Frozen Processed Food Market Overview:
The Frozen Processed Food Market was valued at USD 129.7 billion in 2023. It is projected to increase from USD 136.9 billion in 2024 to USD 200.6 billion by 2032, with a compound annual growth rate (CAGR) of 4.89% over the forecast period from 2024 to 2032.
Major Boosters and Challenges:
The changes in consumers’ lifestyles across the globe, characterized by hectic busy schedules, have fostered the demand as well as consumption of a variety of frozen processed food products. With less to no time for cooking nutritious and elaborate meals, mounting number of people are focusing on convenient meal options. the trend is particularly prevalent in developed nations but is catching up in emerging countries like China and Philippines as well. This could translate into substantial revenues for the Frozen Processed Food Market in the years to come. Furthermore, spike in consumers’ disposable incomes and the soaring number of consumers owing refrigerators would raise the demand for frozen processed food items in the following years.
An important trend bolstering market growth includes the soaring popularity of online grocery shopping along with the emergence of new apps. These online channels are deemed highly convenient, giving a variety of options to the consumers. Consumers are increasingly opting for online shopping given the several features and convenience. Majority of the population buys groceries as well as food from online channels. This trend is further bolstered by the rising internet penetration and the dramatic surge in smartphone usage.
Renowned Players:
Tyson Foods, Inc. (U.S.), Kellogg's (U.S.), JBS S.A. (Brazil), General Mills, Inc. (U.S.), Frito-Lay, Inc. (U.S.), Kraft Foods Group, Inc. (U.S.), Nestlé SA (Switzerland), Mars, Inc. (U.S.), ConAgra Foods, Inc. (U.S.), Smithfield Food Inc. (U.S.) are the significant developers of Frozen Processed Food Market Companies in the worldwide.
Regional Insight:
The North American market has soared to the highest position, given the digitalization trend in the retail sector and the prevalence of food delivery online apps. More business opportunities in the region will be in the form of mounting awareness about the health advantages of frozen food and the resultant rise in their consumption. Mostly, the mushrooming population of working women and the technological developments in the cold chain are responsible for the stunning market growth in the region.
With the fastest growth rate, Asia Pacific will be a highly promising market in the next couple of years. India, Japan, and China are the highest gainers in the region, thanks to the ready-to-eat snacking trend prevalent among the working-class populace as well as college grads.
Market Segmentation:
The types of frozen processed food products industry are Frozen Meat Seafood, Frozen Fruits Vegetable, Frozen Dairy Products Desserts, Frozen Bakery Products, and more. Frozen meat and seafood enjoy the highest demand in the market, given the soaring number of fast-food joints as well as restaurants worldwide. Beef notes significant demand owing to its high protein content compared to other types of meat. Meanwhile, demand for pork is escalating rapidly in various countries.
Distribution channels covered in the study are Store-Based along with Non-Store-Based. Non-store-based channels, which are the offline channels account for the highest portion of the worldwide market.
Latest News:
January 2022: The Real Good Food Company Inc., an advanced health and wellness frozen food brand has partnered with Sam's Club for the launch of its popular platform, Bacon Wrapped Stuffed Chicken Breast now in a new flavor Creamy Spinach Artichoke. Completely grain free, has lower carbohydrate content and is protein enriched, the nutritious frozen processed food range is now more accessible to the customers that are health-conscious.
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