Frozen processed food products include frozen pizzas, meat products, seafood products, frozen desserts and snacks. These products offer great convenience to consumers as they require little or no preparation time and have long shelf life. Changing consumer lifestyle and increasing number of working professionals has fueled the demand for convenience and ready-to-eat food products. Furthermore, rising population and urbanization in developing economies has accelerated the growth of food processing industry.
The global Frozen Processed Food Market is estimated to be valued at US$ 167115.0 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising focus on product innovation and changing consumer preferences are the major trends witnessed in the global frozen processed food market. Manufacturers are launching new product varieties with improved taste, nutritional value and minimal preservatives. For instance, General Mills launched organic and gluten-free frozen snacks to cater to the rising demand from health conscious consumers. Additionally, rising demand for plant-based and ethnic frozen food products has encouraged manufacturers to offer exotic and vegan options. The growing prominence of online sales channel is another trend, enabling improved access for consumers across various regions.
Threat of new entrants: The frozen processed food market requires high investments in R&D, marketing, distribution networks and factories which pose a barrier for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established brands in the market. However, private label brands provide alternatives to buyers.
Bargaining power of suppliers: A few big multinational companies dominate the supply side. This gives them significant bargaining power over prices of raw materials.
Threat of new substitutes: Substitutes like fresh and canned food pose minimal threat as frozen food offers convenience without compromising on quality and taste.
Competitive rivalry: The market is dominated by few big companies. However, there is intense competition regarding pricing, innovation, quality and branding.
The global frozen processed food market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing urbanization and busy lifestyles. The market size for 2023 is estimated at US$ 167115.0 Mn.
Regional analysis: North America dominates the market currently due to heavy consumption of frozen foods. However, Asia Pacific is expected to witness the fastest growth led by India and China. Changing food habits and rising disposable incomes in emerging nations are driving the regional market.
Key players analysis: Key players operating in the frozen processed food market are Nestle S.A., ConAgra Foods, Inc., Kraft Foods Group, Inc., Mother Dairy Fruit & Vegetable Pvt Ltd, BRF S.A., General Mills, Inc., Maple Leaf Foods Inc., Tyson Foods, Inc., and Unilever Plc. Players are investing in new product launches, mergers and acquisitions for expanding their global footprints.