Frozen Food Market To Reach US$ 722.5 Billion By 2033: Astute Analytica

(MENAFN- GlobeNewsWire - Nasdaq) The frozen food industry is undergoing a considerable transformation fueled by technological innovations and shifts in consumer lifestyles. Advances in freezing technologies have transformed food preservation techniques, allowing manufacturers to enhance product quality while greatly prolonging shelf life.

New Delhi, Feb. 07, 2025 (GLOBE NEWSWIRE) -- According to recent findings from Astute Analytica, the global frozen food market size is expected to reach US$ 722.5 billion by 2033 from US$ 450.1 billion in 2024, growing at a CAGR of 5.4% during the forecast period 2025-2033.

The future of the frozen food industry appears promising, with several emerging trends and developments on the horizon that are set to reshape the market. As consumers become more health-conscious and prioritize wellness, there is a notable shift in demand towards frozen products that are low in preservatives, additives, and artificial ingredients. This trend is particularly pronounced among Millennials and Generation Z, who are now entering their family formation years.

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For these demographics, convenience and affordability have become paramount, leading to a significant 54% increase in spending on frozen foods during this period, as reported by Circana. This desire for quick, budget-friendly meal solutions is driving innovation within the frozen food sector. Health-conscious consumers are increasingly seeking frozen products that cater to specific dietary needs, such as gut health and portion control.

There has been a remarkable 33% growth in frozen foods that incorporate probiotics and nutrient-dense, gut-friendly ingredients over the past three years, according to Circana. This shift is indicative of a broader trend where consumers are looking for frozen options that not only provide convenience but also contribute positively to their health. Furthermore, the introduction of new products designed for the over 15 million Americans currently using GLP-1 medication is transforming the frozen food category by offering convenient options that align with their dietary requirements.

In addition to health and wellness trends, there is a growing appreciation for diverse flavors in the frozen food aisle. Global cuisines are making a significant impact, with Indian-inspired meals like tikka masala and Japanese flavors such as teriyaki gaining popularity. The global street food trend has also shown impressive growth, achieving over $543 million in sales, as noted by Circana. Younger generations, particularly Millennials and Generation Z, are more inclined to explore adventurous tastes, being 24% more likely to purchase globally inspired products.

This willingness to experiment with flavors is driving manufacturers to develop a wider variety of frozen meal options that reflect the rich tapestry of international cuisines, further enriching the frozen food landscape and catering to the evolving preferences of consumers. As these trends continue to unfold, the frozen food industry is poised for a vibrant future.

Plant-Based Frozen Food is Gaining Popularity Among Consumers

The plant-based frozen food market has made remarkable strides in 2023, driven by notable sales growth from companies like Beyond Meat and Amy's Kitchen. These brands have reported significant improvements in their frozen product lines this year, capturing the attention of health-conscious consumers seeking convenient and sustainable meal options.

The introduction of a variety of new products tailored to meet the evolving tastes and dietary preferences of consumers has played a crucial role in this growth. As more people embrace plant-based diets for health and ethical reasons, the demand for innovative frozen plant-based meals continues to rise, positioning this segment for ongoing success.

Additionally, the boom in online shopping has transformed the business landscape for frozen foods, including plant-based offerings.

Reports indicate that more than half of online shoppers purchase frozen products at least once a month, a trend largely attributed to the convenience of home delivery and the expanded availability of these items through e-commerce platforms. This shift in consumer behavior has prompted retail operators to adapt their strategies and diversify their online offerings. For example, in 2023, major retailers like Walmart and Kroger have significantly expanded their frozen food sections, adding several hundred new items to cater to the growing consumer interest in both traditional and plant-based frozen foods.

The impact of these changes is further illustrated by the notable increase in the share of online sales within the global frozen food revenue. This surge has drastically altered the competitive landscape, as more consumers turn to digital platforms for their grocery needs.

The ability to easily browse and purchase a wide range of frozen products from the comfort of home has made online shopping an attractive option, especially for busy consumers. As the plant-based frozen food market continues to evolve and adapt to these trends, it is likely to see sustained growth and innovation, further solidifying its place in the broader frozen food industry.

Consumers Majorly Prefer Ready Meals Frozen Food

The growth in demand for the ready-meals segment is significantly driving the expansion of the frozen food market, making it the most dominant category with a substantial market share of over 29.6%. This trend is expected to continue as consumer preferences shift towards vegetarian and vegan meals, which are increasingly being incorporated into ready meal offerings.

One notable example is Nestlé, which has successfully generated over $1.8 billion in revenue from its ready meal sales. This impressive figure underscores the lucrative nature of the ready-meals market. Additionally, General Mills has demonstrated its commitment to capturing a larger share of this segment by expanding its ready meal products across 120 countries, highlighting the global potential and appeal of these convenient food options.

