The Frozen Food Market is estimated to be valued at US$ 183684.71 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 Overview:
Frozen food products typically include frozen ready meals, meat, seafood, fruits and vegetables that are preserved through freezing to maintain freshness and nutritional value. Freezing is one of the effective and convenient ways of food preservation that retains visual appeal, taste and nutritional value of food for an extended period of time. It helps eliminatespoilage caused by microbial growth, retards the action of enzymes and generally maintains the quality of food without the use of food additives.
Market key trends:
Changing consumer preferences towards convenience foods due to busy lifestyles have presented growth opportunities for frozen food products. The rising focus on nutritional content and ingredients in food products has led frozen food manufacturers to offer healthier and natural options. The introduction of innovative freezing technologies allow food producers to freeze foods quickly without ice crystal damage, better maintaining flavor, texture and appearance of products. Rising global cold chain infrastructure including cold storage and transportation facilities has further enabled the growth of the frozen food industry globally over the past decade.
Porter’s Analysis
Threat of new entrants: The frozen food market requires high investment in production, distribution, and branding. Established players enjoy economies of scale and brand loyalty making entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and brands. However, convenience of frozen foods increases switching costs for buyers.
Bargaining power of suppliers: Major suppliers for key ingredients enjoy some power given infrastructure requirements. However, suppliers remain dependent on established brand sales.
Threat of new substitutes: Substitutes include ready-to-eat meals and takeaways. However, convenience of frozen food remains attractive.
Competitive rivalry: Intense competition among major brands continues to drive innovation, efficiency, and marketing spend.
SWOT Analysis
Strength: Wide product ranges tailored to regional tastes. Established global supply chains and strong brand recognition.
Weakness: Heavy reliance on few key ingredients makes supply vulnerable to price fluctuations. Limited product shelf life increases logistics challenges.
Opportunity: Growing demand for convenience foods especially among young professionals drives market growth. Emerging markets yet to realize full potential.
Threats: Stricter regulations on ingredients and packaging increase compliance costs. Economic slowdowns impact discretionary household spend.
Key Takeaways
The Global Frozen Food Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing popularity of ready-to-eat meals and shift towards nuclear family structures. Long working hours leaves less time for meal preparation driving demands for convenience food options.
Regional analysis: North America dominates the global frozen food market holding around 35% share in 2023 due to busy lifestyles and preference for packaged foods. However, Asia Pacific is projected to grow at the fastest pace during the forecast period owing to rising disposable incomes, growth of retail channels and awareness about nutritional frozen foods in countries like India and China.
Key players operating in the frozen food are Nestle S.A., Ajinomoto Co., Inc., Kraft Foods Group, Inc., ConAgra Foods, Inc., General Mills, Inc., H.J. Heinz Company, Tyson Foods, Inc., Unilever Plc., Maple Leaf Foods, Inc., and Pinnacle Foods, Inc. These major brands are focusing on new product launches catering to regional tastes and increasing online distribution to stay ahead of competition.
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