Frozen Processed Food Market Primed for Growth by Increasing Consumer Preference for Convenience Food

 

Frozen processed foods such as frozen pizza, meat products and ready-to-eat meals provide convenience to busy consumers by reducing cooking time. Growing demand for convenience due to changing lifestyles has led to rising consumption of frozen processed foods.

The global Frozen Processed Food Market is estimated to be valued at US$ 167115.0 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 key trends:
The increasing preference for convenience food is one of the major factors fueling the growth of the frozen processed food market. Rising number of working women and busy consumer schedules have increased the demand for convenient ready-to-eat food options that save time in cooking. Frozen processed foods meet this demand well as they can be easily prepared or reheated within minutes. Moreover, factors such as increase in disposable income and rising health awareness are also prompting consumers to opt for frozen meals as they are usually lower in calorie, fat and sodium compared to freshly prepared meals. Manufacturers are launching various healthy frozen meal options to cater to this growing demand, which is expected to significantly drive the market growth over the forecast period.

Segment Analysis
The global frozen processed food market is dominated by frozen ready meals segment. The frozen ready meals are convenient to prepare and consume, and has long shelf-life that allows stocking in bulk. This makes frozen ready meals very popular among working professionals and nuclear families with erratic schedules.

Key Takeaways
 The global frozen processed food market is expected to witness high growth. The global Frozen Processed Food Market is estimated to be valued at US$ 167115.0 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

Regional analysis:
Europe currently has the highest share in the global frozen processed food market owing to high demand for frozen ready meals and pizza in countries such as Germany, UK, France and Italy. However, Asia Pacific is expected to witness the fastest CAGR during the forecast period. Rapid urbanization, high economic growth rates, rising incomes and expanding organized retail in countries such as China, India and other Southeast Asian countries are expected to propel the demand for frozen processed food in the region.

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. Nestle and General Mills dominate the global frozen food market owing to their diversified product portfolio and international presence.

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