Global Market Overview
The global frozen food market is currently valued at an estimate of $297.47 billion in 2023 and is predicted to grow from $310.77 billion in 2024 to 441.11 billion by 2032 at an annual rate of 4.8% (CAGR 2024 – 2032). The frozen food market is split into the following segments: frozen dinners/ready meals, meat & seafood, fruits & vegetables, snacks & bakery, and other niche food items. According to Food and Beverage Insider, frozen meals and desserts are the largest frozen food categories, with $26.6 billion and $15.4 billion, respectively, in the past year. Fruits/vegetables, seafood and meat/poultry follow those categories with sales of about $8.1 billion, $7 billion, and $5.7 billion.
Key Trends
The frozen food market is growing steadily due to numerous changes in the economic and sociocultural environment of the food and beverage industry. To begin, health-conscious consumers have been driving the increase of healthier food offerings that are high in protein, low carb, organic, gluten-free, and clean-label products. Clean label products usually use very few familiar (natural sounding) ingredients and no artificial flavorings or preservatives. In addition, the busy and chaotic lifestyles of urban dwellers, especially Gen Z and millennials, have increased demand for these products as they satisfy the need for a convenient and time-saving food option.[2]
Furthermore, changing dietary preferences and tastes for frozen food varieties has impacted the industry. For vegans, vegetarians and “flexitarians”, plant-based food options are growing in popularity. “Flexitarians” are people reducing their meat consumption without eliminating it. Additionally, premium frozen foods with high-quality, gourmet food offerings are growing in demand. Lastly, frozen foods that make use of more seasonal and ethnic flavors (i.e. Indian, Mexican, Asian, Mediterranean) are taking off as consumers taste become more diverse.
Top Importers & Exporters
According to Volza, the top 10 importers of frozen food, as of November 2023, in number of shipments include the United States (177k), Australia (35k), Vietnam (28k), United Kingdom (22k), Netherlands (13k), Canada (11k), New Zealand (7.7k), Singapore (7.6k), Philippines (7.5k), and Germany (7.2k).
Volza also states that the top 10 exporters of frozen food, as of November 2023, in number of shipments include the India (245k), United States (29k), Italy (17k), China (15k), Germany (10k), Spain (9k), Netherlands (8k), Vietnam (8.6k), Poland (7.95k), and Austria (7.9k).
US Market Overview
The United States is the largest importer of frozen food products. According to Verified Market Research, the US frozen food market was valued at $64.04B USD in 2023, is expected to reach $84.36B USD BY 2030 and grow annually at a rate of 4.7% (CAGR 2024 – 2030). In 2023, about 24% of U.S. consumers ate frozen foods, mainly pizza and frozen ready meals, several times a week. From this same survey, 22% of respondents ate frozen foods several times a month and 20% said once a month or less.
According to Statista, the top three frozen food categories were pizza, ice cream, and single-serve dinners/entrees. Pizza is the largest segment as it generated $1.56B USD of sales revenue in 2023 and had a growth rate of 6.7%. Ice cream is the second largest segment as it generated $1.46B USD of sales revenue and had a growth rate of 8.2%. Single-serve dinners/entrees is the third largest segment as it generated $1.44B USD of sales revenue and had a growth rate of 3.8%. Other segments include frozen novelties, processed chicken, etc. All in all, this analysis presents significant growth opportunities for all exporters of frozen food products.