According to HTF Market Intelligence, the Global Frozen Food Market market to witness a CAGR of 5.29% during forecast period of 2023-2028. Global Frozen Food Market Breakdown by Type (Frozen Ready Meals, Frozen Seafood & Meat Products, Frozen Snacks & Bakery Products, Others) by Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Retail) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Frozen Food Market market size is estimated to increase by USD 113 Billion at a CAGR of 5.2% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 291.8 Billion.
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The frozen food market includes various types of food products that are stored at low temperatures, typically below -18°C, to preserve their quality and freshness. These products can be raw or cooked, and may include fruits, vegetables, meat, seafood, baked goods, and prepared meals.
Frozen Food Market market – Key Segment Analysis
The market share growth by the Frozen Ready Meals segment will be significant during the forecast period. The segment is driven by the Busy lifestyles and changing food habits of consumers.
Frozen Food Market market – Competition Analysis
The global Frozen Food Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are General Mills Inc. (United States), Conagra Brands, Inc. (United States), Grupo Bimbo S.A.B. de C.V. (Mexico), Nestle SA (Switzerland), Unilever (the Netherlands), Kellogg Company (United States), McCain Foods Limited (Canada), Kraft Heinz Company (United States), Associated British Foods plc (United Kingdom), Ajinomoto (Japan).
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Frozen Food Market
Market Drivers
- Busy lifestyles and changing food habits of consumers
Market Trend
- Growing demand for convenience and easy-to-prepare meals
Market Opportunities
- Development of new and innovative frozen food products
Market Challenges
- The major challenge of this market is that frozen food is at risk if there are no effective managers of cold storage warehouses who are well aware of their needs for frozen products.
- Another risk is associated with an inability to track pressing problems that occur when managing frozen foods.
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
- Political (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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