Frozen food is winning big! Busy families and health-conscious eaters are driving the market thanks to convenient, healthy options. Supermarkets are stocking more variety than ever, with new and exciting flavors keeping things interesting. Curious to explore this booming market? Future Market Insights has a report with all the details, including marketing strategies, key drivers, and top companies in the frozen food industry.
NEWARK, Del., April 23, 2024 /PRNewswire/ — According to Future Market Insights (FMI), the global frozen food market is projected to increase from US$ 365.2 billion in 2024 to US$ 638.6 billion by 2034. The market is projected to surge at a CAGR of 5.7% from 2024 to 2034.
Download the Sample PDF report to explore key market insights and trends: https://www.futuremarketinsights.com/reports/sample/rep-gb-17944
Due to their convenience of preparation and single-serving alternatives, frozen foods are becoming increasingly popular among consumers, particularly among millennials. The growing emphasis among consumers on adopting healthy eating habits is driving the demand for frozen foods.
The market for frozen meals is driven by the increasing number of dual-income homes and rising urbanization. These factors are resulting in busier lives and a need for quick & easy meal alternatives, which frozen foods provide.
Supermarkets and hypermarkets, two contemporary retail formats that have increased accessibility to a greater range of frozen food goods, are the primary drivers of the frozen food sector. As customer tastes change, producers respond by consistently releasing new and inventive frozen food items, such as gourmet selections and exotic cuisines, leading to the rise of the frozen food business.
Key Takeaways from the Report:
- The global frozen food market is projected to reach US$ 638.6 billion in 2034.
- The market is anticipated to surge at a CAGR of 5.7% from 2024 to 2034.
- The United States is projected to expand at a CAGR of around 4.9% by 2034.
- Frozen food demand in China is anticipated to rise at a steady CAGR of 4.2% during the forecast period.
- Based on product type, the frozen fish and seafood segment is predicted to surge at 4.0% CAGR by 2034.
“Consumer demand for nutritious, organic, and clean-ready meals is rising as a result of their growing appreciation for food that serves a practical purpose in addition to pleasure. Customers are carefully picking their frozen foods to prevent negative health effects due to increased health knowledge and worries about food safety,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Competitive Landscape
Leading companies are seeking strategic collaborations & alliances with other producers to increase efficiency and satisfy the surging number of consumers. Key manufacturers in this industry, with their sizable customer bases, well-known brands, and extensive distribution networks, present fierce competition for the market’s participants. To remain competitive, companies are adapting serval growth tactics into practice, including alliances and introducing new products.
Recent Development
- In March 2021, Nomad Foods acquired Fortenova’s frozen food business.
- In January 2021, Imperial Tobacco Company of India Limited (ITC) added ten new items and tripled the size of its frozen snack business.
Purchase now and gain full access to the Frozen Food Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global frozen food market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the frozen food market based on freezing technique (blast freezing, belt freezing, individual quick freezing), product type (frozen ready meals, frozen fish & seafood, frozen meat products, frozen dairy products, frozen fruits & vegetables, frozen bakery products, frozen soups & sauces), distribution channel (food service industry, retail/household), and region.
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About the Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results. Another feather to her cap manifests in the form of process automation. She is vocal about bringing automation to the fore to bring a 360-degrees-round revolution in manufacturing sector
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s Extensive Coverage in the Food and Beverages Domain:
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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