Frozen Foods Market Analysis, Revenue, Key Players, Trends, Growth, Size, Share, and Forecast 2023 to 2028

The global frozen foods market, valued at USD 284.2 billion in 2023, is expected to grow at a CAGR of 5.1%, reaching USD 363.7 billion by 2028. Rising consumer demand for convenient meal solutions due to busier lifestyles is driving this growth. Innovations in freezing and packaging technologies have enhanced the quality and shelf life of frozen foods, making them more attractive to consumers. Furthermore, increasing concerns about food waste and a preference for longer-lasting food items are boosting the popularity of frozen products. The growing range of healthier frozen options, including fruits, vegetables, and organic items, aligns with the trend towards health and wellness, fueling further expansion in the market.

Frozen Foods Market Drivers: Rapid Growth in Packaged Food & Beverage Drives Growth in the Frozen Foods Market

The rapid expansion of the packaged food and beverage industry is significantly driving the growth of the frozen foods market. This dynamic is due to several key factors. First, the rise in demand for packaged foods is linked to shifting consumer lifestyles and preferences. Today’s consumers value convenience, portability, and extended shelf life.

Frozen foods perfectly match these demands, offering convenient, ready-to-eat or easy-to-prepare meal options. They provide a practical solution for individuals and families seeking quick and hassle-free dining alternatives.

Additionally, the strong distribution networks and marketing strategies of the packaged food industry help frozen food products reach a wider audience. This mutual growth benefits both sectors as they address the evolving consumer desire for convenience and variety in their food options.

Frozen Foods Market Opportunities: Rising disposable incomes in emerging economies, driving frozen foods segment

The growth of processed food trade presents a major opportunity for the frozen foods market. As global trade networks expand, the frozen foods industry stands to gain in several ways. First, increased international trade allows for a greater exchange of processed foods, including frozen options, giving consumers access to a broader selection of global products and enhancing their culinary experiences. Second, globalization facilitates the import and export of frozen food ingredients, leading to cost-effective sourcing of raw materials. This can result in more competitive pricing and higher profitability for frozen food manufacturers. Additionally, international trade fosters innovation and the creation of new frozen food products tailored to diverse regional tastes, which can attract a wider consumer base and drive market growth.

Frozen Foods Market Trends

• Health and Wellness: Consumers are increasingly seeking healthier frozen food options, including those with organic ingredients, fewer additives, and lower sodium content. There's a growing demand for frozen fruits, vegetables, and lean protein options as people become more health-conscious.
• Plant-Based Alternatives: With the rise in vegetarianism, veganism, and flexitarian diets, there's a surge in demand for plant-based frozen foods. This includes plant-based meat substitutes, dairy-free ice creams, and vegetable-based frozen meals, catering to the needs of diverse dietary preferences.
• Convenience and Time-Saving: Busy lifestyles and hectic schedules have fueled the demand for convenient meal solutions. Frozen foods offer quick and easy meal options without compromising on taste or nutrition. Single-serve frozen meals, microwaveable snacks, and pre-cut frozen produce are gaining popularity among consumers seeking hassle-free meal solutions.
• Premiumization: Consumers are willing to pay more for higher-quality frozen food products. Brands are focusing on premium ingredients, innovative packaging, and gourmet flavors to differentiate themselves in the market. Premium frozen pizzas, artisanal ice creams, and specialty frozen appetizers are witnessing increased demand among discerning consumers.

Europe Dominates the Frozen Foods Market Share.

Europe is a major center for frozen vegetable consumption, fueled by busy lifestyles and a growing demand for convenient, nutritious, and cost-effective food options. Increased incomes and evolving dietary preferences are driving this market, with a notable shift toward plant-based diets. Key opportunities for vegetable suppliers are concentrated in Germany, France, Belgium, Italy, and the Netherlands. The rising awareness of the nutritional benefits of frozen vegetables over fresh and refrigerated options is boosting demand, particularly among younger consumers.

