Frozen processed food includes ready-to-eat meals, pizza, meat products, fish products, frozen desserts, fruits vegetables, potato products, and soups. These foods allow consumers to prepare complete meals with minimal preparation time. Growing urbanization and changing lifestyles have increased the demand for convenience foods. Consumers prefer frozen processed foods owing to their long shelf life and easy preparation.

The 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 Dynamics:
Increasing number of working women population in developing countries is driving the market growth. Frozen processed foods save time required for cooking and are easy to prepare even for busy individuals. According to recent surveys, over 50% of women in urban areas are working professionals which has increased the demand for convenience foods such as frozen processed meals and snacks. In addition, rising disposable income is another major factor fueling the market growth. Higher spending power allow customers to spend more on processed and ready-to-eat foods. However, increasing health awareness regarding usage of preservatives in frozen foods may hamper the market growth. Customers are shifting towards fresh and homemade food products.

SWOT Analysis

Strength: The frozen processed food market has high convenience as these foods have long shelf life and do not require refrigeration at consumer end. It saves time for working professionals and families. These foods are readily available in stores and online.

Weakness: Processed foods are high in preservatives, salt, and fat content which can negatively impact health. These foods also tend to be more expensive than fresh foods.

Opportunity: Rising health consciousness is increasing demand for frozen foods with no preservatives and labels such as organic, vegan, gluten free. Focus on innovation can help companies launch new product lines catering to evolving consumer needs and tastes.

Threats: Strict regulatory norms can increase manufacturing costs. Growing adoption of fresh and unpackaged foods also poses threat to sales of frozen processed foods.

Key Takeaways

The global frozen processed food market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand for convenience foods among working professionals and families with hectic schedules. The market size is estimated to reach US$ 167115.0 Mn in 2023.

Regional analysis North America dominates the global market and is expected to continue its dominance, accounting for around 35% market share in 2023. This is attributed to increasing popularity of refrigerated snacks, appetizers and other frozen foods. Asia Pacific is anticipated to register fastest growth owing to rising disposable incomes, growing middle class population and shifting preferences towards Westernized diet in countries like China and India.

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. Players are focusing on strategic expansions, new product launches and adoption of sustainable packaging to strengthen market presence and cater to rising demand from health-conscious consumers.