The Frozen Food Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Frozen Food Global Market Report 2024, The frozen food market size has grown strongly in recent years. It will grow from $226.16 billion in 2023 to $240.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to globalization and cross-cultural influences, brand loyalty and marketing campaigns, convenience and time-saving appeal, changing consumer lifestyles, innovations in product varieties.
The frozen food market size is expected to see strong growth in the next few years. It will grow to $303.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to sustainability practices, focus on ethnic and regional flavors, clean label and transparency, government initiatives for healthy eating, demand for frozen snacks and appetizers. Major trends in the forecast period include sustainable packaging, gourmet and premium frozen options, advancements in freezing technologies, innovations in processing, digital marketing, customization and personalization.
The frozen food manufacturing market’s growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021, both according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
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The frozen food market covered in this report is segmented –
1) By Type: Frozen Fruit, Juice, And Vegetable, Frozen Specialty Food
2) By User: Food Service Industry, Retail Users
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Frozen Fruit, Frozen Juice, Frozen Vegetables, Frozen Meals, Other Frozen Specialties
Frozen food manufacturers are using technologies such as individual quick freezing (IQF) to improve the yield and quality of frozen foods. The IQF method involves transferring the individual food items on a conveyor belt into a blast freezer that quickly freezes the items. With the IQF method, every individual piece of food is frozen separately, as opposed to bulk or block freezing. This method boosts yield by 1.5–3% and results in better quality products with high nutritional value and less wastage. Examples of IQF foods include fruits such as blueberries, strawberries, and peaches, and vegetables such as corn, peas, and green beans. The global IQF vegetable market is expected to reach $2 billion by 2026, thus indicating significant demand for IQF food products in the future.
The frozen food market report table of contents includes:
1. Executive Summary
2.Frozen Food Market Characteristics
3.Frozen Food Market Trends And Strategies
4.Frozen Food Market analysis
5.Frozen Food Market Size And Growth
6.Frozen Food Segmentation
7.Frozen Food Regional And Country Analysis
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27.Frozen Food Competitive Landscape And Company Profiles
28.Frozen Food Key Mergers And Acquisitions
29.Frozen Food Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Nippon Suisan Kaisha Ltd.
- Frosta Aktiengesellschaft
- Nestle S.A.
- Unilever PLC
- Tyson Foods Inc.
- The Kraft Heinz Company
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