In 2021, Europe imported frozen vegetables worth €3 billion, totaling 2.8 million tonnes. Of these imports, 91% came from within Europe, while only 9% were sourced from developing countries. Europe’s position as a leading global producer of frozen vegetables supports this predominantly internal trade. Germany, with a 20% market share, is the top importer, followed by France (18%) and Belgium (14%). Germany and France, in particular, are key focus markets, while Belgium, although a significant producer and exporter, also imports some vegetable varieties. Italy, the Netherlands, Spain, and Sweden are also important markets in Europe.

Germany ranks as the world’s third-largest importer of frozen vegetables, trailing only the United States and Japan, and leads Europe in this sector. In 2021, 90% of Germany’s frozen vegetable imports came from other European countries, with the remaining 10% sourced from developing nations. This strong intra-European import activity plays a crucial role in the growth of the European frozen foods market.

The contract catering sector, where organizations outsource catering services to specialized companies, is gaining traction across businesses, public authorities, childcare centers, educational institutions, healthcare facilities, and correctional institutions in Europe. According to Food Service Europe, the contract catering industry has an annual turnover exceeding USD 26.59 billion and shows significant growth potential, as only 35% of European firms or collective organizations providing social food services currently have catering contracts.

Top Frozen Foods Companies

The key players in this market include General Mills Inc. (US), Nestlé (Switzerland), Unilever (Netherlands), McCain Foods Limited (Canada), Conagra Brands, Inc. (US), Kellogg's Company (US), Grupo Bimbo (Mexico), and The Kraft Heinz Company (US)

Frozen Foods Market Size, Share, Trends, Growth Opportunities and Competitive Outlook

The frozen foods market size 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.

Frozen Foods Market Trends

Healthier Options: Consumers are increasingly seeking frozen foods that align with their health and wellness goals. This trend has led to the development of frozen meals and snacks that are lower in sodium, sugar, and fat, and higher in protein, fiber, and other nutrients.

Plant-Based Alternatives: With the rise of vegetarianism, veganism, and flexitarian diets, there's a growing demand for plant-based frozen foods. This includes items like veggie burgers, plant-based meat alternatives, and frozen meals made with tofu or tempeh.

Convenience and Time-Saving: Busy lifestyles and hectic schedules have boosted the demand for convenient meal solutions. Frozen foods offer the advantage of quick preparation, making them appealing to consumers seeking convenient meal options without compromising on taste or quality.

Ethnic and International Flavors: There's a growing interest in diverse culinary experiences, leading to an increased demand for frozen foods featuring ethnic and international flavors. Products like Indian curries, Asian stir-fries, and Mediterranean-inspired dishes are gaining popularity in the frozen aisle.

Clean Label Products: Consumers are becoming more conscious of the ingredients in their food and are seeking products with simpler, more natural ingredient lists. Clean label frozen foods, free from artificial flavors, colors, and preservatives, are experiencing growth in demand.

Online Retail Channels: The rise of e-commerce and online grocery shopping has opened up new distribution channels for frozen food manufacturers. Brands are increasingly focusing on their online presence and partnering with e-commerce platforms to reach a wider audience of consumers.

Frozen Foods Market Drivers: Rapid Growth in the Packaged Food & Beverage Drives Growth in the Frozen Foods Market

The rapid growth in the packaged food and beverage industry is significantly fueling the expansion of the frozen foods market. This synergy can be attributed to several key factors. Firstly, the packaged food and beverage sector is experiencing increasing demand due to changing consumer lifestyles and preferences. Convenience, portability, and longer shelf life are all characteristics that appeal to today's busy consumers.

Frozen foods align seamlessly with these trends, providing convenient, ready-to-eat or easy-to-prepare meal options. They offer a practical solution for individuals and families seeking quick, hassle-free dining choices in the packaged food realm.

Furthermore, the packaged food industry's robust distribution networks and marketing strategies make it easier for frozen food products to reach a broader consumer base. This collaborative growth strengthens both sectors, as they cater to evolving consumer needs for convenience and variety in their food choices.

