Frozen Food Market
PUBLISHED: 2023 ID: SMRC22496
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Frozen Food Market

Frozen Food Market Forecasts to 2028 - Global Analysis By Product Type (Meat & Poultry products, Fruits & vegetables, Bakery products, Dairy products, Seafood products, Ready meals and Other Product Types), Category (Ready-to-eat, Raw material, Ready-to-drink, Half-cooked, Ready-to-cook and Other Categories, Distribution Channel, Freezing Technique, End User and By Geography

4.6 (35 reviews)
4.6 (35 reviews)
Published: 2023 ID: SMRC22496

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $189.5 BN

Projected Year Value (2028)

US $284.7 BN

CAGR (2022 - 2028)

7.1%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Europe


According to Stratistics MRC, the Global Frozen Food Market is accounted for $189.5 billion in 2022 and is expected to reach $284.7 billion by 2028 growing at a CAGR of 7.1% during the forecast period. Frozen food is defined as food products that are preserved under low temperature and used over a long period. Since early times, ranchers, anglers, and trappers have protected grains and delivered them in unheated buildings during the winter season. Solidifying nourishment moderates deterioration by turning remaining dampness into ice, restraining the development of most bacterial species.

According to Organization for Economic Co-operation and Development (OECD, food services via online platforms is increased by 66.3% in Korea. According to an article published in BioMed Central (BMC), nearly 36% of adults in the U.S. reported consumption of ready-to-eat meals.



Market Dynamics:

Driver:

Busy lifestyle of consumers

The busy lifestyle of consumers due to demanding work cultures is fueling the growth of the market. People who lead hectic lives find it difficult to prepare meals at home, which forces them to choose frozen food items. Due to an increased number of women entering the workplaces and changing lifestyles is boosting the demand for the market.

Restraint:

Lack of infrastructure

Emerging nations are still lacking in the infrastructure of cold chain and are not being able to provide safe products to their populace. Though these foods shelf life is very long, adequacy of infrastructure leads to the wastage of these food products resulting in a loss to its producers. The lack of a reliable electricity supply is also a major challenge for the growth of the market.

Opportunity:

Mounting demand for convenience food

Consumers are more inclined toward convenience food products due to their ease of preparation and consumption. The demand for the products is increasing rapidly due to the drastic shift in dietary habits among consumers. Also, this urbanization trend contributes significantly toward improved living standards and rising incomes, which influences the market expansion.

Threat:

Rising preference for fresh food

Frozen food is lower alternative to fresh food among certain consumers, which is a major drawback in the market. However, lack of awareness about food safety and hygiene practices can lead to issues like food contamination and spoilage which hampers the growth of the market.

Covid-19 Impact

Impact of COVID-19 pandemic was positive on the market. The demand for frozen foods suddenly grew during the pandemic, as these products have a longer shelf life, thus can be stored for a longer period of time. The demand was rising and the supply was not up to the mark due to the lockdowns declared by various governments across the nations. Considering the increased demand, governments allowed the production of edible food across the globe. This has shifted consumer buying pattern drastically.

The ready meals segment is expected to be the largest during the forecast period

The ready meals segment is estimated to have a lucrative growth, due to the changing and busy lifestyles of people. It is extremely affordable convenient and helps in saving time as the food requires hardly any time to cook. These are microwaveable, portion controlled and shelf stable. Increase in the consumption of frozen foods due to high amount of disposable income and increased spending power is the major factor driving the growth of the market.

The online channels segment is expected to have the highest CAGR during the forecast period

The online channels segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its advantages. Increase in internet penetration and quick access to smartphones have resulted in more purchase through online channels. As a result, several food chains are shifting toward online portals to enhance online food ordering for these fast food chains which, in turn, augment the growth of the segment.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing availability of frozen products. Increase in refrigeration facilities in retail stores and an increase in the availability of frozen foods through online retailers are the factors driving the region growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to improved living standards and an increasing need for convenience. Population growth, rapid urbanization, and the rise in consumer awareness about the benefits of frozen food are the key factors driving the demand for frozen food in the region.



Key players in the market

Some of the key players profiled in the Frozen Food Market include The Kellogg Company, Unilever PLC, Nomad Foods Ltd., Nestle SA, Ajinomoto Company, General Mills, Inc, McCain Foods Limited, The Kraft Heinz Company , Tyson Foods Inc, Wawona Frozen Foods, Conagra Brands Inc., Bellisio Parent, LLC, Smith Frozen Foods Inc, Associated British Foods Plc, Cargill, Vandemoortele NV and Grupo Bimbo.

Key Developments:

In February 2022, Tyson Foods Inc. announced its plans to build a new facility in Bowling Green, Kentucky, to expand the production of bacon with an investment of USD 355 million. The facility started producing products for the Wright Brand and Jimmy Dean brands offering a range of frozen and refrigerated products in the market.

In March 2021, Nomad Foods acquired Fortenova’s frozen food business. The deal for the divestment of the business mentioned above covers Ledo Plus, Ledo Citluk, Frikom, and several smaller affiliated companies.

