Plant-Based Meat is fastest growing segment fueling the growth of the global Frozen Food Market

 

The global Frozen Food market is estimated to be valued at US$ 167,116.37 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 Overview:
Frozen food products provide convenience of consuming meals anytime without compromising on taste or nutrition. Wide availability of frozen vegetables, frozen seafood, frozen meat and ready-to-eat meals cater to changing lifestyles and busy schedules of consumers.

Market key trends:
Rise in popularity of plant-based meat has been one of the major trends witnessed in the frozen food market over the past few years. Companies are indulging in development of plant-based meat alternatives such as vegan burgers, sausages and meatballs made from ingredients like soy, wheat and pea protein. Soy-based frozen meat substitutes dominated the plant-based frozen meat segment in 2023. However, demand for pea-protein based meat substitutes is increasing rapidly owing to its neutral taste and high protein content. Increased health awareness and focus on sustainable food choices are major factors fueling growth of plant-based frozen meat segment.

Segment Analysis
The global frozen food market is segmented into frozen ready meals, frozen meat & poultry, frozen seafood, frozen bakery & convenience food, and frozen fruits & vegetables. The frozen ready meals segment dominated the market in 2021 and accounted for more than 30% share owing to high demand for convenience food among working professionals and millennials. The segment is expected to continue its dominance over the forecast period.

Key Takeaways
The global frozen food market size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for convenience food and long shelf life products.

Regional analysis
North America dominated the global frozen food market in 2021 and accounted for around 35% share. The region is expected to continue its dominance during the forecast period owing to rising demand for healthy convenience food in countries like the US and Canada. Asia Pacific is expected to be the fastest growing region, exhibiting a CAGR of around 6%, due to increasing consumption of processed food in emerging economies like China and India.

Key players
Key players operating in the frozen food market 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. Nestle S.A. is the global leader in the frozen food industry driven by its robust brand portfolio and wide geographical presence.