by The Frozen Food Market is flourishing due to growing popularity of convenience foods
The frozen food market has become an integral part of the current fast-paced lifestyle where convenience holds the top priority. Frozen foods provide consumers time-saving solutions without compromising on quality and taste. With their long shelf life and ease of preparation in minimal time, frozen foods are emerging as a dependable option for daily meals. The Global Frozen Food Market is estimated to be valued at US$ 167116.37 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the frozen food are Nestle S.A., Ajinomoto Co., Inc., Kraft Foods Group, Inc., ConAgra Foods, Inc., General Mills, Inc., H.J. Heinz Company, Tyson Foods, Inc., Unilever Plc., Maple Leaf Foods, Inc., and Pinnacle Foods, Inc. These players are focusing on new product innovations, expansions, and mergers & acquisitions to strengthen their market presence.
The rising demand for convenient food options especially among working professionals and millennial has surged the frozen food consumption globally. The nutritional value and long shelf-life attributes have further fueled the demand. The easy preparation method is saving considerable kitchen time of consumers.
The frozen food companies are expanding their geographical footprint in the developing nations of Asia Pacific and Latin America. This fast growing demand from price sensitive regions is prompting firms to develop affordable product varieties and develop supply chain infrastructure.
Market Key Trends
Single-serve frozen meal packs have gained immense popularity among individuals and small households looking for easy to cook microwavable meals. Companies are launching single-portion items targeting this on-the-go eating trend. Further, increased demand for plant-based and organic frozen foods has prompted firms to widen their offerings to include vegan, gluten-free, non-GMO verified options. This emphasis on health consciousness among consumers is a key trend steering innovations in the frozen foods space.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter the market due to high investment required to establish production and supply chain facilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity of consumers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute ingredients and brands bargaining for better prices.
Threat of new substitutes: Threat from new substitutes like canned, dried and fresh foods is moderate as frozen foods offer convenience.
Competitive rivalry: Intense competition among existing players to gain market share.
Geographical Regions
North America accounts for the largest share of the global frozen food market value owing to increasing demand for convenience foods. Factors such as busier lifestyles, dual-income households and on-the-go eating habits drive the demand for frozen foods in the region.
The Asia Pacific region is expected to be the fastest growing market for frozen foods during the forecast period. Rapid urbanization, rising disposable incomes, growing demand for value-added and convenience products are factors fueling the growth of frozen food market in Asia Pacific countries like India and China. Exposure to western food habits also supports the market expansion.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
