by Market Overview:
Frozen processed foods are foods that are processed and packaged prior to being frozen for extended shelf-life. These include vegetables, meats, seafood, soups, snacks, and ready-to-eat meals. The frozen processed food industry has witnessed significant growth in recent years due to factors such as changing lifestyles, urbanization and increasing number of working women. The busy schedules leave little time for cooking, making frozen processed foods a convenient option for quick meal preparation. In addition, frozen processed foods retain their nutrients for longer duration compared to fresh foods thereby offering convenience and nutrition benefits.
Market key trends:
One of the key trends in the frozen processed food market is the rising demand for healthy and organic products. With increasing health consciousness, consumers are favoring frozen foods that are minimally processed and contain no preservatives. Manufacturers are responding to this demand by offering products with clean label ingredients, whole grains, proteins and less sugar/sodium. Another significant trend is the launch of varied product offerings catering to different palates and tastes. Companies are innovating with exotic flavors and customized meals for different target segments including millennials, families and urban population. Furthermore, the growing frozen snacks market comprising of frozen pizza, frozen ready meals and frozen appetizers is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The frozen processed food market has moderate threat of new entrants due to high capital requirement for R&D, packaging, storage and transportation. However, the market is growing at a good rate providing opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established players providing a variety variety of processed food products. However, buyers can compare prices among brands.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many suppliers for raw materials and packaging components. Suppliers cannot influence prices much.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for frozen processed food items. Fresh food is the main substitute but does not provide the convenience of frozen food.
Competitive rivalry: The competitive rivalry in the market is high as the major players compete on the basis of quality, taste, price, packaging and promotion. Players focus on new product development and branding to gain market share.
Key Takeaways
The Global Frozen Processed Food Market Demand is expected to reach US$ 183683.21 Mn by 2030, expanding at a CAGR of 4.8% during the forecast period. Increasing working population and busy lifestyles have accelerated the demand for convenient frozen food items.
On the regional front, North America dominates the global frozen processed food market with over 30% share in 2023. higher disposable incomes and growing demand for organic and vegan frozen food items have aided market growth in the region. Europe and Asia Pacific also offer lucrative opportunities with rising health-conscious consumers.
Key players operating in the frozen processed food market are Nestle S.A., ConAgra Foods, Inc., Kraft Foods Group, Inc., Mother Dairy Fruit & Vegetable Pvt Ltd, BRF S.A., General Mills, Inc., Maple Leaf Foods Inc., Tyson Foods, Inc., and Unilever Plc. Players focus on introducing new frozen snacks, organic range and meat substitutes to cater to evolving consumer demands.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
