Global frozen food market size at US$285.18B in 2022 and will rise from US$297.47B in 2023 to US$412.93B in 2030, growing at a CAGR of 4.8%: Fortune Business Insights

September 12, 2023 (press release) –

The global frozen food market size stood at USD 285.18 billion in 2022. The market value is slated to rise from USD 297.47 billion in 2023 to USD 412.93 billion by 2030 at a CAGR of 4.80% during 2023-2030. Fortune Business Insights™ presents this information in its report titled “Frozen Food Market Size, Share & COVID-19 Impact Analysis, By Type (Frozen Ready Meals, Frozen Seafood & Meat Products, Frozen Snacks & Bakery Products, and Others), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2023-2030”. The rise for the product is on the account of the surging consumer awareness regarding online retailing. The growing launch of various apps is easing the purchase of edible products.

Market Growth Impacted by Availability of Less Manpower in Production Units amid COVID-19 Pandemic

The pandemic registered a drop in product sales as consumers began cooking at home in light of lockdown restrictions. The food service sectors in numerous countries were not fully operational until the second quarter of 2021. The reduced manpower in production units led to lesser stocks, affecting industry expansion to some extent.

Amyris Partnered with Minerva Foods to Develop Molecules for Sustainable Production

In March 2021, Amyris inked a memorandum of understanding for a collaboration with Minerva Foods. The deal was focused on developing molecules for the sustainable distribution and production of animal protein.

Minerva Foods is one of the key companies in Brazil for the sale and production of frozen and in natura (chilled) beef. The company is the largest beef exporter in South America.

Rising Convenience Food Demand to Propel Industry Expansion

One of the key factors propelling frozen food market growth is the increasing demand for RTE and convenience foods. Compared to cooked items, frozen foods require less time and effort.

However, the market growth may be restrained by an upsurge in consumer preference for natural and fresh foods.

Pivotal Players Forge Collaborations to Increase Geographical Footprint

Leading companies are focused on adopting a series of strategic initiatives for strengthening their industry positions. These steps include partnership agreements, merger agreements, and the launch of new products. Additional initiatives comprise a rise in research and development activities.

Key Players

• General Mills Inc. (U.S.)
• Nestle SA (Switzerland)
• Conagra Brands Inc. (U.S.)
• The Kellogg Company (U.S.)
• Grupo Bimbo S.A.B. DE C.V. (Mexico)
• Lantmannen Unibake International (Denmark)
• The Kraft Heinz Company (U.S.)
• Unilever PLC (U.K.)
• Wawona Frozen Foods (U.S.)
• Tyson Foods, Inc. (U.S.)

Key Industry Development

April 2021 – Three companies North Star Foods, the Tuber Group, and Troy Foods entered a collaboration to launch REMS Frozen Foods. The company would specialize in IQF (Individually Quick Frozen) fruit, spices, vegetables, and herbs for further processing by Irish and U.K. manufacturers.

Further Report Findings

• Europe frozen food market share held a key position in the market and is anticipated to register appreciable expansion over the projected period. The expansion is driven by the growing vegan population in the region.
• The North America market is touted to expand at a substantial rate over the forecast period. The growth is propelled by the escalating consumer awareness regarding the benefits of frozen foods.
• Based on type, the market is fragmented into frozen ready meals, frozen seafood & meat products, frozen snacks & bakery products, and others. The frozen snacks & bakery products segment is set to record notable growth throughout the analysis period. The surge is driven by the increasing product demand in developed countries such as Germany, France, Canada, the U.S., and the U.K.
• On the basis of distribution channel, the market is categorized into convenience stores, online retail, supermarkets/hypermarkets, and specialty stores. The supermarket/hypermarket segment is slated to register a substantial CAGR over the projected period. The rise is impelled by the increasing number of supermarkets in developing nations.  

Table of Segmentation

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