Frozen And Convenience Food Market Size to grow by USD 468.9 billion between 2024-2028
According to a research report “ Frozen And Convenience Food Market” by Distribution Channel (Offline, Online) Type (Convenience food, Frozen food) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 468.9 billion, at a CAGR of 8.09% during the forecast period. The vegan frozen food market is experiencing significant growth due to increasing consumer preference for plant-based options. This segment encompasses a range of products derived from plants and plant-based dairy alternatives. The surge in veganism and heightened awareness of vegan frozen foods are key drivers propelling market expansion during the forecast period. Notably, the UK and US markets exhibit robust demand for these products, fueled further by the rising trend of meat substitutes among consumers in these regions. In response, industry players are broadening their offerings of frozen vegan items, with Nestle SA recently introducing plant-based sausages in Europe and the US..
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By Distribution Channel, the Offline segment is projected to dominate the market size in 2024
The offline distribution channel, comprising supermarkets/hypermarkets, convenience stores, grocery stores, and local merchants, holds a significant market share in the global frozen and convenience food industry. This segment's dominance is attributed to the extensive range of frozen and convenience food offerings, including peas, chips, fish fillets, bread, preserved fruit, nuts, snacks, pizza sausages, and chicken, available at these establishments. Hypermarkets and supermarkets, in particular, are preferred due to their vast selection of brands and stock-keeping units (SKUs) provided at competitive pricing. Key purchasing factors for consumers include convenience, extensive product variety, and brand diversity.
By Type, Convenience food segment is expected to hold the largest market size for the year 2024
In the global frozen and convenience food market, convenience food held the largest market share in 2023. This segment caters to consumers' increasing demand for quick and easy meal solutions, particularly in urban areas. Convenience foods are prepared meals or ready-to-eat packages that save time for individuals and families with limited meal preparation capabilities. These foods undergo minimal processing, making them an attractive option for those with busy schedules and limited cooking skills. The convenience food industry caters to this demographic by providing processed food products that are easy to consume and require no additional preparation.
Europe is forecasted to hold the largest market size by region in 2024
The Frozen and Convenience Food Market represents a significant growth opportunity for businesses, driven by increasing consumer demand for time-saving solutions and convenience. This sector encompasses ready-to-eat and ready-to-heat meals, frozen vegetables, and baked goods. Market trends include a focus on healthier options, sustainable packaging, and technological advancements to enhance convenience and product quality. Companies that effectively cater to these trends and consumer preferences are poised to capture market share and thrive in this dynamic industry.
The Frozen And Convenience Food Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Frozen Food Market has witnessed significant growth in recent years, particularly in the Convenience Foods sector. Gluten-free ready meals, processed chicken, frozen meat, dinners/entrees, and breakfast meals are popular choices for consumers seeking easy-to-prepare meal options. The hospitality industry, including hotels & resorts and full-service restaurants, is a major consumer of frozen food products due to their longer shelf life and portability. Progressive Grocer reports that international cuisines are driving innovation in the Frozen Food Market, with globalization increasing the demand for diverse meal plans. Online shopping platforms have made it easier for consumers to access a wide range of frozen food products from the comfort of their homes. The Frozen Food Market is influenced by various factors such as trade routes, domestic tariffs, raw materials cost, temperature monitoring market, and retail industry digitalization. The processed food trade is expected to grow due to food safety concerns and health awareness. Domestic brands are competing with international players in the Frozen Food Market, with some offering competitive pricing due to lower production costs. The Temperature Monitoring Market is a crucial aspect of the Frozen Food Market, ensuring food safety and quality. The Convenience Foods Market is expected to continue its growth trajectory, driven by the need for quick and easy meal options. The Frozen Food Market is poised for further expansion, with new product innovations and technological advancements set to disrupt the industry.
Market Research Overview
Title: The Frozen Food Market: A Convenient Solution for Changing Dietary Preferences and Lifestyle Diseases The frozen food market is witnessing significant growth due to the increasing popularity of convenience foods, changing dietary preferences, and the rise of lifestyle diseases. Frozen bites, such as patties, Cheese parathas, paneer, and frozen potatoes, are gaining popularity among consumers, especially in the ready meals segment and RTE meals. Fruits & vegetables, canned goods, and fruity frozen desserts, including fruit juice-based and organic pops, are also in high demand. Offline retail channels, including local shops, grocery stores, convenience stores, supermarkets/hypermarkets, and Indian food retailers, continue to dominate the market. However, e-commerce platforms are gaining traction, with online grocery shopping and meal delivery services becoming increasingly popular. Labeling requirements, environmental concerns, and the sourcing and packaging of premium ingredients are key considerations for both offline and online retailers. Frozen foods are finding their way into various sectors, including hotels & resorts, full-service restaurants, and contract catering services, as they offer superior nutritional value and cater to plant-based diets, flexitarian diets, veganism, and vegetarianism. The frozen food market is also expanding to include low-calorie choices, organic ingredients, and gluten-free diets, as consumers become more health-conscious. The market is expected to continue growing, driven by the digital transformation of the retail landscape and the increasing availability of convenient food options. However, challenges such as food safety risks, quality degradation, and temperature fluctuations must be addressed to ensure the continued growth of the market.
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