The global frozen food market size is expected to reach USD 380 billion by 2027, expanding at a CAGR of 3.3% from 2020 to 2027.
The global frozen food market size was valued at USD 291 billion in 2019. Growing importance of Ready-to-Eat (RTE) food products as a result of hectic lifestyles among working-class individuals on a global level are expected to expand the industry size over the next few years. Moreover, increasing spending on shelf-stable foods among consumers is anticipated to expand the market for frozen food in the near future.
Over the past few years, people are finding less time for cooking at home owing to their busy schedule. This, in turn, is driving demand for frozen food across the globe as it can be cooked in less time. Thereby, in order to sever better, the manufacturers are launching all kinds of frozen items such as frozen potatoes, ready meals, meat, fish products, which is expected to promote frozen food market scope over the next few years.
The sudden breakdown of coronavirus across the globe has significantly surged the demand for frozen food owing to its property of keeping nutrition for long time and higher shelf life as compared to the fresh veggie, fruits, and meat. Almost all the countries in the world have proposed a country level lockdown in which people are restricted to go outside their houses. This panic situation around the globe has propelled the demand for the frozen food products as it helps the customers to avoid regular market visits.
Europe and North America have got affected severely due to this pandemic. According to the local news of U.S., the demand for frozen meat especially hotdog has increased by around 300.0% in the second week of March, 2020. These market trends are anticipated to expand the scope of frozen foods as shelf-stable products over the forecast period.
Highlights
The frozen ready meals segment accounted for more than 30.1% of revenue share in 2019 in the frozen food market. The segment is expected to maintain its dominance over the forecast period on account of pre-dominant consumption of ready meals among working-class people around the globe. Furthermore, the frozen meat segment is expected to remain one of the largest segments on account of new product launches including on the go snack options by Conagra and Nestle. Moreover, easy access of such products in brick and mortar stores on a global level is expected to keep the momentum of the segment over the next few years.
The potatoes segment is expected to foresee fastest growth at a CAGR of 4.1% from 2020 to 2027 owing to increasing demand for French fries as well as rising application of potatoes in various types of cuisines across the globe. In addition to this, these frozen potatoes are capable to retain all the different types of nutrients and vitamins which are naturally present with a long shelf life. Moreover, they are extremely convenient and flexible in terms of preparation and cooking time.
Regional Insights
Europe was the largest market for frozen food, with a share of more than 34% in 2019. The region is severely and largely hit by the COVID-19 pandemic. According to the government data, more than 50 thousand people have died due to coronavirus combined in Italy, Germany, France, and Spain till the mid of April 2020. Moreover, the U.K., Belgium, and Netherlands are also severely hit by this pandemic. This has propelled huge demand for frozen food in Europe amid coronavirus breakdown.
Asia Pacific is anticipated to be the fastest growing region with a CAGR of 3.7% from 2020 to 2027 owing to increasing trend of ready-to-eat food among the working-class people as well as college grads of countries such as China and India. China, India, and Japan are the major markets, in terms of consumer spending on food. In addition, significant rise in the demand for frozen food owing to less time for preparation and cooking is opening new avenues in the regional market for frozen food. China was the first country where the coronavirus started to spread across the globe. The country had locked down some of the severely hit provinces for more than two months. After that, many other countries have followed the trend of lockdown to maintain social distancing, the only and the most effective way to control the spread of the virus. These trends are expected to promote the scope of shelf-stable products and thus, in turn, will expand the market for frozen food over the next few years.
The players in the product market have adopted various developmental strategies to expand their frozen food market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Aryzta A.G., Ajinomoto Co. Inc., Cargill Incorporated, General Mills Inc., JBS S.A., Kellogg Company, the Kraft Heinz Company, Nestle S.A., ConAgra Brands, Inc., and Associated British Foods Plc..
Drivers: Rising demand for convenience food
The increasing consumer preference toward convenience foods indirectly favors the increasing demand for frozen products as they require less time and effort as compared to cooking from scratch. The processed food market is driven by the greater need for convenience due to the busy lifestyles of consumers. This, in turn, increases the demand for frozen products. Increasing disposable income is also one such factor that has a huge influence on the growth of the frozen food market as it increases the buying power of consumers.
