The global frozen foods market was valued at USD 297.47 billion in 2023 and is projected to grow from USD 310.77 billion in 2024 to USD 441.11 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.80% over the forecast period. This information is detailed in the report "Frozen Foods Market, 2024-2032" by Fortune Business Insights.
Expert analysis attributes this robust growth to the rising demand for convenient food options, particularly ready-to-eat meals and cold cuts, which cater to fast-paced lifestyles and evolving consumer preferences.
The frozen foods market encompasses a wide range of products, including frozen ready meals, frozen seafood and meat, frozen snacks and bakery items, as well as frozen fruits and vegetables. These products are distributed through diverse channels such as supermarkets and hypermarkets, convenience stores, specialty retailers, and online platforms, ensuring accessibility for a broad consumer base.
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List of Key Players Mentioned in the Frozen Foods Market Report:
- General Mills Inc. (Minnesota, U.S.)
- Nestle SA (Vevey, Switzerland)
- Conagra Brands Inc. (Illinois, U.S.)
- The Kellogg Company (Michigan, U.S.)
- Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
- Lantmannen Unibake International (Copenhagen, Denmark)
- The Kraft Heinz Company (Illinois, U.S.)
- Unilever PLC (London, U.K.)
- Wawona Frozen Foods (California, U.S.)
- Tyson Foods, Inc. (Arizona, U.S.)
Segmentation
The market is segmented by type into frozen ready meals, frozen seafood and meat products, frozen snacks and bakery items, and others. Among these, the frozen seafood and meat segment is anticipated to dominate the market share.
By distribution channel, the market is divided into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail platforms.
Regionally, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
Our reports utilize a rigorous evaluation methodology to ensure accuracy and depth. Analysts employ data triangulation techniques to provide reliable insights and assess market conditions comprehensively. Access to both global and local records enables investors and industry professionals to make informed decisions and focus on key investment areas.
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Drivers and Restraints
Growing Demand for Convenience Foods Fuels Market Expansion
The convenience offered by packaged foods continues to drive growth in the processed food sector, appealing to consumers across all demographics. Increasing demand for convenience and ready-to-eat (RTE) products is transforming the global market landscape. Frozen foods, which save time and effort compared to preparing meals from scratch, are a significant growth driver in this industry.
Regional Insights
Europe is poised to lead the frozen foods market, driven by the rising popularity of vegan lifestyles, which has spurred demand for frozen vegetables. High purchasing power, financial stability, and evolving food preferences also contribute to the region's growth.
Asia Pacific is experiencing robust growth, supported by increasing consumer acceptance of online retail platforms and advancements in cold chain logistics across emerging markets.
North America is expected to hold the third-largest market share, attributed to strong consumer awareness of the benefits of frozen food products.
Competitive Landscape
Product Innovation Drives Market Growth
Leading players in the market employ strategies such as acquisitions and product innovation to maintain their competitive edge. By leveraging detailed market analyses and consumer insights, these companies continue to introduce new offerings that enhance their market positions.
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Industry Developments
In June 2021, Pilgrim’s Pride Corporation finalized its acquisition of the Meats and Meals division of Kerry Consumer Foods in the U.K. and Ireland. This strategic acquisition has expanded PPC’s portfolio with prominent brands like Richmond, Denny, and Fridge Raiders, strengthening its market presence.