Based on type, the raw material segment is estimated to hold the largest market share during the forecast period of the frozen foods market.

Raw frozen food is poised to dominate the frozen food market due to its versatility and appeal to a wide range of consumers. This category encompasses an array of products, including fruits, vegetables, seafood, and meats, offering consumers the flexibility to create diverse and customized meals. Raw frozen foods retain their inherent nutritional value and flavor, often outperforming their cooked or processed counterparts. Furthermore, they cater to various dietary preferences, such as vegan, paleo, and gluten-free diets, making them inclusive and adaptable. In an era where health consciousness and convenience intersect, raw frozen foods align perfectly, allowing consumers to prepare fresh, wholesome meals with minimal effort. This appeal is driving their popularity, ensuring that raw frozen food remains the largest share of the frozen food market.

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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, totalling 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.

Top Companies in the Frozen Foods Market

The key players in this market include General Mills Inc. (US), Nestlé (Switzerland), Unilever (Netherlands), McCain Foods Limited (Canada), Conagra Brands, Inc. (US), Kellogg's Company (US), Grupo Bimbo (Mexico), and The Kraft Heinz Company (US).

Frozen Foods Market to Showcase Continued Growth in the Coming Years

At a CAGR of 5.1%, the global frozen foods market is projected to have grown from USD 284.2 billion in 2023 to USD 363.7 billion by 2028. One of the primary advantages is their longer shelf life compared to fresh alternatives. This quality significantly reduces food waste, a growing concern globally. Consumers can confidently stock up on frozen foods, knowing they won't spoil quickly, aligning with sustainability goals.

The proliferation of e-commerce has further propelled the frozen foods market. Online shopping platforms offer unparalleled convenience, allowing consumers to access and order frozen foods with ease. This digital accessibility has broadened the market's reach and made it simpler for individuals to incorporate frozen food products into their meal plans. Globalization plays a pivotal role as well, with an extensive range of international cuisines available in frozen form. Consumers can now enjoy a diverse culinary experience from the comfort of their homes, adding excitement and variety to their diets.

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Opportunities: Rising disposable incomes in emerging economies, driving frozen foods segment

The expanding trade of processed foods presents a significant opportunity within the frozen foods market. As global trade networks continue to grow, the frozen foods industry stands to benefit in several ways. Firstly, increased international trade facilitates the exchange of a wide variety of processed foods, including frozen options. This enables consumers to access a diverse range of products from around the world, expanding their culinary horizons. Secondly, globalization supports the import and export of frozen food ingredients, allowing for cost-effective sourcing of raw materials. This can lead to more competitive pricing and increased profitability for frozen food manufacturers. Moreover, international trade encourages innovation and the development of new frozen food products to meet the tastes and preferences of different regions. This diversity in offerings can attract a broader consumer base and drive market growth.

Challenges: Lack of Cold Chain Infrastructure in Developing Countries

The lack of adequate cold chain infrastructure in developing countries poses a formidable challenge to the frozen foods market. Cold chain infrastructure, which includes temperature-controlled storage, transportation, and distribution facilities, is essential for maintaining the quality and safety of frozen food products. In many developing nations, such as South Africa and Kenya, these critical components of the supply chain are underdeveloped or insufficient. This deficiency hampers the frozen foods market in multiple ways. It can lead to temperature fluctuations during transportation and storage, resulting in quality degradation and potential food safety risks. Moreover, the limited cold chain infrastructure restricts the availability of frozen products in remote and underserved areas, limiting market penetration and growth potential.

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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.

Frozen Foods Market to See Major Growth by 2028

 The global frozen foods market is projected to reach USD 363.7 billion by 2028 from USD 284.2 billion by 2023, at a CAGR of 5.1% during the forecast period in terms of value. One of the primary advantages is their longer shelf life compared to fresh alternatives. This quality significantly reduces food waste, a growing concern globally. Consumers can confidently stock up on frozen foods, knowing they won't spoil quickly, aligning with sustainability goals.

