Frozen Food Market Share, Size and Growth Analysis By 2029

The frozen food industry is projected to expand significantly, with an anticipated increase from US$ 251,155.35 million in 2021 to US$ 373,767.59 million by 2028. This growth represents a compound annual growth rate (CAGR) of 5.9% from 2022 to 2028.

Frozen food encompasses a variety of products, including frozen desserts, meats, poultry, seafood, snacks, ready-to-eat meals, fruits, vegetables, and soups. The freezing process effectively preserves these items, inhibiting microbial and pathogenic growth. One of the key advantages of frozen food is its extended shelf life, typically ranging from 3 to 6 months, which enhances convenience for consumers. Additionally, freezing helps maintain essential vitamins, minerals, and nutrients, making these foods a nutritious option. The convenience factor is particularly appealing to the working population, as frozen foods require minimal preparation time, significantly contributing to the market's growth.

The frozen food market can be categorized by product type into several segments: frozen desserts, frozen bakery items, frozen meat, poultry, and seafood, frozen ready meals, frozen snacks and appetizers, and others. Among these, the meat, poultry, and seafood segment is expected to capture the largest market share during the forecast period. The popularity of frozen meat products is on the rise due to their ease of storage, which helps minimize food waste. The increasing demand for these products, attributed to their long shelf life and low preparation requirements, is a major driver of this segment's growth.

Meat is recognized as a rich source of protein, containing essential amino acids and collagen. The health benefits associated with consuming frozen meat are encouraging more consumers to incorporate these products into their diets. Consequently, the demand for meat, poultry, and seafood is expected to rise, further propelling the growth of the frozen food market in the coming years.

Geographically, the frozen food market is divided into several regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, Europe dominated the market share, driven by a growing preference for convenience foods, a robust retail infrastructure, and a diverse range of products available from various brands across multiple distribution channels. Additionally, consumers with higher disposable incomes are increasingly seeking frozen food options, particularly frozen meals, bakery items, and snacks. There is a notable trend towards nutritional awareness, with consumers favoring clean, organic, gluten-free, and minimally processed frozen foods, which has significantly boosted market growth in Europe.

Key players in the frozen food market include Conagra Brands, Inc., General Mills Inc., Pepperidge Farm Incorporated, Bonduelle Group, Mccain, Bellisio Foods, Inc., Tyson Foods, Inc., Kellogg's Company, Nestl? S.A., and The Kraft Heinz Company. These companies are actively developing new products to meet the evolving demands of consumers. For example, in 2021, Nestl? announced a significant expansion of its frozen food facility in South Carolina, investing US$ 100 million to enhance production for brands like Stouffer's and Lean Cuisine.

The analysis of the frozen food market size has been conducted through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This was complemented by numerous primary interviews with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the frozen food sector.