NEWARK, Del, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The frozen food market share is estimated to exceed US$ 335,342 million in 2023. The demand for frozen food is expected to rise at a CAGR of 6.9% from 2023 to 2033, taking the valuation to US$ 629,649 million by 2033. The fast-paced modern lifestyle has led to an increased preference for convenient meal options. Busy individuals and families find frozen foods to be a quick and hassle-free solution, reducing the time spent on meal preparation. Moreover, the rising awareness of food waste issues has led to a preference for frozen foods, which have longer shelf lives and help reduce wastage. Lastly, technological advancements in freezing and packaging techniques have improved the quality and taste of frozen products, further fueling the industry's growth.
Despite its growth, the frozen food industry faces certain restraints. One significant challenge is the perception that frozen foods are less healthy than fresh options. Consumers often associate frozen foods with high levels of preservatives and additives, which can deter health-conscious buyers. Additionally, concerns about the environmental impact of frozen food packaging, especially non-recyclable materials, have led to calls for more sustainable practices. Furthermore, the industry must address product labeling and transparency issues to build consumer trust. Overcoming these restraints is essential for sustained growth.
Unlock Growth Potential in Your Industry - Get Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-17944
“Consumers are increasingly seeking low-sodium, gluten-free, and organic frozen products. Manufacturers can capitalize on this trend by offering nutritious alternatives without compromising taste.” says an FMI analyst.
The frozen food industry is ripe with opportunities for innovation and expansion. One promising avenue is the rising demand for healthier frozen food options. There is a growing market for plant-based and meat substitute frozen foods, aligning with the global shift toward more sustainable and ethical eating practices. As eCommerce continues to grow, online grocery delivery services present a significant opportunity to expand the reach of frozen food products to a broader consumer base.
Several exciting trends have emerged in the frozen food industry in recent years. There's a growing interest in international and fusion flavors. Consumers are exploring frozen dishes that blend diverse culinary traditions, providing unique and exciting flavor profiles. Secondly, smart packaging is gaining traction, with labels that provide real-time information on food freshness and safety, enhancing consumer trust. Thirdly, subscription-based models for frozen food delivery are on the rise, offering consumers convenient access to various gourmet options. Lastly, the industry is witnessing a surge in tech-driven cold chain logistics, optimizing the transport of frozen goods and ensuring their quality throughout the supply chain.
Key Takeaways from the Frozen Food Market
- Frozen fruits and vegetables hold over 30% market share in 2023.
- Ready to eat frozen food segment exceeds 25% of the market share.
- Supermarkets & hypermarkets command about 40% market share.
- Dominance of frozen fruits and vegetables attributed to healthier options, retail expansion, and awareness.
- Ready to eat frozen food driven by convenience, technology, and cuisine variety.
- Supermarkets & hypermarkets are preferred for convenience, product preservation, marketing, and loyalty programs.
- United States to hold a market share of 17.2% in 2023, driven by subscription services, eco-friendly packaging, and diverse cuisine.
- Germany to capture a market share of 8.0% in 2023, focusing on quality, innovation, and sustainability.
- Japan is estimated to hold a market share of 4.0% in 2023, driven by AI-powered vending machines, chef-designed meals, and smart packaging.
- Australia is projected to hold a market share of 2.1% in 2023, influenced by frozen superfoods, AR applications, and sustainable cooking.
- China is likely to hold a market share of 12.0% in 2023 with blockchain technology, foodie influencers, and virtual kitchens.
- India to capture a market share of 4.5% in 2023, introducing regional varieties, sustainable packaging, and community-based subscriptions.
Drive Your Growth Strategy: Purchase the Report for Key Insights! https://www.futuremarketinsights.com/checkout/17944
Competitive Landscape of the Frozen Food Market
The competitive landscape of the frozen food market resembles a vibrant culinary arena where an array of companies vie for consumer attention and market share. In this dynamic ecosystem, global industry giants, regional champions, and innovative startups all play their part.