Restraints: Rising preference for fresh and natural food products
To some consumers, frozen food is thought of as a product that is an inferior substitute for fresh food, which is one of the major restraints for this market. There is a notion that food processed a year or more before it is consumed could not be nutritious. However, statements such as “frozen produce can be just as good as the fresh stuff in terms of nutrition” from the US Food and Drug Administration (FDA) and the International Food Information Council (IFIC) about the nutrient content of frozen food are changing the consumer perception. Nutrients such as vitamin C and folate can change with the change in temperature while food items stored at varying temperatures can lose their nutrients. Since frozen foods are stored at a constant low temperature, they do not lose such essential nutrients.
Opportunities: Digitalization of the retail industry
One of the latest trends driving the market is online grocery shopping and the introduction of new apps, making it convenient for consumers to pick their preferred products. Consumers are inclined toward online shopping due to features of convenience and variety. According to Eurostat, in 2018, almost 25% of the population bought food and groceries from online retail channels. With the growing penetration of the Internet and smartphone usage, retail grocery shopping is emerging as one of the platforms for companies to showcase and sell their food products.
Challenges: Lack of cold chain infrastructure in developing economies
Cold chain logistics have proved to be a vital requirement to increase the market share of frozen food in any country. However, developing countries are still lacking in cold chain infrastructure and are unable to supply safe frozen food products to their citizens. Frozen food has a long shelf-life; however, due to lack of infrastructure, the product is wasted easily leading to a loss for frozen food manufacturers. Lack of investment due to the monetary crisis in developing economies has been one reason slowing down the cold chain logistics business. This, in turn, has hampered the frozen food market. Poor infrastructure in cold chain logistics has also directly impacted the import & export business of frozen food products in developing countries such as Bangladesh, South Africa, and Myanmar. However, these developing countries offer a huge opportunity for investment in the market due to the rising acceptance among consumers in urban areas.
Market Segmentation
Product Outlook
Fruits & Vegetables
Potatoes
Ready Meals
Meat
Fish/Seafood
Soup
Others
Regional Outlook
North America
The U.S.
Europe
The U.K.
Germany
France
Asia Pacific
China
India
Japan
Central & South America
Middle East & Africa
Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Frozen Food Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related Market Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.3.3. Raw Material Trends
3.3.4. Manufacturing Trends
3.4. Regulatory Framework
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Industry Challenges
3.5.4. Industry Opportunities
3.6. Business Environment Analysis
3.6.1. Industry Analysis - Porter’s
3.6.1.1. Supplier Power
3.6.1.2. Buyer Power
3.6.1.3. Substitution Threat
3.6.1.4. Threat from New Entrant
3.6.1.5. Competitive Rivalry
3.7. Roadmap of Frozen Food Market
3.8. PESTEL Analysis
3.8.1. Political Landscape
3.8.2. Environmental Landscape
3.8.3. Social Landscape
3.8.4. Technology Landscape
3.8.5. Economic Landscape
3.8.6. Legal Landscape
3.9. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Product Adoption
4.4. Observations & Recommendations
Chapter 5. Frozen Food Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2019 & 2027
5.2. Frozen Fruits & Vegetables
5.2.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
5.3. Frozen Potatoes
5.3.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
5.4. Frozen Ready Meals
5.4.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
5.5. Frozen Meat
5.5.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
5.6. Frozen Fish/Seafood
5.6.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
5.7. Frozen Soup
5.7.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
5.8. Others
5.8.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
Chapter 6. Frozen Food Market: Regional Estimates & Trend Analysis
6.1. Regional Movement Analysis & Market Share, 2019 & 2027
6.2. North America
6.2.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.2.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.2.3. The U.S.
6.2.3.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.2.3.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.3. Europe
6.3.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.3.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.3.3. U.K.
