Frozen Food Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Frozen foods are defined as foods that are preserved by a freezing process and stored in a freezer at the required temperature before cooking.

Sizing and Forecast
The frozen food market size has grown strongly in recent years. It will grow from $226.16 billion in 2023 to $240.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%.  The  growth in the historic period can be attributed to globalization and cross-cultural influences, brand loyalty and marketing campaigns, convenience and time-saving appeal, changing consumer lifestyles, innovations in product varieties.

The frozen food market size is expected to see strong growth in the next few years. It will grow to $303.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.  The growth in the forecast period can be attributed to sustainability practices, focus on ethnic and regional flavors, clean label and transparency, government initiatives for healthy eating, demand for frozen snacks and appetizers. Major trends in the forecast period include sustainable packaging, gourmet and premium frozen options, advancements in freezing technologies, innovations in processing, digital marketing, customization and personalization.

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Segmentation & Regional Insights
The frozen food market covered in this report is segmented –
1) By Type: Frozen Fruit, Juice, And Vegetable, Frozen Specialty Food 
2) By User: Food Service Industry, Retail Users
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels   

Subsegments Covered: Frozen Fruit, Frozen Juice, Frozen Vegetables, Frozen Meals, Other Frozen Specialties   

Asia-Pacific was the largest region in the frozen food market in 2023. North America was the second-largest region in the frozen food market. The regions covered in the frozen food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The frozen food manufacturing market's growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021, both according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.

Key Industry Players
Major companies operating in the frozen food market report are Nippon Suisan Kaisha Ltd., Frosta Aktiengesellschaft, Nestle S.A., Unilever PLC, Tyson Foods Inc., The Kraft Heinz Company, Kraft Heinz Co., General Mills Inc., Alfa SA.B. de C.V., Kellogg's Company, Conagra Brands Inc., McCain Foods Limited, Ajinomoto Co. Inc., BRF S.A., J. R. Simplot Company, Patterson Frozen Foods Inc., On-Cor Frozen Foods Inc., Paris Foods Corp., Lamb Weston Holdings Inc., Rich Products Corporation, Nomad Foods Ltd., J&J Snack Foods Corp., Schwan's Company, Wawona Frozen Foods Inc., Breyers, Bellisio Foods Inc., Oregon Ice Cream Co. LLC, Peak Foods Llc, Nulaid Foods Inc., OLD FASHIONED KITCHEN INC., Italia Foods Inc., Jacmar DDC LLC, ORC Foods Inc., Panhandle Foods Sales Inc., Amy's Kitchen Inc., Goya Foods Inc.

The frozen food market report table of contents includes:
1. Executive Summary
2. Frozen Food Market Characteristics
3. Frozen Food Product/Service Analysis -Product/Service Examples
4. Frozen Food Market Trends And Strategies
5. Frozen Food Market - Macro Economic Scenario
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68. Global Frozen Food Market Competitive Benchmarking
69. Global Frozen Food Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Frozen Food Market
71. Frozen Food Market Future Outlook and Potential Analysis
72. Appendix