Frozen Food Market Size, Share & Trends Analysis Report By Product (Ready Meals, Fruits & Vegetables, Soup, Fish/Seafood, Meat), By Region (APAC, MEA, North America, Europe), and Segment Forecasts, 2019 - 2025

Industry Insights

The global frozen food market size was estimated at USD 280.08 billion in 2018 and is projected to expand at a CAGR of 4.3% from 2019 to 2025. Rising demand for convenience and Ready-to-Eat (RTE) food products due to busy lifestyles as a result of increasing number of working individuals and hectic work life schedules is a major growth driving factor for the global market.

Frozen food is suitable for storage for longer durations without decay, which is also boosting its demand across the globe. In addition, easy availability of these foods in different types is anticipated to drive the demand further. Rising population coupled with increasing disposable income levels, especially in the emerging regions like Asia Pacific, is also anticipated to have a positive impact on the overall product demand.

Furthermore, the availability of a number of product variants is likely to augment the demand over the forecast period. However, recent issues regarding the presence of porcine and equine DNA in processed food products has challenged the consumer trust. Thus, manufacturers are following the new trend of clean labeling to widen their customer base.

China, India, and Japan were the major markets, in terms of consumer spending on food, owing to the rising consumer expectations on quality food. In addition, escalating demand for convenience food due to hectic lifestyles and growing aging population will boost the market development. The market is highly fragmented due to the presence of many international as well as local companies. Most of the manufacturers have imposed strict norms and regulations for raw material sourcing.

Product Insights

Frozen ready meals product segment accounted for the largest share of over 32% of the global frozen food market in 2018. These meals are easy to cook, can be stored easily, and have a longer shelf life. All these factors are expected to boost the demand in the upcoming years. Frozen meat is expected to be the second largest product segment on account of increasing consumption of meat and meat-based products across the globe. Moreover, availability of a wide range products has benefitted the frozen meat segment.

Frozen fish/seafood segment is also likely to have a significant expansion over the forecast years. Seafood have less carbohydrate and low fat properties, which have led to an increased consumption of these products. Moreover, Italian government is running campaigns to promote the health benefits of seafood resulting in creating growth opportunities for this segment.

The frozen soup segment is expected to witness a relatively slower growth than other segments. Chilled soups require efficient cold chain management to eliminate the risk of spoilage and food-borne diseases, which can hinder the segment growth. However, constant product innovation, in terms of flavors, by key companies is likely to drive segment.

Regional Insights

Europe was the largest market in 2018 and accounted for 38% of the total revenue share. It is anticipated to expand further at a CAGR of 3.9% over the forecast period. European food industry is highly fragmented and is ruled by a few Small and Medium Enterprises (SMEs). Ready-made meals is the major food sector in the regional market owing to changing consumer lifestyles. The European Food Safety Authority is imposing new regulations on additives and flavors used, food contact materials, and contaminants. This factor is also expected to boost the demand for frozen foods.

Asia Pacific is estimated to register the highest CAGR of 5.1% from 2019 to 2025. Rising disposable income in emerging countries, such as India and China, is anticipated to fuel product demand, thereby augmenting the regional market growth. According to the World Health Organization (WHO), more than 40% of the households in APAC suffer from food allergies. Thus, companies are focusing on serving specific dietary needs and include allergen-free foods in their menus.

Frozen Food Market Share Insights

The market is highly fragmented due to the presence of a large number of global and local companies. Some of the key companies in the market include Bellisio Foods; Wawona Frozen Foods ConAgra Foods, Inc.; McCain Foods General Mills, Inc.; Pinnacle Foods, Inc.; and Nestle S.A. Manufacturers are entering into agreements with downstream companies to increase their operational reach. For instance, Meredith Corporation formed a partnership agreement with Bellis Foods in 2016 to expand their product offerings.

Product innovation, diversification, and competitive pricing are several other strategies adopted by companies to increase their sales. For instance, Nestle S.A. developed healthy bowl-style frozen meals keeping the needs of millennials in mind. In addition, the company also focused on incorporating better packaging solutions to increase the shelf life of their products.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global frozen food market report on the basis of product and region:

• Product Outlook (Revenue, USD Billion, 2014 - 2025)

  • Fruits & Vegetables

  • Potatoes

  • Ready Meals

  • Meat

  • Fish/Seafood

  • Soup

  • Others

• Regional Outlook (Revenue, USD Billion, 2014 - 2025)

  • North America

    • U.S.

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

  • Middle East & Africa