6.3.3.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.3.3.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.3.4. Germany
6.3.4.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.3.4.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.3.5. France
6.3.5.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.3.5.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.4. Asia Pacific
6.4.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.4.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.4.3. China
6.4.3.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.4.3.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.4.4. India
6.4.4.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.4.4.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.4.5. Japan
6.4.5.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.4.5.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.5. Central & South America
6.5.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.5.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
6.6. Middle East & Africa (MEA)
6.6.1. Market estimates and forecast, 2016 - 2027 (USD Billion)
6.6.2. Market estimates and forecast, by product, 2016 - 2027 (USD Billion)
Chapter 7. Competitive Analysis
7.1. Key Players’ Recent Developments & Their Impact
7.2. Key Innovators, Market Leader, and Emerging Players
7.3. Vendor Landscape
7.3.1. List of key distributors & channel partners
7.3.2. Key customers
7.4. Public Companies
7.4.1. Company Market Position Analysis, 2019
7.4.2. Company Ranking, 2019
7.4.3. Competitive Dashboard Analysis
7.4.4. SWOT Analysis Of Public Companies
7.5. Private Companies
7.5.1. List of key emerging companies/technology disruptors/innovators
7.5.2. Geographical presence
7.5.3. Company market position analysis, 2019
7.5.4. Heat Map Analysis, By Segment
Chapter 8. Company Profiles
8.1. Bellisio Foods Inc.
8.1.1. Company Overview
8.1.2. Financial Performance
8.1.3. Technology Benchmarking
8.1.4. Strategic Initiatives
8.2. Wawona Frozen Foods
8.2.1. Company Overview
8.2.2. Financial Performance
8.2.3. Technology Benchmarking
8.2.4. Strategic Initiatives
8.3. Jeanie Marshall Foods
8.3.1. Company Overview
8.3.2. Financial Performance
8.3.3. Technology Benchmarking
8.3.4. Strategic Initiatives
8.4. Inn Foods
8.4.1. Company Overview
8.4.2. Financial Performance
8.4.3. Technology Benchmarking
8.4.4. Strategic Initiatives
8.5. ConAgra Foods, Inc
8.5.1. Company Overview
8.5.2. Financial Performance
8.5.3. Technology Benchmarking
8.5.4. Strategic Initiatives
8.6. McCain Foods
8.6.1. Company Overview
8.6.2. Financial Performance
8.6.3. Technology Benchmarking
8.6.4. Strategic Initiatives
8.7. General Mills, Inc.
8.7.1. Company Overview
8.7.2. Financial Performance
8.7.3. Technology Benchmarking
8.7.4. Strategic Initiatives
8.8. ITC
8.8.1. Company Overview
8.8.2. Financial Performance
8.8.3. Technology Benchmarking
8.8.4. Strategic Initiatives
8.9. Rich Products Corporation
8.9.1. Company Overview
8.9.2. Financial Performance
8.9.3. Technology Benchmarking
8.9.4. Strategic Initiatives
8.10. Imperial Frozen Foods
8.10.1. Company Overview
8.10.2. Financial Performance
8.10.3. Technology Benchmarking
8.10.4. Strategic Initiatives
8.11. Smart Price Sales
8.11.1. Company Overview
8.11.2. Financial Performance
8.11.3. Technology Benchmarking
8.11.4. Strategic Initiatives
8.12. Quirch Foods Company
8.12.1. Company Overview
8.12.2. Financial Performance
8.12.3. Technology Benchmarking
8.12.4. Strategic Initiatives
8.13. Goya Foods
8.13.1. Company Overview
8.13.2. Financial Performance
8.13.3. Technology Benchmarking
8.13.4. Strategic Initiatives
8.14. Nestlé S.A.
8.14.1. Company Overview
8.14.2. Financial Performance
8.14.3. Technology Benchmarking
8.14.4. Strategic Initiatives
8.15. Heinz Frozen Food Company
8.15.1. Company Overview
8.15.2. Financial Performance
8.15.3. Technology Benchmarking
8.15.4. Strategic Initiatives
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers