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3. Frozen Foods Market Size & Share - Future Growth Expectations

The frozen foods market is estimated at USD 284.2 billion in 2023; it is projected to grow at a CAGR of 5.1% to reach USD 363.7 billion by 2028. The changing consumer lifestyles and busier schedules have increased the demand for convenient meal options, and frozen foods provide a quick and easy solution. Advancements in freezing and packaging technologies have improved the quality and shelf life of frozen products, making them more appealing to consumers. Additionally, concerns about food waste and the desire for longer-lasting food items have contributed to the popularity of frozen foods. The expanding variety of healthier frozen options, such as fruits, vegetables, and organic products, aligns with the growing emphasis on health and wellness, further driving the growth of the frozen food market.

The frozen foods market is poised for substantial growth in the coming years, driven by several key factors:

• Convenience
• Extended Shelf Life
• Variety
• Health and Nutrition
• Globalization
• Rising Disposable Income
• Changing Lifestyles
• Technological Advancements
• Health and Wellness Trends

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Convenience:

• Consumers are increasingly opting for frozen foods due to their convenience. These products offer quick and easy meal solutions for busy lifestyles, requiring minimal preparation time.

Extended Shelf Life:

• Freezing helps preserve the quality and freshness of food for an extended period, allowing consumers to stock up on their favorite items without worrying about spoilage.

Variety:

• The frozen foods market offers a wide range of options, including fruits, vegetables, meats, seafood, ready-to-eat meals, and desserts. This variety appeals to diverse consumer preferences and dietary needs.

Health and Nutrition:

• Advances in freezing technologies have enabled manufacturers to retain the nutritional value of foods. Frozen fruits and vegetables, for example, often contain comparable nutrients to their fresh counterparts, making them a convenient option for maintaining a healthy diet.

Globalization:

• Increasing globalization has facilitated the availability of a wide range of frozen foods from around the world. Consumers can enjoy seasonal produce and specialty items year-round, regardless of their geographic location.

Rising Disposable Income:

• As disposable incomes rise in many regions, consumers are more willing to spend on convenience foods like frozen meals. This trend has further fueled the growth of the frozen foods market.

Changing Lifestyles:

• Urbanization, dual-income households, and hectic lifestyles have led to a growing demand for convenient meal solutions. Frozen foods offer a convenient alternative to cooking from scratch, appealing to time-strapped consumers.

Technological Advancements:

• Advancements in freezing, packaging, and distribution technologies have improved the quality and safety of frozen foods. These technologies help maintain the texture, flavor, and nutritional content of frozen products, enhancing their appeal to consumers.

Health and Wellness Trends:

• Despite the convenience factor, consumers are increasingly conscious of their health and wellness. Manufacturers are responding by offering healthier options, such as organic, gluten-free, and low-sodium frozen foods, to meet this growing demand.

Frozen Foods Market Share - Global Industry Landscape

The frozen foods market is characterized by the presence of several key players competing for market share. Some of the leading companies in the frozen foods industry include:

General Mills Inc. (US):

• Market Share: General Mills is a significant player in the frozen foods market, particularly known for its brands like Pillsbury, Green Giant, and Old El Paso. They have a notable presence in frozen vegetables, pizza, and pastry segments.
• Key Offerings: General Mills offers a wide range of frozen food products including frozen vegetables, frozen pizzas, frozen dough products, frozen breakfast items, and frozen meals.

Unilever (UK):

• Market Share: Unilever is a global giant with a diversified portfolio including frozen foods. They have a significant market share in ice cream and frozen dessert segments.
• Key Offerings: Unilever's frozen food offerings include a variety of ice cream brands such as Magnum, Ben & Jerry's, Walls, and various frozen dessert products.

Kellogg Co. (US):

• Market Share: Kellogg's is prominent in the frozen breakfast category, particularly known for its Eggo brand of frozen waffles and pancakes.
• Key Offerings: Kellogg offers a range of frozen breakfast items including waffles, pancakes, and breakfast sandwiches under the Eggo brand.

McCain Foods Limited (Canada):

• Market Share: McCain Foods is a major player in the global frozen potato products market, including frozen french fries and other potato-based products.
• Key Offerings: McCain Foods specializes in frozen potato products such as french fries, hash browns, potato wedges, and other prepared potato products.

The Kraft Heinz Company (US):

• Market Share: Kraft Heinz has a presence in various segments of the frozen foods market, particularly known for its frozen meals and appetizers.
• Key Offerings: The Kraft Heinz Company offers a range of frozen food products including frozen meals, frozen pizzas, frozen appetizers, and frozen snacks under brands like Stouffer's, Smart Ones, and Bagel Bites.

Associated British Foods plc (UK):

• Market Share: Associated British Foods has a diverse portfolio including frozen foods, with notable presence in frozen bakery products.
• Key Offerings: Associated British Foods offers frozen bakery products such as frozen bread, pastries, and other baked goods through various brands in different markets.

Cargill, Incorporated (US):

• Market Share: Cargill has a significant presence in the frozen meat and poultry products market, offering a range of frozen protein options.
• Key Offerings: Cargill provides frozen meat and poultry products including chicken, beef, pork, and turkey to both retail and foodservice sectors.

Related Reports:

Frozen Foods Market by Product (Fruits & Vegetables, Dairy Products, Bakery Products, Meat and seafood Products, Plant-Based Protein, Convenience Food and ready Meals, Pet Food), Consumption, Type, Distribution Channel Region - Global Forecast to 2028