The global frozen food market size is expected to reach USD 389.90 billion by 2030 according to a new study by Polaris Market Research. The report “Frozen Food Market Share, Size, Trends, Industry Analysis Report, By Product (Fruits & Vegetables, Dairy Products, Bakery Products, Meat & Seafood Products, Convenience Food & Ready Meals, Others), By Consumption; By Type; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing demand for convenience products along with the rising women's employment rate is the major factor that is boosting the industry growth during the forecast period. The convenience afforded by packaged edible products drives the processed meal business, which appeals to consumers of all ages. The global market has experienced significant transformation as a result of consumer preference for convenience meals and ready-to-eat items. When compared to prepared products, this sort of meal requires less effort and time, which is the primary driver of the market.
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According to the World Bank, two-thirds of the world's population is predicted to reside in cities by 2050. As a result, the demand for such items rises. Rising disposable income has a substantial influence on the growth of the business since it increases consumers' spending power.
Further, the employment rate for women has increased significantly in recent years. As a result, ready-to-eat meals have become popular. According to the United States Department of Labor, the employment rate for women in China is 43.7% in 2019. Similarly, women's employment rates are 46% in the US and 45% in South Africa. These are some of the most important variables that are assisting the industry's expansion.
Foodservice segment accounted for the leading share in the market. This is attributable to the fact that the hospitality service business is one of the biggest buyers of frozen products. Hotel chains, cash & carry outlets, caterers, and other business entities are all part of the service industry.
Market players such as Nestle SA, Ajinomoto, Grupo Bimbo, Cargill, Conagra Brands, Inc., Europastry S.A., General Mills Inc., Unilever, JBS, Kellogg Company, Lantmannen Unibake, The Kraft Heinz Company, and Vandemoortele NV are some key players operating in the global market. In June 2021, Nestlé USA recently announced plans to expand its business in Cherokee County, South Carolina. A total of 160 new employees will be created as a result of the $100 million investment.
Polaris Market Research has segmented the frozen food market report based on frozen product, consumption, type, and region:
Frozen Food, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Frozen Food, Consumption Outlook (Revenue - USD Billion, 2018 - 2030)
Frozen Food, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Frozen Food, Regional Outlook (Revenue - USD Billion, 2018 - 2030)