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Global Frozen Foods Market Size and Share to Reach $553.1 Billion by 2030, with a 5.2% CAGR Driven by Growing Demand for Convenience and Ready-to-Eat Meals: Key Insights and Trends Report by Zion Market Research
Frozen food is maintained at such temperatures where moisture in the food retains its solid state. The factors that have attributed to the demand for frozen foods include hectic lifestyles, changing consumer buying behavior, altering dietary habits, and a surge in the number of working female population. Reportedly, these food products are considered one of the most popular convenient ready foods. Due to the busy work schedule and fast-faced lifestyles, there remains less time available for cooking activities. The key concept of frozen food is the preservation of food items at a specific temperature so that the moisture content in food remains intact and this enhances the shelf life of the foods.
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Changing lifestyles and enhanced living standards are some of the key growth drivers for the global frozen food market. Apart from this, the massive trend of consuming instant foods and ready-to-eat diets among the youth will boost global market trends. In addition to this, consumers' shift towards convenience diet and food that can be cooked quickly will proliferate the size of the global market. Apart from this, there is a considerable increase in the number of working women as well as women entrepreneurs across the globe. This has contributed sizably towards the global frozen foods market proceeds.
Furthermore, frozen vegetables and frozen fruits have accounted for the largest share of the food market owing to easy access to new freezing technologies that helps in increasing the shelf life of food, thereby bolstering the expansion of the global frozen food market. Rise in per capita income will further spearhead the global market surge.
Few customers think that frozen food is less significant in comparison to fresh food and this is one of the major factors that has put brakes on the global frozen foods industry. Apart from this, nutrients such as folate as well as vitamin C can alter due to temperature change and food products stored at different temperatures can lose their nutritional value. Moreover, frozen food is stored at lower temperature and do not lose key nutrients. However, people also think that frozen food can also lose essential nutrients. This can put brakes on the expansion of the global industry.
Surge in online grocery shopping activities and the launching of new apps for purpose of shopping will open new growth avenues for the global frozen foods market. Furthermore, massive demand for convenience food to further increase the scope of the market growth over the years ahead.
Cold chain logistics has been the key requirement for raising the share of the frozen foods market across the globe. Moreover, emerging economies do not have a strong cold chain infrastructure facility. Hence, they cannot supply frozen food products to the consumers' low fund allocation for developing strong cold chain infrastructure units has resulted in slowing down the growth of the cold chain logistics business. This, in turn, is a major challenge to the growth of the global market.
In terms of product, the global frozen foods market is segmented into convenience food & ready meals, fruits & vegetables, meat & seafood, bakery products, and dairy products segments. Apparently, the convenience food & ready meals segment, which made lucrative contributions toward the global market share in 2022, is anticipated to retain its domination even during the forecast period. The segmental growth over 2023-2030 can be attributed to the swiftly changing lifestyles of the youth leading to a massive intake of frozen foods. Furthermore, frozen foods can be easily prepared in less time and possess high nutritional value, and this has boosted the growth of the segment.
Based on the type, the global frozen foods industry is divided into ready-to-cook, half-cooked, and raw material segments. Furthermore, the ready-to-cook segment is set to record the fastest CAGR over the coming years. The growth of the segment over the assessment timeline can be attributed to increasing working women population and rapidly changing life patterns.
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The frozen foods market in the Asia-Pacific sub-continent is predicted to register the highest CAGR during the forecasting years. The growth of the regional market in 2023-2030 can be due to a rise in access to frozen food products that are protein-rich, gluten-free, sugar-free, plant-based, vegan, and dairy-free. Citing an instance, in the first half of 2021, First Pride, a food-producing firm in the Asia-Pacific , introduced frozen nuggets, frozen food strips, and frozen bites for customers in Malaysia . The move will boost the scope of demand for frozen diets in the Asia-Pacific sub-continent.
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