Frozen Food Market is Expected to be Flourished by Increasing Demand for Convenience Foods

 

Frozen food products including vegetables, meats, poultry, seafood, ready meals, snacks, fruits, and desserts are an excellent solution for extending shelf life and preserving freshness of food without adding any preservatives. The convenience, affordability, and nutritional value of frozen food are driving its demand among the consumers.

The global Frozen Food Market is estimated to be valued at US$ 167116.37 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 key trends:

Rising demand for convenience food products is one of the major factors propelling the growth of the frozen food market. Busy and hectic lifestyles have raised demand for convenient, easy-to-cook and easy-to-eat food options. As frozen foods do not require much preparation or cooking time, they offer high convenience to the time-pressed consumers. Working professionals, single adults, and young consumers highly prefer frozen food products. With rising nuclear families and dual-income households, the demand for frozen food is expected to grow significantly over the forecast period. Moreover, increasing women workforce participation has also augmented the demand for convenient frozen food options, thereby fueling market growth.

Segment Analysis

The global frozen food market is dominated by ready meals segment which holds around 35% of the total market share. This is because ready meals are extremely convenient to consume, do not require any preparation time and are increasingly becoming popular among millennial working professionals with busy schedules. The fruits and vegetables segment is projected to grow at the highest CAGR during the forecast period due to rising health consciousness among consumers and increasing demand for healthy frozen snacks and meals.

Key Takeaways

The global frozen food market is expected to witness high growth over the forecast period.

Regional analysis related content comprises
The Asia Pacific region is projected to grow the fastest during the forecast period owing to rising population, growing disposable incomes, urbanization and changing dietary habits in countries like China, India and other Southeast Asian countries. China dominates the Asia Pacific frozen food market and is expected to continue its dominance in the coming years as well. North America currently accounts for the largest share in the global frozen food market mainly driven by the U.S., whereas demand is growing rapidly in European countries like UK, France, Germany and Italy.

Key players related content comprises

Key players operating in the frozen food market are focusing on new product launches, acquisitions and geographical expansions to cater to rising demand and gain majority market share. Nestle S.A. is the global leader in frozen foods with strong brands like Hot Pockets and DiGiorno. Other major players like Ajinomoto Co., Inc., Kraft Foods Group, Inc., ConAgra Foods, Inc., General Mills, Inc., H.J. Heinz Company, Tyson Foods, Inc. and Unilever Plc. are investing heavily in research and development to launch healthy and innovative frozen snacks and meals.

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