The frozen processed food market comprises various frozen food products including frozen desserts, frozen pizza, frozen vegetables, frozen meat products and others. These products offers high nutritional value and long shelf life which helps in stocking food for longer duration. Busy lifestyle and hectic schedule leaves consumers with limited time for cooking, leading to high demand for frozen meals and snacks that just require reheating.
Global frozen processed food market is estimated to be valued at USD 75.07 Bn in 2024 and is expected to reach USD 91.08 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.8% from 2024 to 2031.
Key Takeaways
Key players operating in the frozen processed food market are Nestle, Tyson Foods, General Mills, Conagra, Kraft Heinz, Iceland Foods, Maple Leaf Foods, McCain Foods. Rising working population coupled with dual income households have boosted the demand for convenient ready-to-eat meals significantly. Technological advancements like improved freezing techniques help in retaining nutritional value and taste of food for longer duration.
Market Trends
The Frozen Processed Food Market Demand is witnessing a trend of product innovation with launch of varied range of comfort meals, appetizers and snacks. Growing health-conscious consumer base has led manufacturers to introduce food products with lower calories, sugar and salt. Rising focus on plant-based proteins has prompted companies to develop meat alternative products.
Market Opportunities
The growing organized retail sector especially in developing nations provides ample scope for frozen processed food companies to tap new customers. Advancements in cold chain logistics will ensure safe transport of frozen foods over long distances, opening up opportunities in untapped rural regions.
COVID-19 Impact on Frozen Processed Food Market
The COVID-19 pandemic has significantly impacted the growth of the global frozen processed food market. Lockdowns imposed across various countries led to closure of restaurants, cafes, and other food outlets. This resulted in a steep decline in the out-of-home consumption of frozen processed food products. However, stockpiling and panic buying by consumers for in-home consumption boosted retail sales of frozen foods in the initial months of the pandemic. As people spent more time at home, the demand for convenient options like frozen meals, frozen baked goods and snacks increased.
With restrictions being gradually lifted in many regions, the food service sector is witnessing a slow recovery. While sales through retail channels continue growing, the resurgence of coronavirus infections has led to reinstatement of certain restrictions in some parts of the world. This poses uncertainty over the demand recovery from the foodservice segment in the near future. frozen processed food companies will need to focus on innovations to cater to evolving consumer preferences for healthy, affordable and easy-to-cook products. Strengthening online distribution channels and identifying opportunities in private label goods can aid their growth prospects post pandemic.
Western Europe accounts for the largest share in the global frozen processed food market in terms of value. Major revenue generating countries include Germany, UK, France and Italy due to the high consumption of frozen bakery and convenience food products by working professionals. Asia Pacific is expected to be the fastest growing regional market for frozen processed food driven by growing middle class, rapid urbanization and change in eating habits in countries like China, India and Indonesia. Increased focus on product accessibility through modern retail outlets and rising popularity of private label brands will further propel demand in the Asia Pacific frozen processed food market.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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