Leading multinational corporations like Nestlé, Conagra Brands, General Mills, and Tyson Foods hold prominent positions in the market. Their extensive product portfolios, established brands, and far-reaching distribution networks give them a competitive edge. These industry leaders continually invest in research and development to diversify their offerings, focusing on healthier and more sustainable frozen food options.
In addition to these global players, numerous startups and smaller firms contribute to the market's diversity. They often specialize in niche segments, offering unique, premium frozen food products. Many of these companies leverage digital marketing and eCommerce platforms to directly reach consumers, providing a new dimension to the competitive landscape.
The competition is not uniform but varies based on product offerings, regional consumer preferences, and economic conditions. While some companies excel in convenience-driven markets like North America, others focus on quality and taste, particularly in Europe. In emerging markets such as India and China, local manufacturers and international players compete to capture the growing middle-class consumer base.
In this ever-evolving market, success hinges on adaptability to changing consumer tastes and market dynamics while maintaining high quality and safety standards in product offerings. As competition intensifies, innovation remains the key to staying ahead in the frozen food industry.
Recent Developments in the Market:
- Nestlé plans to invest US$ 1.2 billion in its frozen food business over five years. The investment will be used to expand production capacity, develop new products, and improve marketing and distribution.
- Conagra Brands launched a new line of frozen plant-based meals under its Healthy Choice brand. The meals are made with plant-based proteins, vegetables, and grains.
- Tyson Foods acquired the frozen food company Keystone Foods for US$ 2.9 billion. The acquisition gives Tyson a major presence in the frozen chicken market.
- Green Giant introduced a new line of frozen cauliflower-based products. The products include cauliflower pizza crust, cauliflower rice, and cauliflower crumbles.
- Birds Eye launched a new line of frozen plant-based burgers. The burgers are made with pea protein and other ingredients.
Key Companies in the Market
- 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
- Tyson Foods
Access the Complete Report Methodology Now! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-17944
- Frozen Fruits and Vegetables
- Frozen Meat and Fish
- Frozen Desert
- Frozen Snacks
- Frozen Cooked Ready Meals
- Other Frozen Food Types
- Ready to eat Frozen Food
- Ready to cook Frozen Food
- Ready to drink Frozen Food
- Others Frozen Food Categories
By Distribution Channel:
- Supermarkets & Hypermarkets
- Convenience Stores
- Online Channels
By Freezing Technique:
- Blast Freezing of Foods
- Belt Freezing of Foods
- Individual Quick Freezing (IQF) of Foods
- Others Freezing Techniques
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor
Have a Look at Related Reports of Food and Beverage Domain:
Middle East and North Africa Frozen Food Market: The Middle East and North Africa frozen food market is projected to be worth US$1,453.2 million in 2023. The MENA frozen food market is anticipated to grow at a 2.5% CAGR from 2023 to 2033, reaching US$ 1,863.40 million by that year.
Frozen Pet Food Market: With demand rising at a CAGR of 5.1% during the assessment period, the worldwide frozen pet food market is anticipated to reach a market worth of US$ 14 billion by 2022.
Raw, Fresh & Frozen Dog Food Market: By the end of 2023, the demand for raw, fresh, and frozen dog food is anticipated to reach a market value of US$ 18 billion, growing at a CAGR of 5% from 2023 to 2033. The market for raw, fresh, and frozen dog food is being propelled by rising awareness of the value of fresh, high-quality food for pets.
Frozen Seafood Market: By the end of 2023, the value of the frozen seafood market is projected to be US$19,382.3 million. It is anticipated to grow with a CAGR of 6.8% between 2023 and 2033. By 2033, it is expected that the frozen seafood market would have a value of US$37,398.5 million.
GCC Functional Food Market: GCC Functional Food Market: By 2032, the GCC countries are expected to produce about US$ 30.9 billion in revenue from the sales of functional foods, and this figure is expected to rise at a CAGR of 11% from 2022 to 2032.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
For Sales Enquiries: email@example.com
LinkedIn| Twitter| Blogs | YouTube