Product Types Covered:
• Meat & Poultry products
• Fruits & vegetables
• Bakery products
• Dairy products
• Seafood products
• Ready meals
• Other Product Types

Categories Covered:
• Ready-to-eat
• Raw material
• Ready-to-drink
• Half-cooked
• Ready-to-cook
• Other Categories

Distribution Channels Covered:
• Supermarkets/Hypermarkets
• Convenience Stores
• Online Channels
• Other Distribution Channels

Freezing Techniques Covered:
• Blast Freezing
• Individual Quick Freezing (IQF)
• Belt Freezing
• Other Freezing Techniques

End Users Covered:
• Food Service
• Retail
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Frozen Food Market, By Product Type
5.1 Introduction
5.2 Meat & Poultry products
5.3 Fruits & vegetables
5.4 Bakery products
5.5 Dairy products
5.6 Seafood products
5.7 Ready meals
5.8 Other Product Types

6 Global Frozen Food Market, By Category
6.1 Introduction
6.2 Ready-to-eat
6.3 Raw material
6.4 Ready-to-drink
6.5 Half-cooked
6.6 Ready-to-cook
6.7 Other Categories

7 Global Frozen Food Market, By Distribution Channel
7.1 Introduction
7.2 Supermarkets/Hypermarkets
7.3 Convenience Stores
7.4 Online Channels
7.5 Other Distribution Channels

8 Global Frozen Food Market, By Freezing Technique
8.1 Introduction
8.2 Blast Freezing
8.3 Individual Quick Freezing (IQF)
8.4 Belt Freezing
8.5 Other Freezing Techniques

9 Global Frozen Food Market, By End User
9.1 Introduction
9.2 Food Service
9.3 Retail
9.4 Other End Users

10 Global Frozen Food Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 The Kellogg Company
12.2 Unilever PLC
12.3 Nomad Foods Ltd.
12.4 Nestle SA
12.5 Ajinomoto Company
12.6 General Mills, Inc
12.7 McCain Foods Limited
12.8 The Kraft Heinz Company
12.9 Tyson Foods Inc
12.10 Wawona Frozen Foods
12.12 Conagra Brands Inc.
12.12 Bellisio Parent, LLC
12.13 Smith Frozen Foods Inc
12.14 Associated British Foods Plc
12.15 Cargill
12.16 Vandemoortele NV
12.17 Grupo Bimbo

List of Tables
1 Global Frozen Food Market Outlook, By Region (2020-2028) ($MN)
2 Global Frozen Food Market Outlook, By Product Type (2020-2028) ($MN)
3 Global Frozen Food Market Outlook, By Meat & Poultry products (2020-2028) ($MN)
4 Global Frozen Food Market Outlook, By Fruits & vegetables (2020-2028) ($MN)
5 Global Frozen Food Market Outlook, By Bakery products (2020-2028) ($MN)
6 Global Frozen Food Market Outlook, By Dairy products (2020-2028) ($MN)
7 Global Frozen Food Market Outlook, By Seafood products (2020-2028) ($MN)
8 Global Frozen Food Market Outlook, By Ready meals (2020-2028) ($MN)
9 Global Frozen Food Market Outlook, By Other Product Types (2020-2028) ($MN)
10 Global Frozen Food Market Outlook, By Category (2020-2028) ($MN)
11 Global Frozen Food Market Outlook, By Ready-to-eat (2020-2028) ($MN)
12 Global Frozen Food Market Outlook, By Raw material (2020-2028) ($MN)
13 Global Frozen Food Market Outlook, By Ready-to-drink (2020-2028) ($MN)
14 Global Frozen Food Market Outlook, By Half-cooked (2020-2028) ($MN)
15 Global Frozen Food Market Outlook, By Ready-to-cook (2020-2028) ($MN)
16 Global Frozen Food Market Outlook, By Other Categories (2020-2028) ($MN)
17 Global Frozen Food Market Outlook, By Distribution Channel (2020-2028) ($MN)
18 Global Frozen Food Market Outlook, By Supermarkets/Hypermarkets (2020-2028) ($MN)
19 Global Frozen Food Market Outlook, By Convenience Stores (2020-2028) ($MN)
20 Global Frozen Food Market Outlook, By Online Channels (2020-2028) ($MN)
21 Global Frozen Food Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
22 Global Frozen Food Market Outlook, By Freezing Technique (2020-2028) ($MN)
23 Global Frozen Food Market Outlook, By Blast Freezing (2020-2028) ($MN)
24 Global Frozen Food Market Outlook, By Individual Quick Freezing (IQF) (2020-2028) ($MN)
25 Global Frozen Food Market Outlook, By Belt Freezing (2020-2028) ($MN)
26 Global Frozen Food Market Outlook, By Other Freezing Techniques (2020-2028) ($MN)
27 Global Frozen Food Market Outlook, By End User (2020-2028) ($MN)
28 Global Frozen Food Market Outlook, By Food Service (2020-2028) ($MN)
29 Global Frozen Food Market Outlook, By Retail (2020-2028) ($MN)
30 Global Frozen Food Market Outlook, By Other End Users (2020-2028) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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