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Frozen Food Market to Reach $408.05 Billion by 2022 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
Frozen food is defined as food products preserved under low temperatures and used over a long period. Nowadays, busy schedules influence consumers to shift their dietary preferences towards ready-to-eat food products. Hence, frozen foods have become an important part of the modern diet.
The growth of this market is backed by the increasing demand for convenience food, the growing global cold-chain market, and changing consumer tastes and preferences. Moreover, the increasing digitalization in the retail industry and emerging economies in Asia-Pacific , Latin America , and the Middle East & Africa provide significant growth opportunities in this market.
However, the rising preference for fresh and natural food products and constant temperature monitoring requirements obstruct the growth of this market to some extent. On the other hand, the lack of cold chain infrastructure in developing economies poses a challenge to frozen food manufacturers.
Consumer demand for convenience foods has grown substantially over the past decades. Consumers are more inclined toward convenience food products, such as baked goods, confectioneries, beverages, and other ready meals, owing to their instant nature, to cut down the preparation and handling time of the food. The demand for dinner time solutions by present-day consumers is increasing rapidly, as consumer meal consumption behavior is shifting drastically. While individuals increasingly lack the time and skill to prepare food in their homes, many consumers are willing to spend money in the ready-to-eat market. In addition, the convenience trend in the U.S. and China is not a short-term phenomenon - it is here to stay. Increasing urbanization will likely help the convenience movement gain further traction.
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More than half of the world's population lives in urban areas, and virtually all the countries worldwide are becoming increasingly urbanized. According to the United Nations World Urbanization Report, the urban population of the world has grown rapidly from 439,498,772 in 2015 to 471,031,528 in 2019, which shows that almost 55% of the world's population lives in urban areas, a proportion that is expected to increase to 68% by 2050. As a result, urban consumers are gaining exposure to a much wider choice and better food availability than those living in rural areas. Also, this urbanization trend contributes significantly toward improved living standards and rising incomes, which influences the affordability of frozen food products to a greater extent.
Further, with the increasing urbanization, the demand for convenience food products is increasing rapidly, mainly due to the changing lifestyles, rising number of nuclear families, an increasing proportion of working women, and less time for food preparation. These factors create a strong case for the accelerated growth of the frozen food products market, as frozen food products have easy availability and have a long shelf life.
To provide efficient analysis, Meticulous Research has segmented this market based on product (ready meals, meat & poultry, seafood, dairy products, bakery products {bread, pizza crust, cakes & pastries, cookies & biscuits, doughnuts, waffles, and other frozen bakery products}, vegetables, fruits, and other frozen products), type (raw, half-cooked, and ready-to-eat), distribution channel (business-to-business {food services, food manufacturers, and quick service restaurants} and business-to-consumers {Offline [supermarkets & hypermarkets, convenience stores, and other stores] and online}), and geography ( North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa ).
Based on product, the ready meals segment is expected to account for the largest share of the frozen food market in 2022. However, the seafood segment is expected to witness significant growth due to the rising consumption of fish for improved health and growing global aquaculture production. In addition, the growing demand for frozen seafood as a thickening agent in various end-use applications, has strengthened the growth of the frozen seafood market.
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Based on type, the bread segment is expected to account for the largest share of the frozen bakery products market in 2022. The large share of this segment is mainly attributed to the rising bread consumption across the globe, growing preference for fast food, changing lifestyles, and an increasing number of ready-to-eat product chains and QSRs. Increasing consumer preference for healthy products is expected to further support the frozen bread segment's growth.
Based on type, the raw material segment is expected to account for the largest share of the frozen food market in 2022. The large share of this segment is mainly attributed to the increased awareness about the nutritional properties of raw frozen food, increasing incidences of obesity and other related diseases, and the growing number of raw labeled food and drink products. However, the ready-to-eat segment is expected to witness significant growth during the forecast period.
Based on distribution channel, the frozen food market is segmented into business-to-business (B2B) and business-to-consumer (B2C)..However, the business-to-consumer segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the rising population density in urban areas, the increasing trend of online shopping, the rising popularity of the franchising concept, growing preference for personalization, consumer convenience, and greater product selection.
Based on geography, Asia-Pacific region is expected to witness rapid growth during the forecast period, owing to the changing lifestyle, increasing employment, growing Foreign Direct Investment (FDI) in the retail sector, increasing awareness regarding the importance of protein-rich diets, and growing demand for processed food products in emerging countries such as India , Indonesia , and Thailand and developed countries such as China . Additionally, the rising demand for western dairy products such as natural snacks, fermented dairy products, such as yogurt, sour milk, etc., further supports the growth of the frozen food market in the region.
Some of the key players operating in the frozen food market are General Mills, Inc. (U.S.), Conagra Brands, Inc. (U.S.), Nestlé S.A. ( Switzerland ), Unilever PLC (U.K.), Kellogg Company (U.S.), McCain Foods Limited ( Canada ), The Kraft Heinz Company (U.S.), Tyson Foods, Inc. (U.S.), Associated British Foods plc (U.K.), Ajinomoto Co., Inc. ( Japan ), Vandemoortele NV ( Belgium ), Lantmännen Unibake International ( Denmark ), Cargill, Incorporated (U.S.), Europastry, S.A. ( Spain ), JBS S.A. ( Brazil ), ARYZTA AG ( Switzerland ), and Nomad Foods Limited (U.K.), among others.
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