The frozen foods market is estimated at USD 284.2 billion in 2023; it is projected to grow at a CAGR of 5.1% to reach USD 363.7 billion by 2028. The changing consumer lifestyles and busier schedules have increased the demand for convenient meal options, and frozen foods provide a quick and easy solution. Advancements in freezing and packaging technologies have improved the quality and shelf life of frozen products, making them more appealing to consumers. Additionally, concerns about food waste and the desire for longer-lasting food items have contributed to the popularity of frozen foods. The expanding variety of healthier frozen options, such as fruits, vegetables, and organic products, aligns with the growing emphasis on health and wellness, further driving the growth of the frozen food market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=130
What are frozen foods?
Frozen foods are items that have been preserved by freezing them at very low temperatures to prolong their shelf life. This process involves lowering the temperature of the food to freeze the water content, preventing the growth of microorganisms that cause food spoilage. Frozen foods can include fruits, vegetables, meats, seafood, prepared meals, and more. They’re convenient because they can be stored for extended periods without spoiling and are often quick and easy to prepare.
Frozen Foods Market Growth Drivers:
The frozen foods market has seen substantial growth due to several key drivers:
1. Convenience: Busy lifestyles and a demand for quick meal solutions have boosted the popularity of frozen foods. They offer convenience by reducing prep time and allowing consumers to have ready-to-eat or easy-to-prepare meals.
2. Extended Shelf Life: Freezing technology helps preserve food for longer periods without compromising quality. This longer shelf life reduces food waste, appealing to environmentally conscious consumers.
3. Variety and Innovation: The market continually introduces new frozen food options, including healthier alternatives, international cuisines, and gourmet selections. This variety caters to diverse tastes and dietary preferences.
4. Improved Freezing Techniques: Advancements in freezing techniques have enhanced the quality and taste of frozen foods, making them closer to fresh alternatives.
5. Health and Nutrition: Growing awareness of nutritional value has led to the development of healthier frozen food options. Brands are focusing on using natural ingredients, reducing additives, and offering organic or preservative-free choices.
6. E-commerce and Distribution: Online shopping and improved distribution networks have made frozen foods more accessible. Consumers can now easily purchase a wide range of frozen products from various retailers and have them delivered conveniently.
7. Globalization: The availability of a diverse range of cuisines from around the world in frozen form has expanded consumer choices and attracted those seeking international flavors.
Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=130
Europe Holds the Largest Share of the Frozen Foods Market
Europe is a major hub for frozen vegetable consumption, driven by busy lifestyles and a growing demand for affordable, nutritious, and convenient food options. Rising incomes and changing dietary preferences are propelling this market, with consumers shifting towards plant-based diets. Key opportunities for vegetable suppliers are found in countries like Germany, France, Belgium, Italy, and the Netherlands. Public awareness of the superior nutritional value of frozen vegetables over fresh and refrigerated ones is boosting demand, especially among younger generations.
According to the European Ministry of Foreign affairs, in 2021, Europe imported €3 billion worth of frozen vegetables, totaling 2.8 million tonnes, with 91% coming from within Europe and only 9% from developing nations. Europe’s status as a major global frozen vegetable producer drives this predominantly internal trade. Germany, with a 20% market share, leads European imports, followed by France (18%) and Belgium (14%). These countries, particularly Germany and France, are crucial focus markets. Belgium, while a major producer and exporter, sources certain vegetable varieties from other nations. Italy, the Netherlands, Spain, and Sweden also rank among the top European markets.
Frozen Foods Market Leading Players:
Major manufacturers in this market are based in Europe, North America, and Asia Pacific. General Mills Inc. (US), Conagra Brands, Inc. (US), GRUPO BIMBO (Mexico City), Nestle (Switzerland), Unilever (UK), Kellogg Co. (US), McCain Foods Limited (Canada), and The Kraft Heinz Company (US) are among a few leading players operating in the frozen food market. These players have adopted various growth strategies to strengthen acquisitions and new product development activities to further expand their frozen food market presence.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=130
Recent Developments:
1. In April 2023, Nestlé and the private equity firm PAI Partners came to an agreement to establish a joint venture focused on Nestlé’s frozen pizza business in Europe. This move aimed to create a specialized player in a highly competitive and constantly evolving market segment. In this joint venture, Nestlé would maintain a minority stake, ensuring equal voting rights in partnership with PAI Partners.
2. In March 2023, McCain Foods, the global leader in frozen potato products manufacturing, made a significant announcement of a substantial investment totaling USD 438.4 million. This investment is directed towards the expansion and doubling in size of its potato processing plant located in Coaldale, Alberta. This strategic move is expected to foster continued growth for the company, strengthening its ability to cater to key markets.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=130
About MarketsandMarkets™
MarketsandMarketsTM has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/global-frozen-and-convenience-food-market-advanced-technologies-and-global-market-130.html