According to Future Market Insights (FMI), the global frozen food market is projected to increase from USD 365.2 billion in 2024 to USD 638.6 billion by 2034. The market is projected to surge at a CAGR of 5.7% from 2024 to 2034.
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Due to their convenience of preparation and single-serving alternatives, frozen foods are becoming increasingly popular among consumers, particularly among millennials. The growing emphasis among consumers on adopting healthy eating habits is driving the demand for frozen foods.
The market for frozen meals is driven by the increasing number of dual-income homes and rising urbanization. These factors are resulting in busier lives and a need for quick & easy meal alternatives, which frozen foods provide.
Supermarkets and hypermarkets, two contemporary retail formats that have increased accessibility to a greater range of frozen food goods, are the primary drivers of the frozen food sector. As customer tastes change, producers respond by consistently releasing new and inventive frozen food items, such as gourmet selections and exotic cuisines, leading to the rise of the frozen food business.
Key Takeaways from the Report:
- The global frozen food market is projected to reach USD 638.6 billion in 2034.
- The market is anticipated to surge at a CAGR of 5.7% from 2024 to 2034.
- The United States is projected to expand at a CAGR of around 4.9% by 2034.
- Frozen food demand in China is anticipated to rise at a steady CAGR of 4.2% during the forecast period.
- Based on product type, the frozen fish and seafood segment is predicted to surge at 4.0% CAGR by 2034.
"Consumer demand for nutritious, organic, and clean-ready meals is rising as a result of their growing appreciation for food that serves a practical purpose in addition to pleasure. Customers are carefully picking their frozen foods to prevent negative health effects due to increased health knowledge and worries about food safety," says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Country-wise Insights
The frozen food market is experiencing notable growth in the United States, China, and Japan, driven by distinct consumer trends and market factors. In the United States, rising urbanization and demand for on-the-go consumption are fueling a CAGR of 4.9% through 2034.
The market offers a wide variety of products, including plant-based options, catering to diverse dietary preferences. In China, a projected CAGR of 4.2% is supported by government investment in advanced processing technologies, large-scale production capacity, and innovations like flash freezing and vacuum-packing, enhancing both domestic consumption and exports.
Meanwhile, Japan's frozen food market is set to grow at a CAGR of 5.6%, driven by a preference for convenient meal solutions, a focus on health-oriented products like organic and low-sodium options, and the widespread availability of frozen foods across retail and e-commerce platforms.
