Aquafeed Additives Market Size, Share, Future Road-map, Technological Innovations & Growth Forecast To 2033
The frozen food market share is estimated to exceed US$ 335,342 million in 2023. The demand for frozen food is expected to rise at a CAGR of 6.9% from 2023 to 2033, taking the valuation to US$ 629,649 million by 2033. The fast-paced modern lifestyle has led to an increased preference for convenient meal options. Busy individuals and families find frozen foods to be a quick and hassle-free solution, reducing the time spent on meal preparation.
Moreover, the rising awareness of food waste issues has led
to a preference for frozen foods, which have longer shelf lives and help reduce
wastage. Lastly, technological advancements in freezing and packaging
techniques have improved the quality and taste of frozen products, further
fueling the industry’s growth.
Despite its growth, the frozen food industry faces certain
restraints. One significant challenge is the perception that frozen foods are
less healthy than fresh options. Consumers often associate frozen foods with
high levels of preservatives and additives, which can deter health-conscious
buyers. Additionally, concerns about the environmental impact of frozen food
packaging, especially non-recyclable materials, have led to calls for more
sustainable practices. Furthermore, the industry must address product labeling
and transparency issues to build consumer trust. Overcoming these restraints is
essential for sustained growth.
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“Consumers are increasingly seeking low-sodium,
gluten-free, and organic frozen products. Manufacturers can capitalize on this
trend by offering nutritious alternatives without compromising taste.” says an
FMI analyst.
The frozen food industry is ripe with opportunities for
innovation and expansion. One promising avenue is the rising demand for
healthier frozen food options. There is a growing market for plant-based and
meat substitute frozen foods, aligning with the global shift toward more
sustainable and ethical eating practices. As eCommerce continues to grow,
online grocery delivery services present a significant opportunity to expand
the reach of frozen food products to a broader consumer base.
Several exciting trends have emerged in the frozen food
industry in recent years. There’s a growing interest in international and
fusion flavors. Consumers are exploring frozen dishes that blend diverse
culinary traditions, providing unique and exciting flavor profiles. Secondly,
smart packaging is gaining traction, with labels that provide real-time
information on food freshness and safety, enhancing consumer trust. Thirdly,
subscription-based models for frozen food delivery are on the rise, offering
consumers convenient access to various gourmet options. Lastly, the industry is
witnessing a surge in tech-driven cold chain logistics, optimizing the
transport of frozen goods and ensuring their quality throughout the supply
chain.
Key Takeaways from the Frozen Food Market
- Frozen
fruits and vegetables hold over 30% market share in 2023.
- Ready
to eat frozen food segment exceeds 25% of the market share.
- Supermarkets
& hypermarkets command about 40% market share.
- Dominance
of frozen fruits and vegetables attributed to healthier options, retail
expansion, and awareness.
- Ready
to eat frozen food driven by convenience, technology, and cuisine variety.
- Supermarkets
& hypermarkets are preferred for convenience, product preservation,
marketing, and loyalty programs.
- United
States to hold a market share of 17.2% in 2023, driven by subscription
services, eco-friendly packaging, and diverse cuisine.
- Germany
to capture a market share of 8.0% in 2023, focusing on quality,
innovation, and sustainability.
- Japan
is estimated to hold a market share of 4.0% in 2023, driven by AI-powered
vending machines, chef-designed meals, and smart packaging.
- Australia
is projected to hold a market share of 2.1% in 2023, influenced by frozen
superfoods, AR applications, and sustainable cooking.
- China
is likely to hold a market share of 12.0% in 2023 with blockchain
technology, foodie influencers, and virtual kitchens.
- India
to capture a market share of 4.5% in 2023, introducing regional varieties,
sustainable packaging, and community-based subscriptions.
Competitive Landscape of the Frozen Food Market
The competitive landscape of the frozen food market
resembles a vibrant culinary arena where an array of companies vie for consumer
attention and market share. In this dynamic ecosystem, global industry giants,
regional champions, and innovative startups all play their part.
Leading multinational corporations like Nestlé, Conagra
Brands, General Mills, and Tyson Foods hold prominent positions in the market.
Their extensive product portfolios, established brands, and far-reaching
distribution networks give them a competitive edge. These industry leaders
continually invest in research and development to diversify their offerings,
focusing on healthier and more sustainable frozen food options.
In addition to these global players, numerous startups and
smaller firms contribute to the market’s diversity. They often specialize in
niche segments, offering unique, premium frozen food products. Many of these
companies leverage digital marketing and eCommerce platforms to directly reach
consumers, providing a new dimension to the competitive landscape.
The competition is not uniform but varies based on product
offerings, regional consumer preferences, and economic conditions. While some
companies excel in convenience-driven markets like North America, others focus
on quality and taste, particularly in Europe. In emerging markets such as India
and China, local manufacturers and international players compete to capture the
growing middle-class consumer base.
In this ever-evolving market, success hinges on adaptability
to changing consumer tastes and market dynamics while maintaining high quality
and safety standards in product offerings. As competition intensifies,
innovation remains the key to staying ahead in the frozen food industry.
Recent Developments in the Market:
- Nestlé
plans to invest US$ 1.2 billion in its frozen food business over five
years. The investment will be used to expand production capacity, develop
new products, and improve marketing and distribution.
- Conagra
Brands launched a new line of frozen plant-based meals under its Healthy
Choice brand. The meals are made with plant-based proteins, vegetables,
and grains.
- Tyson
Foods acquired the frozen food company Keystone Foods for US$ 2.9 billion.
The acquisition gives Tyson a major presence in the frozen chicken market.
- Green
Giant introduced a new line of frozen cauliflower-based products. The
products include cauliflower pizza crust, cauliflower rice, and
cauliflower crumbles.
- Birds
Eye launched a new line of frozen plant-based burgers. The burgers are
made with pea protein and other ingredients.
Key Companies in the Market
- Aryzta
A.G.
- Ajinomoto
Co. Inc.
- Cargill
Incorporated
- General
Mills Inc.
- JBS
S.A.
- Kellogg
Company
- The
Kraft Heinz Company
- Nestle
S.A.
- ConAgra
Brands, Inc.
- Associated
British Foods Plc.
- Amy’s
Kitchen
- Birds
Eye
- Maple
Leaf Foods
- Pinnacle
Foods
- Unilever
- Tyson
Foods
Key Segments
By Type:
- Frozen
Fruits and Vegetables
- Frozen
Meat and Fish
- Frozen
Desert
- Frozen
Snacks
- Frozen
Cooked Ready Meals
- Other
Frozen Food Types
By Category:
- Ready
to eat Frozen Food
- Ready
to cook Frozen Food
- Ready
to drink Frozen Food
- Others
Frozen Food Categories
By Distribution Channel:
- Supermarkets
& Hypermarkets
- Convenience
Stores
- Online
Channels
- Others
By Freezing Technique:
- Blast
Freezing of Foods
- Belt
Freezing of Foods
- Individual
Quick Freezing (IQF) of Foods
- Others
Freezing Techniques
By Region:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia
- Oceania
- Middle
East and Africa
Information Source:
https://www.futuremarketinsights.com/reports/frozen-food-market
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