Frozen Food Market Growth & Trends
The global frozen food market size is expected to reach USD 278.47 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 5.2% from 2022 to 2030. The rising consumer preference for ready-to-eat food products that need the least preparation and cooking time is the key growth driver. According to the Associated Chamber of Commerce and Industry of India, January 2020 report, 79% of Indian households today prefer to have instant food due to time constraints.
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. For instance, in August 2020, Marks & Spencer launched a frozen food brand Picard in France. The product line includes brioche, crepes and mini croque monsieurs in flavors of raspberry and macarons. The initiative was taken due to the growing inclination for the abovementioned products among consumers. According to ‘The Grocer’ in April 2020, demand for frozen food spiked up to 263% in March, the same year.
The ready meals segment held the largest revenue share in 2021 and is expected to maintain its dominance over the forecast period. Changing food consumption patterns, due to increasing urbanization, is one of the prevalent factors driving the growth of this segment. According to an article published in foodprocessing.com, in January 2020, 61% of consumers in the region prefer ready meals while 63% of them actively purchase time and effort-saving products. These trends are expected to promote the scope of these products and thus, in turn, will fuel the growth of the frozen food industry.
The offline segment held the largest revenue share in 2021. The increasing penetration of independent retail giants such as Walmart and Costco is boosting product visibility and attracting a larger consumer base. Consumers prefer to physically verify these products before buying, which is driving sales through offline channels. For instance, Amy’s Kitchen offers frozen foods across supermarkets in Canada.
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Frozen Food Market Report Highlights
The fruits & vegetable segment is projected to register the fastest growth over the forecast period, as the products offer a wide range of advantages over the fresh produce
The online channel segment is anticipated to register rapid growth during the forecast period, owing to the promising growth exhibited by e-commerce platforms, including Amazon, Walmart, and other such service providers
Asia Pacific is expected to register the fastest growth during the forecast period, with brands rolling out frozen foods due to the rising number of working-class consumers in countries including China and India
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