Frozen Food Market Opportunities 2023-2030 | General Mills, Conagra Brands, Grupo Bimbo
Published Via 11Press : According to HTF MI, “Global Frozen Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2029″. The Global Frozen Food Market is anticipated to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2028, reaching USD 291.8 Billion in 2023 and USD 404.8 Billion by 2028.
Food that has been precooked, assembled into a package, and frozen for retail sale is referred to as frozen food. Customers enjoy them because they have a diverse menu and are simple to prepare. The components of a frozen prepared meal could be a meat dish, a vegetable, pasta, or another form of starch-based dish, and sauce. Some frozen meals are made specifically for vegetarians or others with special dietary needs. Food waste reduction, which benefits the environment, is one of the main advantages of frozen food. Food that has been frozen is easier to portion out and has a longer shelf life.
In fact, because frozen food results in 47% less food waste at home than non-frozen food, families can save money while still consuming healthful food, according to research in the British Food Journal.
All meal requirements are satisfied by frozen foods because they are quick, wholesome, and delectable. A further advantage is having the option to buy frozen foods in bulk and keep them in the freezer until you need them. Oftentimes, they are just as tasty and less expensive than comparable fresh foods.
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Key Developments in the Market:
Unilever North America will begin selling a variety of ice cream and frozen treats under Reese’s brand on January 6, 2023. Among the types offered are ice cream sandwiches, light ice cream, tiny bits of light ice cream, frozen dairy desserts, frozen dessert bars, and frozen dessert cups and cones. The cones are available in two flavors—
peanut butter and chocolate—and are offered in packets of eight. Partnering with Reese’s to launch a brand-new line of frozen treats that have the same swirls of peanut butter, chocolate drizzles and chunks found in America’s No. 1 sweet is something to celebrate. In Coaldale, Alberta, McCain Foods will triple the size of its plant and its output on March 13, 2023. The effort will considerably boost the local economy by creating 260 new employment. With this investment, McCain is continuing its strong commercial growth and reiterating its commitment to Canadian agriculture and food production. To ensure that the facility helps McCain in its attempt to cut greenhouse gas emissions throughout its global operations in half by the end of the decade, best practices will be incorporated in accordance with McCain’s sustainability targets. Solar and wind energy systems will be installed in the extension, providing 100% sustainable electricity to the Coaldale site.
The preservation of constant quality is the primary driving force in the frozen food sector. The participants concentrate on using the best materials and adhering to the safety requirements for frozen food. The competitors are concentrating on gaining the top spot in this market. They are always on the lookout for ways to strengthen their competitive advantage. The participants place a strong emphasis on frozen food’s appropriate documentation and compliance with production quality standards.
Regulatory Insights:
In order to execute Section 204(d) of the Food and Drug Administration Food Safety Modernization Act (FSMA), the United States Food and Drug Administration (FDA) has suggested traceability recordkeeping requirements for specific items in its New Era of Smart Food Safety Blueprint.
Businesses will be required by the proposed rule to use a traceability lot code and to keep records tying the traceability lot code to additional data, such as where the food was grown, who delivered it, receiving and shipping information, and more, throughout the supply chain. The Food and Drug Administration will be able to track and trace food more promptly as a result. This replaces the current one-up, one-back traceability models.
Key and developing players who have been highlighted as part of the coverage
- General Mills Inc. (United States),
- Conagra Brands, Inc. (United States),
- Grupo Bimbo S.A.B. de C.V. (Mexico),
- Nestle SA (Switzerland),
- Unilever (the Netherlands),
- Kellogg Company (United States),
- McCain Foods Limited (Canada),
- Kraft Heinz Company (United States),
- Associated British Foods plc (United Kingdom),
- Ajinomoto (Japan).
Market Drivers
- Due to the preservation of food freshness, the market for frozen food has been growing.
- The most flexibility is provided by the longer shelf life of frozen foods compared to those that are fresh. The fact that frozen food can be consumed without running the danger of quality degradation is what drives this business.
- In addition, food that has been frozen retains all of its nutrients, making it a better choice over the long term.
- Consumers can now enjoy seasonal fruits, vegetables, and even meat and fish, all year long since freezing enables end-users to choose from a wide array of seasonal components. After harvest, foods, especially vegetables, can be frozen to preserve vitamins.
Market Trend
- Fresh fruits and vegetables are processed and promptly frozen within hours of being gathered to prevent any loss of flavor, quality, texture, or nutrients, which has led to an increase in demand for frozen food.
- Additionally, the developing aspect in this industry is that frozen food, which essentially maintains its consistency in storage, eliminates the losses caused by rotting and shrinking.
- The highest level of freezing is now the best method for food preservation. Meals that are frozen are inexpensive. According to a United States Department of Agriculture study, buying frozen versions of five of the six vegetables evaluated—all of which were canned, fresh, or frozen—was the most cost-effective option. With frozen foods, there is no chance for error or undercooked dishes because they come with detailed cooking instructions.
Market Restraints
- The main issue facing this market is the risk of frozen food in the absence of efficient managers of cold storage facilities who are knowledgeable about their requirements for frozen goods.
- The inability to monitor urgent issues that arise when managing frozen meals entails another risk. It takes years of dedicated research, adherence to shifting business trends, and technological know-how to manage a frozen food warehouse. Avoiding financial and frozen food supply losses is the key challenge.
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Market Breakdown by Applications:
- Frozen Ready Meals,
- Frozen Seafood & Meat Products,
- Frozen Snacks & Bakery Products,
- Others
Market Breakdown by Types:
- Supermarkets/Hypermarkets,
- Specialty Stores,
- Convenience Stores,
- Online Retail
Report Scope
| The Market size value in 2023 | US$ 291.8 Billion |
| Revenue Forecast by 2033 | US$ 404.8 Billion |
| Growth Rate (CAGR) | 5.3% |
| Regions Covered | North America, Europe, the Middle East and Africa, Latin America, and the rest of the world |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
Data Sources of Frozen Food Market Study
In order to investigate the pertinent market dynamics in various parts of the world, HTF Market Intelligence has utilized a focused and realistic research approach for the frozen food business.
Additionally, in order to give clients and businesses the chance to lead in new areas and expand into specialized segments of the frozen food market, our experts undertake extensive assessments of geographical regions.
The analysis of the global frozen food market also demonstrates how shifting player dynamics are influencing the market’s expansion. Additionally, our market researchers thoroughly examine the goods and services provided by various frozen food industry players as they compete to grow their market share and visibility.
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