The 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 foods refer to foods that are preserved and prevented from decomposition by a freezing process. Popular frozen food items include frozen pizza, frozen ready meals, frozen meat and poultry, frozen seafood, frozen bakery goods, and frozen desserts. With changing lifestyle patterns, people have less time for cooking meals at home. This has significantly increased the demand for ready-to-eat and ready-to-cook frozen meals.

Market Dynamics:

The global frozen food market is witnessing high growth owing to rising lifestyle changes and changing eating habits of people. Rapid urbanization and increasing number of workingwomen have reduced time for cooking homemade meals, thereby driving the demand for frozen ready meals. Additionally, growing popularity of convenience foods among millennials is also supporting the market growth. Furthermore, rising incomes in developing countries have improved purchasing power of consumers towards packaged and branded frozen foods. However, high costs associated with freezing technologies used for frozen food production may hinder the market growth.

SWOT Analysis

Strength: The frozen food market has seen tremendous growth over the past few years owing to changing lifestyles and busy schedules. Key players in the market offer a wide variety of frozen food products that are nutritious, convenient to cook and consume. The frozen food industry has also established strong distribution channels that ensure frozen foods reach consumers across various regions.

Weakness: While frozen foods offer convenience, their preparation requires cooking appliances like microwave ovens or conventional ovens which many households in developing nations may not possess. Also, frequent power outages in some regions can hamper the effectiveness of freezing the food products.

Opportunity: Rising health consciousness among consumers presents an opportunity for companies to introduce healthy frozen meal options with less fat, sodium and preservatives. Growing working women population especially in Asia also allows scope for selling nutritious microwaveable meals.

Threats: Stiff competition from packaged food brands poses threat to market share of existing frozen food players. Changing consumer preferences towards fresher food can also impact sales of frozen varieties in the long run. Rising raw material prices due to factors like climate change or supply chain disruptions may increase production costs.

Key Takeaways
The Global Frozen Food Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing popularity of ready-to-eat meals and shift towards nuclear family structures. Long working hours leaves less time for meal preparation driving demands for convenience food options.

Regional analysis: North America dominates the global frozen food market holding around 35% share in 2023 due to busy lifestyles and preference for packaged foods. However, Asia Pacific is projected to grow at the fastest pace during the forecast period owing to rising disposable incomes, growth of retail channels and awareness about nutritional frozen foods in countries like India and China.

Key players operating in the frozen food 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. These major brands are focusing on new product launches catering to regional tastes and increasing online distribution to stay ahead of competition.

Read more: https://www.rapidwebwire.com/frozen-food-market-demand-forecast/