Frozen Food Market Size (2024 - 2029)

Frozen Food Market Analysis

The Frozen Food Market size is estimated at USD 453.99 billion in 2024, and is expected to reach USD 555.74 billion by 2029, growing at a CAGR of 4.13% during the forecast period (2024-2029).

The market is primarily driven by rising disposable income, the introduction of longer shelf-life products, and increasing impulse purchasing. The market evolved from selling raw food, such as frozen meat, fish, vegetables, and fruits, to prepared food, frozen vegetable mixes (with meat, rice, and pasta), frozen desserts, and bakery products. Ice creams and cakes emerged as the leading product category in the frozen food market. The rising preference toward convenience food fuels the demand for frozen products due to their effortless and time-saving beneficial factor compared to cooking from scratch. The hectic lifestyle of the working population around the globe is majorly boosting the frozen food market. Significantly, the frozen snacks segment is anticipated to grow due to the rising snacking trend, especially among adults and teenagers.

With strong support in terms of technological innovation and the advantages of frozen food, products have become much more accessible and affordable for consumers globally. The advent of new technologies has resulted in the affordability of frozen food. Along with the clean-label trend, companies provide eco-friendly and sustainable packaging, understanding consumers' growing environmental sentiments and increasing their product penetration in the market. For instance, in April 2022, Nomad Foods partnered with Innoget, an innovation network, to develop clean-label paper-based packaging for frozen food, including frozen potato fries.

Frozen Food Industry Segmentation

Frozen food products are preserved under low temperatures and have a long shelf life. The frozen food market is segmented by product category, product type, distribution channel, and geography. Based on product category, the market is segmented into ready-to-eat and ready-to-cook. The market is segmented by product type into frozen fruits and vegetables, frozen meat and fish, frozen-cooked ready meals, frozen desserts, frozen snacks, and other product types. The market is segmented by distribution channel into horeca and retail. The retail segment is further segmented into supermarkets/hypermarkets, convenience stores, online channels, and other retail distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done based on the value in USD.