that provide nutrients, such as healthy dried food substitutes.
• As the number of working women increases, it is harder for them to prepare meals; hence, they end up adopting frozen prepared food. Together, these factors are expected to propel the market expansion.
• Due to their long shelf life, ready-to-eat (RTE) food products are becoming popular among consumers due to the stay-at-home trend.
• Companies are investing in research & development to create unique and innovative high-quality products.
• Eco-friendly and sustainable solutions for packaging are being offered by corporations, taking heed of the clean-label movement.

2019 to 2023 Global Frozen Food Market Growth Outlook Vs. 2024 to 2034

Global frozen food sales progressed at a CAGR of 5.4% in the historical period, propelled by the following factors:

• Clarence Birdseye was widely recognized for inventing contemporary food processing methods and introducing frozen fruits, vegetables, and fish to the public.
• The frozen food industry began offering a wide variety of goods, including frozen dinners, appetizers, desserts, and basic fruits & vegetables.
• Manufacturers devised innovative packaging that was convenient and attracted busy consumers.
• The need for quick & simple meal options was fueled by busy lives and an increasing number of dual-income homes, which resulted in the spread of frozen convenience meals in grocery shops and supermarkets.
• Manufacturers introduced gourmet frozen meals, artisanal desserts, and expensive appetizers to cater to discerning consumers wanting restaurant-quality eating experiences at home. This led to a trend toward premiumization in the frozen food market.
• The quality, flavor, and nutritional content of frozen meals have continuously increased due to developments in freezing technology, packaging materials, and processing methods.
• Vacuum sealing, microwaveable packaging, and flash freezing have improved convenience while maintaining frozen food freshness.

The global market for frozen food is expected to rise at a compound annual growth rate (CAGR) of 5.7% by 2034.

• Premiumization trends are bridging the gap between the luxury and mass market to give all consumers access to unique and innovative products.
• Product premiumization targeting consumers with regard to quality is one of the key strategies that manufacturers are focusing on.
• Manufacturers are propagating healthy diets through social media, including some of the most popular sites like Pinterest, Instagram, Twitter, and Facebook.

Key Frozen Food Market Trends

• As plant-based diets are gaining traction, there is a greater need for frozen plant-based meals, including dairy-free frozen desserts, veggie burgers, and animal substitutes. This trend reflects customers' rising interest in ethical issues, health consciousness, and sustainability.
• The desire for convenience and busy lives are the key drivers of the frozen food market.
• One of the ky trends in the indsutry is the climbing popularity of online sales channels, with the migration towards online means of consumers increasing day by day.
• When it comes to frozen food products, consumers are willing to pay more for those that provide better taste, ingredients, and cooking experiences. Due to this trend, upmarket frozen appetizers, artisanal desserts, and gourmet frozen dinners are becoming popular among discriminating customers who value luxury and quality.

Restraining Factors in the Frozen Food Market

• Significant contingent of consumers look at frozen food with aversion, preferring to purchase fresh, ready-to-eat alternatives.
• Supply chain problems are set to arise from disruptions that affect the availability and quality of frozen meals, such as labor shortages, natural catastrophes, or problems with transportation.
• Convenience plays a key role in the use of frozen food, although customers' price sensitivity is still a barrier.

Country-wise Insights

The below table shows the estimated growth rates of the top six countries. The CAGRs for India, Japan, and the United Kingdom are set to be promising, with the numbers being 5.9%, 5.6%, and 5.2% respectively.

Countries	CAGR (2024 to 2034)
United States	4.9%
United Kingdom	5.2%
Germany	5.0%
China	4.2%
India	5.9%
Japan	5.6%

Increasing Urban Population Makes the United States one of the Lucrative Markets

The frozen food market in the United States is expected to develop at a CAGR of 4.9% through 2034, aided by the following growth factors:

• With on-the-go consumption becoming easier, there is increased demand for frozen food products in the United States.
• The frozen food market in the United States offers a wide array of products that appeal to consumers' needs, from frozen fruits and vegetables to frozen dinners, snacks, and desserts. This wide variety caters to the dietary needs and taste buds of a significant section of customers.
• An increasing demand for vegetarian and plant-based frozen foods reflects the changing dietary choices of consumers in the United States.

Availability of Products at Competitive Prices Fueling Sales in China

China’s frozen food market is projected to climb at a steady CAGR of 4.2% during the forecast period, attributable to a combination of factors:

• Investment by the Chinese government in modern processing facilities and advanced technologies is ensuring the efficient production of high-quality frozen food products in the country.
• Large processing capacity has generated the opportunity for China to become a significant exporter of frozen foods, while satisfying both domestic and international demand.
• Advanced technologies, such as flash freezing, vacuum-packing, and microwaveable bags, help make frozen products highly convenient in China.