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Drivers: Rapid Growth in the Packaged Food & Beverage Drives Growth in the Frozen Foods Market

The rapid growth in the packaged food and beverage industry is significantly fueling the expansion of the frozen foods market. This synergy can be attributed to several key factors. Firstly, the packaged food and beverage sector is experiencing increasing demand due to changing consumer lifestyles and preferences. Convenience, portability, and longer shelf life are all characteristics that appeal to today's busy consumers.

Frozen foods align seamlessly with these trends, providing convenient, ready-to-eat or easy-to-prepare meal options. They offer a practical solution for individuals and families seeking quick, hassle-free dining choices in the packaged food realm. Furthermore, the packaged food industry's robust distribution networks and marketing strategies make it easier for frozen food products to reach a broader consumer base. This collaborative growth strengthens both sectors, as they cater to evolving consumer needs for convenience and variety in their food choices.

Based on type, the raw material segment is estimated to hold the largest market share during the forecast period of the frozen foods market.

Raw frozen food is poised to dominate the frozen food market due to its versatility and appeal to a wide range of consumers. This category encompasses an array of products, including fruits, vegetables, seafood, and meats, offering consumers the flexibility to create diverse and customized meals. Raw frozen foods retain their inherent nutritional value and flavor, often outperforming their cooked or processed counterparts. Furthermore, they cater to various dietary preferences, such as vegan, paleo, and gluten-free diets, making them inclusive and adaptable. In an era where health consciousness and convenience intersect, raw frozen foods align perfectly, allowing consumers to prepare fresh, wholesome meals with minimal effort. This appeal is driving their popularity, ensuring that raw frozen food remains the largest share of the frozen food market.

Based on consumption, the retail segment is anticipated to witness the highest growth in the frozen foods market.

The COVID-19 pandemic has accelerated the trend of consumers stocking up on frozen essentials due to their longer shelf life, providing a boost to the retail frozen food segment. Additionally, as consumers become more health-conscious, frozen foods are evolving to offer a wider range of healthier options, including organic and low-calorie choices, further appealing to a health-focused demographic.

Furthermore, retail channels provide a convenient and accessible distribution network, making it easier for consumers to purchase frozen foods. With the ongoing expansion of e-commerce and online grocery shopping, retail frozen foods are well-positioned to capture a significant share of the market as they cater to the evolving preferences and needs of today's consumers.

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Germany is expected to account for the largest market share in 2023.

Germany is poised to dominate the frozen foods market for several compelling reasons. The nation's strong economy and high levels of consumer purchasing power make it an attractive hub for frozen foods. Additionally, Germany's shifting demographics, characterized by a growing number of working professionals and single-person households, fuel the demand for convenient meal solutions. Frozen foods are well-aligned with these changing consumer preferences, offering quick and effortless preparation options. Furthermore, Germany places a significant emphasis on food safety and quality, and frozen foods are perceived as a secure and dependable choice. This trust in the quality and safety of frozen products further solidifies their dominance in the market.

Major players operating in the frozen foods market are General Mills Inc. (US), Nestlé (Switzerland), Unilever (Netherlands), McCain Foods Limited (Canada), Conagra Brands, Inc (US), Kellogg's Company (US), Grupo Bimbo (Mexico), and The Kraft Heinz Company (US).

Upcoming Growth Trends in the Frozen Foods Market

The global frozen foods market is estimated at USD 284.2 billion in 2023 and is projected to reach USD 363.7 billion by 2028, at a CAGR of 5.1% from 2023 to 2028. The primary key factor contributing to the growing demand for frozen foods is convenience. In today's fast-paced world, consumers are constantly seeking time-saving solutions that fit their busy lifestyles. Frozen foods offer a hassle-free way to put meals on the table without the lengthy preparation associated with fresh ingredients. This convenience factor resonates with a wide spectrum of consumers, from working professionals and busy families to students and seniors. Frozen foods provide a quick and efficient means of meal preparation, allowing individuals to enjoy a wide variety of options without sacrificing taste or nutritional value. The ease of storage and longer shelf life compared to fresh foods further enhances their appeal. As a result, the convenience factor remains the driving force behind the sustained and growing demand for frozen foods in the market.

