Frozen processed food includes a variety of ready-to-eat food products such as frozen pizza, meat products, seafood, ready meals and several bakery and convenience food items that undergo processing or treatment in order to prevent contamination and extend shelf life. Frozen processed foods offer consumers nutritious and wholesome meal options in less time compared to fresh foods preparation. The convenience and nutrition benefits offered by frozen processed foods have led to significant demand among consumers.
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 Opportunity:
The growing demand for nutritious and healthy food options presents a key opportunity for the frozen processed food market. With rising health awareness, consumers are increasingly preferring food products that are low in fat, sugar and calories. Frozen processed foods manufactured by major players are rich in nutrients but low in unhealthy ingredients. They offer similar nutrition level as fresh foods while being convenient to consume. Manufacturers are innovating in terms of developing varied product portfolio including organic, gluten-free and vegetarian/vegan frozen food items. They are also focusing on clean-label products. The market opportunity for providing healthy and nutritious frozen food choices supports the growth of the market over the forecast period.
Porter’s Analysis
Threat of new entrants: The frozen processed food market requires high capital investment for production, distribution and branding. Established players enjoy economies of scale and customer loyalty making entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes. However, branded products and loyalty creates switching costs for buyers.
Bargaining power of suppliers: Suppliers of raw materials like vegetables and meat have low bargaining power given the availability of alternatives. Suppliers are highly fragmented.
Threat of new substitutes: Substitutes like ready-to-eat meals pose competition. However, frozen foods offer variety, convenience and can be stored for longer.
Competitive rivalry: The market is highly competitive with large multinational players dominating. Companies compete on brand, variety, quality, promotions and expanding distribution.
SWOT Analysis
Strength: Branded players enjoy strong brand recognition, distribution networks, varied product portfolio and economies of scale. Demand is growing due to changing lifestyles and demand for convenience foods.
Weakness: Heavy reliance on few raw materials makes players vulnerable to price fluctuations. Food safety issues can impact brands adversely. Large players face challenges in customizing products for regional tastes.
Opportunity: Emerging markets offer huge untapped growth potential. Changing diets and rising incomes will propel demand. Innovation in product formulations, packaging can aid growth.
Threats: Economic slowdowns can impact demand adversely. Substitutes pose competition. Stringent regulations around food safety and labeling compliance increase operating costs.
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.
North America currently dominates due to busy lifestyles and demand for convenience foods. However, growth is expected to be higher in Asia Pacific region led by India and China. Changing diets, urbanization and rising incomes are propelling demand for frozen foods in the region.
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. Large multinationals are focusing on product innovation, facility expansion and mergers and acquisitions to strengthen their market position. Companies are also targeting smaller cities and towns for growth. Private labels pose competition but are not significant substitutes for leading brands due to quality perceptions.
The report predicts the worldwide frozen processed food market to develop with a solid CAGR over the conjecture time frame from 2020-2026.
The investigation on the frozen handled food market covers the examination of the main geologies, for example, North America, Europe, Asia-Pacific, and RoW for the time of 2018 to 2026.
The report on the frozen processed food market is exhaustive and show drivers, limitations, openings, request factors, market size, gauges, and patterns in the worldwide frozen handled food market over the time of 2018 to 2026.
Also, the report is an aggregate show of essential and optional examination discoveries.
Further, the Growth Matrix given in the report carries knowledge into the venture territories that current or new market players can consider.
The predictable interest for different kinds of frozen chicken frankfurters, chunks, destroyed chicken, and chicken popcorn will keep the make the frozen handled poultry fragment in the main section during the conjecture time frame.
