The global frozen food Market is estimated to be valued at US$ 183684.71 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Frozen food consists of food products that are preserved by freezing for longer shelf life. Products such as frozen ready meals, frozen meat and poultry, frozen seafood, frozen fruits and vegetables are in high demand owing to their nutrition value and convenience. The need for convenience food plays a key role in boosting the demand for frozen food products globally.
Market key trends:
The global frozen food market is witnessing increasing demand for organic frozen food products. Consumers are more inclined towards organic ingredients and products seen as natural and healthy. Organic frozen food products such as frozen fruits and vegetables, meat, seafood and ready meals are higher in demand. This increasing preference for organic frozen products is viewed as one of the major trends in the global market, and is expected to drive the market growth over the forecast period. Also, innovation in packaging technology has improved the shelf life of frozen food products significantly while retaining maximum nutrition. This has spurred the uptake of frozen products among consumers for everyday meals. Advancements in packaging will continue to augment frozen food market growth in coming years.
Segment Analysis
The global frozen food market is segmented by product type, distribution channel, end user. By product type, the market is classified into frozen ready meals, frozen meat and poultry, frozen seafood, frozen fruits and vegetables, bakery products, and others. The frozen ready meals segment accounted for the largest market share in 2022 owing to their rising demand among millennials and working professionals due to convenience of preparation.
Key Takeaways
The Global Frozen Food Market Size is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing preference for ready-to-eat foods and convenience foods among consumers. The market size for frozen foods is estimated to reach around US$ 183684.71 Mn by 2023.
Regional analysis indicates that North America dominates the global frozen food market, accounting for around 35% share in 2022. This is attributed to busy lifestyles and increasing demand for convenient options from working professionals in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period supported by rising disposable income and shifting dietary habits in emerging countries like India and China.
Key players operating in the frozen food market are Nestle S.A., Ajinomoto Co., Inc., Kraft Foods Group, Inc., ConAgra Foods, Inc., General Mills, Inc., H.J. Heinz Company, Tyson Foods, Inc., Unilever Plc., Maple Leaf Foods, Inc., and Pinnacle Foods, Inc. Nestle and Ajinomoto have emerged as the market leaders owing to their diverse product portfolio and strong brand presence across various countries.
Read more: https://www.ukwebwire.com/frozen-food-market-insights-trends/
