Frozen Food Market to Surpass a Valuation of US$ 4,02,013.4 Mn by 2032: ChemView Consulting

Frozen Food Market Overview

According to a recent survey conducted by ChemView Consulting, the Global Frozen Food  Market grew at a CAGR of 4.7% between 2017-2021 and is estimated to be US$ 2,63,874.5 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.3% and is expected to reach a valuation of US$ 4,02,013.4 Mn by 2032 end.

Throughout the projected period, the market is anticipated to grow in response to the rising demand for frozen products has continued to increase over the past few years. This is because consumers have been more willing to purchase frozen goods because of the spread of COVID-19, a viral infection that can cause severe respiratory illness in humans.

ChemView Consulting has analyzed that Major food manufacturers have been ramping up their production capacity as well as improvising supply change strategies to cater to the unprecedented demand for frozen food among consumers worldwide. This growth is mainly driven by the increasing demand for convenience food, the growing global cold-chain market, and changing consumer tastes and preferences. In addition, the rising preference for fresh and natural food products and constant temperature monitoring requirements for frozen food products hinders the growth of this market.

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Segments Covered in Report

By Product:

  • Fruits & Vegetables
    • Fruits
    • Vegetables
    • Potatoes
    • Other Vegetables
  • Dairy Products
  • Bakery Products
    • Breads & Pizza Crusts
    • Other Bakery Products
  • Meat & Seafood Products
  • Convenience Food & Ready Meals
  • Others

By Consumption:

  • Food Service
  • Retail

By Type:

  • Raw Material
  • Half-cooked
  • Ready-to-eat

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways from the Frozen Food Market

  • Based on the Product, At 48.0% of the market, Meat & Seafood Products had the greatest revenue share. The growth of the frozen food market is driven by an increase in demand from developed countries such as Germany, the U.S., the UK, France, Canada, and developing countries of Asia Pacific and Africa for these products. In addition to this trend, changes in lifestyle and the busy schedules of people are also driving this segment.
  • Based on the Type, The Ready-to-eat segment held the largest revenue share of 43.0% in 2021 and is expected to maintain dominance over the forecast period on account of pre-dominant consumption of ready meals among working-class people around the globe. Further, the segment is expected to grow on account of new product launches.
  • Based on Region, North America, which contributed 31.1% to the global market in 2021, is expected to dominate the frozen food market in the years ahead. Growing affinity towards frozen food among consumers especially millennials due to single-serving options and ease of preparation is expected to drive its market share.

Competition Summary

Key companies covered in the market study are Unilever PLC,  Nestlé S.A.,  General Mills, Inc, Nomad Foods Ltd., Tyson Foods Inc.,  Conagra Brands Inc., Wawona Frozen Foods,  Bellisio Parent, LLC, The Kellogg Company, Kraft Heinz Company

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Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

About ChemView Consulting

ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.

What sets ChemView Consulting apart?

  • Full-time research experts and subject matter experts
  • In-house primary research team
  • The in-house data visualization team
  • Industry-wide network of research partners
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  • The exclusively tailored research process

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