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The online distribution channel segment is expected to grow at the highest CAGR during the forecast period.

The online distribution channel is experiencing the fastest growth in the frozen foods market due to several significant factors. Firstly, the rise of e-commerce has transformed the way consumers shop for groceries. Online platforms offer a convenient and accessible way to browse and purchase frozen food products from the comfort of one's home, eliminating the need for physical store visits. Secondly, the COVID-19 pandemic accelerated the adoption of online grocery shopping, with consumers prioritizing safety and social distancing. Many people who had not previously used online grocery services became accustomed to the convenience, and this shift in behavior has persisted. Thirdly, online platforms provide a wider variety of frozen food options, including niche and specialty products, which may not be readily available in brick-and-mortar stores. This expanded selection caters to diverse consumer preferences and dietary needs, further driving online sales. Moreover, the ability to read product reviews, compare prices, and access personalized recommendations online enhances the overall shopping experience, making it more appealing to consumers.

By consumption, food service holds the largest in the frozen foods market in 2023.

The substantial presence of the food service sector in the frozen foods market can be attributed to several compelling factors. To begin with, the food service industry, encompassing restaurants, hotels, cafeterias, and catering services, heavily depends on the convenience and adaptability offered by frozen food ingredients. Frozen foods ensure a uniform level of quality and enable precise portion control, enabling food service establishments to optimize their operations while delivering consistently delicious meals to their patrons. Furthermore, frozen foods play a pivotal role in curbing food wastage within the food service sector. They boast extended shelf lives in comparison to fresh ingredients, reducing the chances of spoilage and financial losses, a critical consideration in a fast-paced, high-volume industry. Moreover, the extensive array of frozen food choices, spanning appetizers, side dishes, main courses, and desserts, grants food service operators the flexibility needed to cater to a diverse array of customer tastes and dietary needs.

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Germany is expected to account for the largest market share in 2023.

Germany is poised to dominate the frozen foods market for several compelling reasons. The nation's strong economy and high levels of consumer purchasing power make it an attractive hub for frozen foods. Additionally, Germany's shifting demographics, characterized by a growing number of working professionals and single-person households, fuel the demand for convenient meal solutions. Frozen foods are well-aligned with these changing consumer preferences, offering quick and effortless preparation options. Furthermore, Germany places a significant emphasis on food safety and quality, and frozen foods are perceived as a secure and dependable choice. This trust in the quality and safety of frozen products further solidifies their dominance in the market. Alongside, the German market has experienced a surge in health-conscious consumers seeking frozen fruits, vegetables, and other healthier alternatives. This health-oriented trend has propelled the growth of the frozen foods market, especially within the healthier product segments. Germany is in the final stages of developing its National Nutrition Strategy, which includes a significant focus on promoting a shift towards plant-based foods within its food system. This shift aims to enhance the overall health of the population while also reducing the environmental impact on the climate. As part of this strategy, Germany has set ambitious goals to be achieved by 2030, including the aim to source 30 percent of its agricultural products from organic farming practices. Additionally, the country intends to cut food waste by 50 percent across all sectors. This aligns with Germany's commitment to healthier and more sustainable food choices, making it a key driver for the growth of the frozen foods market, particularly in healthier segments like frozen fruits and vegetables.

Major players operating in the frozen foods market are General Mills Inc. (US), Nestlé (Switzerland), Unilever (Netherlands), McCain Foods Limited (Canada), Conagra Brands, Inc (US), Kellogg's Company (US), Grupo Bimbo (Mexico), and The Kraft Heinz Company (US).