Frozen Food Market Size Worth $604.17 Billion By 2032 | CAGR: 4.4%

The global Frozen Food market size is expected to reach USD 604.17 billion by 2032, according to a new study by Polaris Market Research. The report “Frozen Food Market Share, Size, Trends, Industry Analysis Report, By Distribution Channel (Online, Offline); By Product; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing preference for online shopping, driven by the convenience of various apps and the rising adoption of e-commerce platforms, contributes significantly to market growth. The expanding use of smartphones and the internet creates opportunities for new market entrants. According to Eurostat in 2021, around 19.7% of EU enterprises' e-commerce sales accounted for approximately 1% of their total turnover. Moreover, data from the American Frozen Food Institute (AFFI) reveals that a significant majority of online retail customers are adding frozen foods to their digital carts, indicating sustained growth in this trend and further boosting market expansion in the forecast period.

The global market witnessed a surge in sales during the initial days of the COVID-19 pandemic, driven by panic buying and fears of lockdowns. Essential items, including frozen products, experienced high demand due to their extended shelf life. However, as production faced challenges and workforces were reduced, stock shortages occurred. Governments allowed the continued manufacturing of edible products to meet consumer needs, resulting in a well-organized supply chain and normalized production by the second quarter of 2020. Changes in consumer habits, such as increased home cooking during lockdowns, led to a decline in frozen item sales. As lockdowns lifted in phases, the food service industry faced challenges until the second quarter of 2021. According to the American Frozen Food Institute (AFFI) and The Food Industry Association (FMI), frozen foods showed resilience during the pandemic, generating USD 65.1 billion in retail sales in 2020, a 21% increase YoY, and continued significant growth in 2021. Increased online retailing also contributed to sales growth, with consumers in the U.S. relying on online platforms during the pandemic, as reported by BBC.

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Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Frozen Food devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Frozen Foods throughout the forecast period.

Frozen Food Market Report Highlights

• In 2022, the Ready Meals segment dominated with the highest revenue share, and it is expected to maintain its leadership throughout the forecast period, driven by the widespread adoption of ready meals, especially among the global working-class population.
• The Offline segment secured the highest market share in the forecast period. Offline channels, including supermarkets/hypermarkets, convenience stores, grocery stores, and local shops, have experienced a significant increase in the distribution of frozen food across various regions.
• North America led the largest market share in 2022, and the market is poised for growth in the forecast period, fueled by the rising preference for frozen food, especially among millennials. This trend is driven by the convenience of single-serving options and easy preparation. The market offers diverse flavors, including parmesan breaded with mozzarella, buffalo seasoned, and a traditional savory chicken meatball. These varieties, made from a blend of dark meat chicken and skin, remain uncooked and nitrogen-charged to preserve freshness and natural juices. Additionally, opportunities for market growth are anticipated to extend to suppliers in developing countries like Brazil, Canada, and Mexico.
• The global key market players include Bellisio Parent, LLC, Conagra Brands Inc., General Mills, Inc., Nestlé S.A., Nomad Foods Ltd., The Kellogg Company, The Kraft Heinz Company, Tyson Foods Inc., Unilever PLC, Wawona Frozen Foods.

Polaris Market Research has segmented the Frozen Food market report based on product, distribution channel, and region:

Frozen Food, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Potatoes
• Meat
• Ready Meals
• Fruits & Vegetables
• Fish/Seafood

Frozen Food, Distribution channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Online
• Offline

Frozen Food, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Frozen Food Market Report Scope