Future Market Insights (FMI) forecasts that the global frozen food market will grow from US$ 365.2 billion in 2024 to US$ 638.6 billion by 2034. This represents a compound annual growth rate (CAGR) of 5.7% from 2024 to 2034.
Due to their convenience of preparation and single-serving alternatives, frozen foods are becoming increasingly popular among consumers, particularly among millennials. The growing emphasis among consumers on adopting healthy eating habits is driving the demand for frozen foods.
The market for frozen meals is driven by the increasing number of dual-income homes and rising urbanization. These factors are resulting in busier lives and a need for quick & easy meal alternatives, which frozen foods provide.
Supermarkets and hypermarkets, two contemporary retail formats that have increased accessibility to a greater range of frozen food goods, are the primary drivers of the frozen food sector. As customer tastes change, producers respond by consistently releasing new and inventive frozen food items, such as gourmet selections and exotic cuisines, leading to the rise of the frozen food business.
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Key Takeaways from the Report:
- The global frozen food market is projected to reach US$ 638.6 billion in 2034.
- The market is anticipated to surge at a CAGR of 5.7% from 2024 to 2034.
- The United States is projected to expand at a CAGR of around 4.9% by 2034.
- Frozen food demand in China is anticipated to rise at a steady CAGR of 4.2% during the forecast period.
- Based on product type, the frozen fish and seafood segment is predicted to surge at 4.0% CAGR by 2034.
“Consumer demand for nutritious, organic, and clean-ready meals is rising as a result of their growing appreciation for food that serves a practical purpose in addition to pleasure. Customers are carefully picking their frozen foods to prevent negative health effects due to increased health knowledge and worries about food safety,” says a lead Future Market Insights (FMI) analyst.
Competitive Landscape
Leading companies are seeking strategic collaborations & alliances with other producers to increase efficiency and satisfy the surging number of consumers. Key manufacturers in this industry, with their sizable customer bases, well-known brands, and extensive distribution networks, present fierce competition for the market’s participants. To remain competitive, companies are adapting serval growth tactics into practice, including alliances and introducing new products.
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Key Companies Profiled
- Aryzta A.G.
- Ajinomoto Co. Inc.
- Cargill Incorporated
- General Mills Inc.
- JBS S.A.
- Kellogg Company
- The Kraft Heinz Company
- Nestle S.A.
- ConAgra Brands, Inc.
- Associated British Foods Plc.
- Amy’s Kitchen
- Birds Eye
- Maple Leaf Foods
- Pinnacle Foods
- Unilever
- Tyson Foods
Recent Development
- In March 2021, Nomad Foods acquired Fortenova’s frozen food business.
- In January 2021, Imperial Tobacco Company of India Limited (ITC) added ten new items and tripled the size of its frozen snack business.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global frozen food market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the frozen food market based on freezing technique (blast freezing, belt freezing, individual quick freezing), product type (frozen ready meals, frozen fish & seafood, frozen meat products, frozen dairy products, frozen fruits & vegetables, frozen bakery products, frozen soups & sauces), distribution channel (food service industry, retail/household), and region.
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Frozen Food Market Segmentation by Category
By Freezing Technique:
- Blast Freezing
- Belt Freezing
- Individual Quick Freezing
By Product Type:
- Frozen Ready Meals
- Frozen Fish and Seafood
- Frozen Meat Products
- Poultry
- Pork
- Beef
- Frozen Dairy Products
- Frozen Fruits and Vegetables
- Frozen Bakery Products
- Frozen Soups and Sauces
By Sales Channel:
- Food Service Industry
- Retail/Household
- Hypermarket/Supermarket
- Convenience Store
- Departmental Stores
- Wholesale Stores
- Mass Grocery Stores
- Independent Retailers
- Specialty Stores
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact FMI:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Website: https://www.futuremarketinsights.com
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