Frozen Processed Food Market to Witness Robust Growth at 4.8% CAGR Owing to Changing Lifestyles

The frozen processed food market comprises frozen ready meals, frozen meat and poultry, frozen seafood, frozen baked products, frozen potato products, frozen snacks and other frozen processed food. Frozen processed foods offer convenience to customers by extending the shelf life of perishable ingredients. They help save time spent on food preparation as they can be cooked and served quickly. The growing popularity of nuclear families, dual income households and hectic schedules have increased the demand for convenient ready-to-eat food options. The Global frozen processed food market is estimated to be valued at US$ 167115.0 million in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the frozen processed food market are Nestle S.A., ConAgra Foods, Inc., Kraft Foods Group, Inc., Mother Dairy Fruit & Vegetable Pvt Ltd, BRF S.A., General Mills, Inc., Maple Leaf Foods Inc., Tyson Foods, Inc., and Unilever Plc. The rising interest in experimenting with cuisines from various global cultures has opened up opportunities for players to offer diversified frozen ethnic food products. Population growth, urbanization and rising disposable incomes in developing regions of Asia Pacific and Latin America provide significant prospects for market expansion. Major companies are focusing on geographic expansion and capacity expansion strategies to better serve customers internationally.

Market Drivers

Changing lifestyles and time-pressed schedules have made convenience foods popular. The availability of frozen processed food saves considerable time spent on cooking and preparing meals from scratch. Their long shelf life minimizes food wastage and allows consumption at convenience. With rising health consciousness, companies have introduced healthier product varieties with no added preservatives or colors. This has further boosted the popularity of frozen foods.

PEST Analysis

Political: The frozen processed food market is regulated by food safety and labelling laws. Changes in import/export policies and tariffs can impact the market.

Economic: Rising disposable incomes, dual-income households, and faster lifestyles are driving demand for convenient frozen foods. Economic slowdowns may adversely impact spending on non-essential products.

Social: Changing dietary habits, smaller families, health consciousness are important social factors. Demand is high among young urban population and immigrants seeking homemade cuisine.

Technological: Advanced freezing technologies help manufacturers offer high-quality frozen foods with longer shelf lives. New packaging innovations are extending the freshness and improving transportation. Automation in production reduces costs.

The Asia Pacific region accounts for around 35% of the global frozen processed food market value due to large population and growing economies. China, India, Japan are major consumers.

North America is currently the second largest regional market. The United States contributes significantly to the overall North American frozen processed food market value. The demand is expected to remain robust during the forecast period due to busy lifestyles and preferences for easy-to-cook meals.