The global frozen food products market was valued at USD 385.7 billion in 2022 and is projected to expand at a CAGR of 3.3% from 2023 to 2030. The market is expected to witness growth owing to increasing consumer demand for convenience foods. With the growing consumer preference for ready-to-eat snacks, frozen food manufacturers are focusing on expanding their product portfolio with more convenient items. Furthermore, with the rising demand for organic, gluten-free, and plant-based food, manufacturers are focusing on developing products that are organic, gluten-free, and plant-based. For instance, in November 2021, Nestle launched its organic and gluten-free frozen food range in the U.S.

The rising disposable income of consumers is driving the demand for frozen food products. The rising disposable income has enabled consumers to purchase premium quality products. Furthermore, the increasing number of working-class women and individuals with hectic lifestyles are increasingly preferring frozen products as they can be easily prepared. Moreover, the increasing demand for frozen organic food is propelling the market growth. For instance, in December 2021, Nestle launched its organic frozen food range in the U.S.

In addition, the growing demand for convenience foods is expected to fuel the growth of the market. The rising number of quick-service restaurants is further driving the demand for frozen food products. The frozen food products are also gaining popularity as they provide convenience and are easy to cook. Furthermore, the rising demand for frozen snacks and appetizers is driving the market growth. For instance, in March 2022, McCain Foods launched a range of frozen appetizers and snacks in the U.K.

The growing demand for ready-to-eat frozen food products is expected to drive the market. The convenience of frozen food products is encouraging consumers to opt for frozen food products over fresh products. Furthermore, the increasing number of working-class women and individuals with hectic lifestyles are increasingly preferring frozen products as they can be easily prepared. Moreover, the rising demand for frozen organic food is driving the market growth. For instance, in October 2021, Amy’s Kitchen, an organic food brand, launched a range of frozen food products in the U.S.

The frozen vegetables segment led the market and accounted for a share of around 28.7% in 2022. Frozen vegetables are widely used in various cuisines and are a popular choice among consumers due to their convenience and various health benefits. The increasing demand for convenient and healthy food is expected to drive the demand for frozen vegetables over the forecast period. According to an article published by the University of California, Davis, in April 2021, frozen vegetables are a great source of vitamins, minerals, and antioxidants, and they often have more nutrients than fresh vegetables.

The frozen ready meals segment is anticipated to expand at the fastest CAGR of 9.2% over the forecast period. The convenience and ease of preparation of frozen ready meals are some of the key factors driving the market revenue. According to an article published by the University of Bonn, in July 2020, frozen ready meals offer a wide range of health benefits and are an ideal choice for busy individuals who are looking for healthy and nutritious meal options. Furthermore, rising trends for convenience and healthy food, along with increasing product innovation, are some of the other factors driving the growth of the market.

The supermarkets and hypermarkets segment captured the major share of over 45.1% in 2022. Supermarkets and hypermarkets are the most preferred distribution channel for frozen food products as they provide a wide range of frozen food products to customers. Moreover, the presence of supermarkets and hypermarkets in the retail sector is increasing due to the rising demand for frozen food products. Furthermore, supermarkets and hypermarkets offer convenience to customers in terms of availability of different brands and products at one place.

The online segment is anticipated to expand at the highest CAGR of 11.5% over the forecast period. The rise in the penetration of internet and smartphones across the globe has fueled the growth of the segment. Moreover, the rising demand for convenience and comfort among consumers has led to an increase in the demand for online grocery stores. Furthermore, the increasing number of initiatives taken by market players to promote their products through online stores is expected to further drive the segment in the coming years.

The frozen convenience meals segment held the largest market share of 32.3% in the year 2022. The growing demand for convenience food, increasing disposable income, and a busy lifestyle are the major factors that drive the growth of the frozen convenience meals segment. Frozen convenience meals are convenient to store, easy to prepare, and are available in a variety of flavors, which makes them more attractive. Furthermore, the various advertising activities and promotional campaigns by key players such as Nestle, Conagra Brands, and Unilever, are stimulating the demand for frozen convenience meals.

The frozen potato products segment is anticipated to register the highest CAGR of 4.2% during the forecast period. The rising demand for healthy snacks and side dishes, convenience, and longer shelf life is driving the growth of the frozen potato products segment. Additionally, the increasing demand for frozen potato products from quick service restaurants (QSRs) and fast food chains is creating lucrative opportunities for market growth. For instance, in May 2021, McCain Foods launched a new range of potato and vegetable products for QSRs and fast food chains.

Europe was the leading regional market in 2021, and is expected to remain dominant during the forecast period, owing to the presence of several leading frozen food manufacturers in the region. For instance, in May 2021, Nestlé announced it would launch a range of plant-based frozen food products in Europe. Moreover, increasing demand for convenience food and the rising disposable income of consumers in the region is expected to accelerate the growth of the frozen food products market in the region.

Asia Pacific is anticipated to be the largest regional market during the forecast period. The rising population, increasing disposable income, and the presence of several leading frozen food manufacturers in the region are the major drivers of the market in the region. For instance, in April 2021, McCain Foods announced plans to invest $155 million to expand its production facility in India, in order to capitalize on the rapidly growing frozen food market in the country.

In this part of the frozen food products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These projections include cash flow projections and capital requirements for your frozen food products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenue for a frozen food products business is from sales of the product. Other possible sources of profit can include the sale of packaging materials, shipping fees, and fundraising.

Projecting Expenses
In this section, all the regular expenses related to keeping the frozen food products business running will be described. The list of operating expenses includes wages, utilities, insurance policies, advertising, packaging and shipping costs, rent, and other overhead costs.

Some of the key companies operating in the frozen food market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Nestle SA launched a range of frozen food products such as ready-meals and frozen snacking items.

– In August 2022, Unilever launched a range of frozen meals, sandwiches and snacks.

– In October 2022, General Mills launched a range of frozen breakfast items and snack foods.

Some of the prominent players in the frozen food market include:

– Nestle SA
– Unilever
– General Mills Inc.
– Conagra Brands Inc.
– Dr. Oetker Group
– McCain Foods Limited
– Cargill Inc.
– Pinnacle Foods Inc.
– Kraft Heinz Co.
– Tyson Foods Inc.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global frozen food products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Ready Meals
– Seafood
– Fruits & Vegetables
– Meat & Poultry
– Ice Cream & Desserts
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Convenience Stores
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation in the Frozen Food Products Market?
[A]: The frozen food products market is expected to benefit from innovations in product packaging, product ingredients, and production processes. Frozen food manufacturers are introducing sustainable packaging solutions and introducing new flavours, textures, and formats to appeal to consumers. Additionally, manufacturers are using new production processes to reduce energy usage and waste.

[Q]: Who are the Key Players in the Frozen Food Products Market?
[A]: The key players in the frozen food products market are Nestle SA, Unilever PLC, Kraft Heinz, General Mills, ConAgra Foods, McCain Foods, Nomad Foods, ITC, and H.J. Heinz Co.

[Q]: Which Region Offers the Largest Opportunity for Sales of Frozen Food Products?
[A]: North America is expected to be the largest market for frozen food products due to an increase in the demand for convenience foods, the presence of a large number of fast-food chains, and the availability of a wide range of frozen food products.

[Q]: What are the factors driving the frozen food products market?
[A]: Key factors driving the frozen food products market include the increasing demand for convenience foods, the increasing trend of snacking, the rising demand for ready-to-eat meals, and the growing popularity of frozen foods among millennials.