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Frozen Food Market Size To Reach $278.47 Billion By 2030

The global frozen food market size is expected to reach USD 278.47 billion by 2030, registering a CAGR of 5.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rising consumer preference for ready-to-eat food products, which need least preparation and cooking time is the key factor driving the market growth. According to Associated Chamber of Commerce and Industry of India, January 2020 report, 79% of Indian households today prefer to have instant food due to time constraints. Major food manufactures have been ramping up their production capacity as well as improvising the supply change strategies to cater to the unprecedented product demand.

For instance, in August 2020, Marks & Spencer launched a frozen food brand Picard in France. The product line includes brioche, crepes and mini croque monsieurs in flavors of raspberry and macarons. The initiative was undertaken due to growing inclination for the abovementioned products among consumers. According to the ‘The Grocer’ April 2020, product demand spiked up to 263% in the month of March 2020. The ready meals segment held segment the largest share in 2023 and is expected to maintain dominance from 2024 to 2030. Changing food consumption patterns, due to rapid urbanization, is one of the prevalent factors driving the segment growth.

According to an article published in foodprocessing.com, in January 2020, 61% of consumers in the region prefer ready meals while 63% of them actively purchase ‘time and effort-saving’ products. These trends are expected to promote the scope of these products and thus, in turn, will boost market growth over the next few years. The offline segment accounted for the largest share in 2023. The increasing penetration of independent retail giants, such as Walmart and Costco, is boosting product visibility and attracting a larger consumer base. The consumers prefer to physically verify these products before buying, which is driving the sales through this channel. For instance, Amy’s Kitchen offers frozen foods across supermarkets in Canada. The market is highly fragmented with the presence of a large number of global players.

Frozen Food Market Report Highlights

The fruits & vegetables segment is projected to register the fastest CAGR from 2024 to 2030
The online distribution channel segment is anticipated to register a significant CAGR from 2024 to 2030 owning to promising growth exhibited by e-commerce platforms, including Amazon, Walmart, and other such service providers
Asia Pacific is expected to register the fastest growth rate during the forecast period with brands rolling out frozen foods due to rising number of working class consumers in countries including China and India

Frozen Food Market Segmentation

Grand View Research has segmented the global Frozen Food market on the basis product, distribution channel, and region.

Frozen Food Product Outlook (Revenue, USD Million; 2018 - 2030)

Fruits & Vegetables
- Fruits
  - Berries
  - Tropical Fruits
  - Citrus Fruits
  - Grapes
  - Stone Fruits
  - Others
- Vegetables
  - Peas
  - Broccoli
  - Cauliflower
  - Carrot
  - Bell Paper
  - Beans
  - Mushroom
  - Avocado
  - Corn
  - Others
- Potatoes
- Ready Meals
- Meat
- Fish/Seafood
- Dairy Products
- Bakery Products
- Others