Frozen Food Market to hit $373,767.59 Million, Globally, by 2028 at 5.9% CAGR: The Insight Partners

According to The Insight Partners' research, the "Frozen Food Market to Forecast 2028 - COVID-19 Impact and Global Analysis - by Type, Distribution Channel, and Geography," the market is expected to grow from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028; it is expected to grow at a CAGR of 5.9% from 2022 to 2028.

Strategic development initiatives by manufacturers anticipate lucrative opportunities for the frozen food market. Frozen food manufacturers are investing significantly in product innovation to expand their customer base and meet emerging consumer trends. They are launching gluten-free, plant-based, sugar-free, organic, and clean-labeled products, as well as products suitable for a diet, which meet the varied requirements of consumers.

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The growing consumption of convenience food is driving the frozen food market. Over the past few years, the lifestyles of people across the world have evolved dramatically. Due to hectic work schedules, people's dependency on products saving time and effort has increased. The surge in the consumption of high-quality convenience food is one of the biggest trends in the food industry. Convenience food, such as frozen snacks, frozen meals, cold cuts, and ready-to-eat products, allows consumers to save time and effort associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. The development and popularity of these food items are ascribed to many social changes; the most notable of these is the increasing number of smaller households and the rising millennial population worldwide.

Europe accounted for the largest share of the global frozen food market. The growth of the frozen food market in Europe is mainly attributed to the rising demand for convenience food, extensive retail infrastructure, and availability of a wide range of products of different brands across different distribution channels. Moreover, the presence of consumers with high per-capita income is also driving the demand for frozen food especially frozen meals, bakery products, and snacks. Consumers are seeking nutritional benefits from the products they consume. Therefore, the demand for clean, organic, gluten-free, and minimally processed frozen food has increased significantly which is driving the market growth in the region. bakers across the region are incorporating natural and certified organic ingredients in their products to fulfill changing consumer preferences.

The report segments the frozen food market as follows:

Based on type, the frozen meat, poultry & seafood segment has the largest revenue share. Frozen meat includes beef, goat, lamb, and pork. Poultry includes white meat derived from chicken & turkey. Seafood includes fish, crustaceans like crabs & lobsters, and molluscs like clams, oysters, scallops, and mussels. The rising consumption of meat products, especially, poultry meat is driving the segment growth. Frozen meat products are growing in popularity as they can be stored conveniently, reducing food wastage.

The rising demand for frozen meat, poultry, and seafood products owing to their extended shelf life and requirement of minimum preparation time are driving the segment's growth. Further, meat is a rich source of proteins, and it contains essential amino acids and collagen. Hence, the benefits associated with the consumption of frozen meat, encourage consumers to include frozen meat products in their diet. Moreover, the demand for frozen seafood products is also increasing due to rising awareness regarding the nutritional benefits associated with the consumption of seafood. Seafood is rich in omega 3 and omega 6 fatty acids, vitamins, minerals, and amino acids. Thus, the health benefits of seafood are driving their consumption across the globe, which is thereby driving the segment's growth.

Based on the distribution channel, the supermarkets and hypermarkets segment is projected to grow at the fastest CAGR over the forecast period. Supermarkets and hypermarkets are large retail establishments that offer a wide range of products, such as groceries, foods & beverages, and other household goods. Products from various brands are available at reasonable prices in these stores, allowing consumers to shop & find the right product quickly. Supermarkets & hypermarkets provide an array of frozen food brands to cater to the consumer's demand. In such stores, products are arranged on the shelves properly so that customers can get access easily.

The List of Companies - Frozen Food Market
Key players operating in the frozen food market are Conagra Brands, Inc.; General Mills Inc.; Pepperidge Farm Incorporated; Bonduelle Group; Mccain; Bellisio Foods, Inc.; Tyson Foods, Inc.; Kellogg's Company; Nestlé S.A.; and The Kraft Heinz Company. These key players are adopting product innovation strategies and investing in business expansions to meet consumers' rising demand for frozen food, further driving the frozen food market.

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