In 2023, retail sales within the ready meals segment showed a remarkable increase, with households in the U.S. spending over $250 more each year on these products. This growth is largely attributed to the rising popularity of frozen meals among younger generations, particularly millennials and Generation Z. As these demographics prioritize convenience and accessibility in their food choices, ready meals have become a favored option.

The surge in popularity of meal delivery services, along with the inclusion of ready meals in restaurant menus, has further enhanced the attractiveness and availability of these products. The convenience of ready meals aligns perfectly with the busy lifestyles of modern consumers, making them an appealing choice for quick and satisfying meals.

Moreover, the rise of e-commerce has significantly impacted the consumption of ready meals. Internet sales have expanded rapidly, with e-commerce platforms experiencing a remarkable 35% increase in sales over the last few years. This growth indicates a shift in consumer behavior, as more people turn to online shopping for their food needs.

The combination of convenience, variety, and accessibility offered by online platforms has made ready meals even more appealing, allowing consumers to easily find and purchase their favorite options from the comfort of their homes. As this trend continues, the ready-meals segment is poised for further growth, solidifying its position as a key player in the frozen food market.

North America is Estimated to Grow Over the Forecast Period

Across North America, the frozen food market shows remarkable resilience, with the United States and Canada being the two leading players in this dynamic industry. In 2023, the U.S. market alone is estimated to generate around $2 billion in sales from frozen pizza, highlighting the immense popularity of this particular segment of frozen foods.

This figure reflects not just a strong consumer preference for convenience meals, but also the ongoing trend of busy lifestyles where quick and easy meal options are increasingly sought after. On the other hand, Canada is also experiencing significant growth in frozen food sales, with over 600 million units sold. This robust performance in both countries underscores the high demand for frozen foods, indicating that consumers are turning to these products as reliable staples in their households.

As the market evolves, sustainability has emerged as a critical concern for consumers. There is a growing segment of customers who prioritize eco-friendly practices and products, prompting over 500 companies to invest in the development of biodegradable packaging materials. This shift towards sustainability not only meets consumer expectations but also aligns with broader environmental goals.

Moreover, the plant-based frozen food segment has seen remarkable growth, doubling in size within just three years. In 2023 alone, more than 1,000 new plant-based frozen items were introduced to the market, reflecting a significant shift in consumer preferences towards healthier and more sustainable food choices.

Additionally, the rise of e-commerce has transformed the way consumers purchase frozen foods. More than one-third of the global population has begun ordering goods online, which has significantly boosted the prominence of online shopping for frozen products. This shift has made it easier for consumers to access a wider variety of frozen foods, catering to their diverse preferences.

The combination of convenience, variety, and sustainability has become the driving force behind the growth of the frozen food market in North America. As consumers continue to seek out quick meal solutions that are also eco-friendly, the frozen food industry is likely to adapt and thrive, ensuring its place as a staple in modern diets.

Top Players in Frozen Food Market:

• Ajinomoto Co., Inc.
• Associated British Foods PLC
• CJ Foods
• ConAgra Brands, Inc.
• General Mills Inc.
• Grupo Bimbo S.A.B. De C.V
• Grupo Bimbo
• Kellogg Company
• Lantmannen Unibake International
• Maruha Nichiro Holding Inc.
• Mccain Foods Limited
• Nestle SA
• NH Foods Ltd.
• Nichirei Corporation
• Nippon Suisan
• The Kraft Heinz Company
• Tyson Foods, Inc.
• Unilever
• Other Prominent Players

Market Segmentation Overview

By Product Type

• Fruits

• • Seasonal

• • Regular

• Vegetables

• • Peas

• • Corn

• • Potatoes

• • Others

• Dairy Products

• • Milk

• • Butter

• • Cheese

• • Others

• Meat & Poultry

• • Red Meat

• • Pork Meat

• Poultry Meat
• Seafood
• Bakery Products

• • Bread

• • Pizza Crust

• • Cakes & Pastries

• • Others

• Soups
• Ready Meals

• • Dumplings

• • Rice-based

• • Italian (Pastas)

• • Indian

• • Korean

• • Chinese

• • Others

• Others

By Distribution Channel

• Retail

• • Online

• • Supermarket/ Hypermarket

• • Convenience Stores/ Standalone Stores

• Enterprise Sale (B2B)

• • HoReCa (Hotel, Restaurants, Café) – Food Service

• • Travel (Railway/ Airline/ Others)

• • Educational Institutes

• • Food Processing Industry

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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