Frozen Food Market to Grow at a CAGR of 5.9%to Hit US$ 373,767.59 million by 2028 – Global Analysis by The Insight Partners
The Frozen Food Market is expected to grow from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028; it is expected to grow at a CAGR of 5.9% from 2022 to 2028.
Over the past few years, the lifestyles of people across the world have evolved dramatically. Due to hectic work schedules, people’s dependency on products saving time and effort has increased. The surge in the consumption of high-quality convenience food is one of the biggest trends in the food industry. Convenience food, such as frozen snacks, frozen meals, cold cuts, and ready-to-eat products, allows consumers to save time and efforts associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. The development and popularity of these food items are ascribed to many social changes; the most notable of these are the increasing number of smaller households and the rising millennial population across the world. Due to hectic work schedules, millennials prefer to be efficient with their time, rather than spending it on tedious tasks. Thus, they are more likely to spend their money on convenience food. These factors are significantly boosting the demand for convenience food among consumers, eventually boosting the growth of the frozen food market. In recent decades, women's participation in workforces in different countries has increased tremendously. Such a significant rise in the employment of women boosts the popularity of convenience food, such as frozen food, among working-class populations.
Frozen food includes ice cream, frozen yogurt, frozen meat, frozen seafood, frozen ready meals, snacks, appetizers, soups, fruits, and vegetables. These products are preserved by freezing them at around -25 degrees Celsius. Frozen food products do not contain artificial preservatives, making them healthier than other processed food. Moreover, they can be easily stored in home freezers with a temperature of 0-degree Fahrenheit. The rising demand for convenience food owing to the hectic lifestyle of people is driving the growth of the frozen food market.
The number of single or two-person households is growing in various developed countries, such as the US, Canada, the UK, and Germany. According to the 2020 Current Population Survey, there were 36.1 million single-person households in the US, accounting for 28% of all households. The growing number of one or two-person families can be related to the rising demand for ready-to-eat convenience food. Frozen food products have extended shelf-life and are suitable for single-serve. Moreover, these food products are ready to cook, which saves time on food preparation. According to the “Power of Frozen” report published by the American Frozen Food Institute and Food Industry Association, frozen food sales in the US increased by 21% in 2020. Frozen breakfast products, including pancakes, waffles, and breakfast cereals, are also gaining huge traction among consumers. Thus, the rising demand for convenience food is supporting the growth of the frozen food market.
A few players operating in the prebiotic Ingredients market are Conagra Brands, Inc.; General Mills; PEPPERIDGE FARM INCORPORATED; Bonduelle Group; McCain Foods Limited; Bellisio Foods, Inc.; Tyson Foods, Inc.; Kellogg’s Company; Nestle S.A.; and The Kraft Heinz Company among few others.
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Based on distribution channel, the frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held a significant market share in 2021; however, the online retail segment is projected to register the highest CAGR during the forecast period due to its shopping and product delivery convenience. Online retail stores offer a wide variety of products with heavy discounts; consumers can conveniently buy desirable products remotely. Additionally, the door-step service attracts many customers to shop through e-commerce platforms. During the COVID-19 pandemic, frozen food sales through online retail channels increased dramatically as they offered home delivery services. These factors are expected to boost the segment’s growth in the foreseeable future.
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