Busy Lifestyle of Consumers and High Convenience Driving Demand in Japan

The demand for frozen food in Japan is rising, with a projected CAGR of 5.6% through 2034. Emerging patterns in the market are as follows:

• Consumers value time-saving meal solutions with little preparation, a key demand driver in Japan’s frozen food market.
• Shifting consumer tastes due to health and wellness trends boost demand for healthier frozen foods in Japan-which include organic, low-sodium, and natural products.
• In Japan, frozen foods are available in a wide range of retail stores, from supermarkets to grocery stores, club stores, convenience stores, and e-commerce, boosting demand in the country.

Category-wise Insights

The below section shows the frozen fish and seafood segment dominating by product type. It is predicted to surge at 4.0% CAGR through 2034. Based on sales channels, the hypermarket/supermarket segment is anticipated to generate a dominant share through 2024. It is expected to rise at a CAGR of 4.1% through 2034.

Segment	CAGR (2024 to 2034)
Frozen Fish and Seafood (Product Type)	4.0%
Hypermarket/Supermarket (Sales Channel)	4.1%

Frozen Fish and Seafood Segment Dominates the Market by Product Type

• The frozen fish and seafood segment is gaining traction as consumers are becoming more aware of seafood’s several health advantages.
• The market for frozen fish and seafood is gaining momentum due to consumers' increasing need for more convenient and healthful eating alternatives.
• The segment’s domination in the market is greatly aided by the growth of supermarkets and retail chains, where these items are often displayed.

Hypermarket/Supermarket Giants Drive Frozen Food Market Growth

• To draw consumers and increase sales, supermarkets and hypermarkets usually run deals, discounts, and special offers on frozen food items.
• In a favourable number of cases, supermarkets and hypermarkets display frozen food items in the front, thereby giving them maximum exposure to consumers.
• Brands more inclined towards investing in better, catchier packaging and branding, along with investment in better marketing techniques, is seeing the place of frozen food become more prominent in supermarket aisles.

Competitive Landscape

Frozen food manufacturers are entering into strategic joint ventures and alliances with other manufacturers to increase efficiency in their production processes, meeting the requirements of an ever-widening consumer base. High investments in capital and a cumbersome manufacturing process are the hallmarks of this industry.

Leading manufacturers in this industry are characterized by large customer bases, well-known brands, and large distribution networks; therefore, they are formidable competitors to the small-scale participants in the market. Companies in this market have in place a range of growth strategies, which include various alliances and new product launches.

For instance

• In March 2022, Halo Top introduced a line of fruity frozen desserts with novel sorbet pints.
• In March 2022, GoodPop launched a range of organic frozen pops.
• In October 2021, Amul diversified its frozen food offerings, including frozen paneer, cheese parathas, potatoes, and patties.

Key Companies Profiled

• Aryzta A.G.
• Ajinomoto Co. Inc.
• Cargill Incorporated
• General Mills Inc.
• JBS S.A.
• Kellogg Company
• The Kraft Heinz Company
• Nestle S.A.
• ConAgra Brands, Inc.
• Associated British Foods Plc.
• Amy's Kitchen
• Birds Eye
• Maple Leaf Foods
• Pinnacle Foods
• Unilever
• Tyson Foods

Key Coverage in Frozen Food Market Report

• Thorough Analysis of Frozen Food Price Index
• Insights into Frozen Food Marketing Strategy
• Details Explaining Why the Frozen Food Market in India is Expanding
• Analysis of Middle East and North Africa Frozen Food Market
• Evaluation of Key Factors Driving Frozen Food Consumption
• Detailed Analysis of Top Companies in Frozen Food Market
• Descriptions of the Health Benefits of Frozen Dairy Products
• Scrutinization of the Target Market for Frozen Food Items

Frozen Food Market Segmentation by Category

By Freezing Technique:

• Blast Freezing
• Belt Freezing
• Individual Quick Freezing

By Product Type:

• Frozen Ready Meals
• Frozen Fish and Seafood
• Frozen Meat Products
  • Poultry
  • Pork
  • Beef
• Frozen Dairy Products
• Frozen Fruits and Vegetables
• Frozen Bakery Products
• Frozen Soups and Sauces

By Sales Channel:

• Food Service Industry
• Retail/Household
  • Hypermarket/Supermarket
  • Convenience Store
  • Departmental Stores
  • Wholesale Stores
  • Mass Grocery Stores
  • Independent Retailers
  • Specialty Stores

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

Frequently Asked Questions

How big is the frozen food market?

The market is set to reach USD 365.2 billion in 2024.

What is the forecast for the frozen food market?

Demand for frozen food is slated to expand at a 5.7% CAGR by 2034.

What is the outlook for the frozen food market?

The market is set to reach USD 638.6 billion in 2034.

Who are the key players in the frozen food market?

Aryzta A.G., Ajinomoto Co. Inc., and Cargill Incorporated are the key players.

Which product type would lead the frozen food market?

The frozen fish and seafood segment is estimated to hold a significant market share in 2024.