by Frozen processed foods help meet the growing demand for convenient ready-to-eat foods while saving time in cooking. Products such as frozen pizzas, meat products and vegetables are seeing significant demand from consumers with increasingly busy lifestyles. The global frozen processed food market offers a variety of products suited for consume on-the-go or with minimum preparation effort at home.
The global Frozen Processed Food Market is estimated to be valued at US$ 167115.0 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for convenience food is a major factor contributing to the growth of the frozen processed food market. Frozen processed foods do not require much time and effort for preparation and cooking which suit busy lifestyles of consumers. Moreover, frozen foods help in avoiding food wastage as they have longer shelf life compared to fresh foods. With increasing health consciousness, frozen food manufacturers are introducing variety of frozen fruits and vegetables along with meat substitutes to cater to the needs of health-conscious consumers. Introduction of novel and innovative products by key players through investment in R&D is also expected to support the market growth over the forecast period.
SWOT Analysis
Strength: The frozen processed food market offers a wide range of products with longer shelf life and convenience. This convenience factor helps attract more consumers.
Weakness: High processing and packaging costs associated with frozen foods increase the overall price of products. Fluctuations in raw material prices also impact the costs.
Opportunity: Growing demand for ready-to-eat foods offers opportunities for market growth. Increased adoption of nutrition-rich frozen food products also provides prospects.
Threats: Variations in climate and season affect the supply of few raw materials. Stringent food safety regulations in some regions also pose challenges.
Key Takeaways
The global frozen processed food market is expected to witness high growth. The global Frozen Processed Food Market is estimated to be valued at US$ 167115.0 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Countries like China, India, Japan and other Southeast Asian countries are dominating the regional market due to increasing demand for convenience food products.
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. These players are focusing on new product launches, partnerships and mergers & acquisitions to expand their business and gain a competitive edge in the market.
