Frozen Grocery Foods: Fastest Growing Segment Fueling The Growth Of Frozen Processed Food Market

 


Frozen processed foods include frozen vegetables, frozen meat products, frozen seafood, frozen baked products and others. These foods provide advantages of being easily available and require less preparation time. They are packed with nutrients and offer great taste and convenience for consumers.

The global Frozen Processed Food Market is estimated to be valued at US$ 167,115.0 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the frozen processed food market is the rise in demand for frozen grocery products such as frozen dough, frozen pasta, frozen ready meals, frozen baked goods and others. Consumers prefer grocery frozen items as they provide great taste, nutrition and convenience. They saves time spent on cooking and allows easy preparation of meals. The availability of exotic frozen food items in grocery stores is also driving this segment. Moreover, product launches catering to various regional cuisines and tastes further supports the growth of frozen grocery segment.

Segment Analysis
The global frozen processed food market is fragmented with different product types. The ready meals segment currently dominates the market, accounting for around 30% of the total market share. It is expected to remain the dominant segment during the forecast period as well due to changing lifestyles and busy schedules that leave little time for cooking. The frozen pizza/prepared pies segment is the second largest segment due to popularity among working individuals and millennials.

Key Takeaways
The global frozen processed food market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing urbanization and changing food consumption patterns.

Regional analysis
North America currently dominates the frozen processed food market, accounting for over 35% of the global market share. However, Asia Pacific region is expected to witness the highest growth during the forecast period owing to rising disposable incomes, growing middle class population and their shifting preferences towards convenience foods.

Key players
Key players operating in the frozen processed food market are Nestle S.A., ConAgra Foods, Inc., Kraft Foods Group, Inc., Mother Dairy Fruit & Vegetable Pvt Ltd, BRF S.A., General Mills, Inc., Maple Leaf Foods Inc., Tyson Foods, Inc., and Unilever Plc. The market is highly consolidated with top five players accounting for over 45% of the global market share.

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