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Frozen Fruits Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global frozen fruits market was valued at USD 28.9 billion in 2022 and is projected to expand at a CAGR of 6.2% from 2023 to 2030. The increasing demand for convenience food products is the major factor driving the market growth. Additionally, the rising demand for frozen fruits from the food and beverage industry is augmenting the market growth. The rising health consciousness among consumers is another major factor driving the demand for frozen fruits. Furthermore, the introduction of innovative products by manufacturers to meet the changing needs of customers is anticipated to propel the growth of the market.
The rising trend of veganism has been a major factor propelling the demand for frozen fruits in recent years. The increasing popularity of vegan diets is due to its numerous health benefits, and this is driving the demand for frozen fruits. Additionally, the increasing number of health-conscious consumers is leading to an increase in the demand for frozen fruits, as these are seen as healthy alternatives to fresh fruits. Furthermore, the increasing demand for vegan products is expected to fuel the demand for frozen fruits in the coming years.
The rising demand for organic frozen fruits is also a major factor driving the growth of the market. This is due to the increasing health-consciousness of consumers, who are increasingly opting for organic food items. Furthermore, the increasing availability of organic frozen fruits is propelling the market growth. For instance, in November 2021, Whole Foods Market, a US-based natural and organic grocery chain, launched a range of organic frozen fruits. Additionally, the increasing focus on health and wellness is driving the demand for organic frozen fruits.
The increasing demand for frozen fruits from the food and beverage industry is also augmenting the market growth. Frozen fruits are used for various applications such as smoothies, shakes, and juices. Additionally, frozen fruits are used in bakery products and desserts, which is further driving the demand. Furthermore, the increasing demand for frozen fruits as a healthy alternative to fresh fruits is expected to propel the growth of the market in the coming years.
In addition, the increasing demand for plant-based proteins is expected to boost the growth of the market. Plant-based proteins are gaining popularity due to their health benefits, such as improved digestion and increased energy levels. Furthermore, the increasing number of manufacturers launching plant-based proteins is propelling the growth of the market. For instance, in May 2021, Cargill launched a new plant-based protein product called ProPulse, which is made from a blend of pea and mung bean proteins.
Product Insights
The frozen berries segment held the largest market share of 47.9% in 2020. The rising health awareness among consumers is driving the demand for frozen fruits. According to an article published by Fortune Business Insights, in November 2020, the global frozen fruits market was valued at $6.45 billion in 2020 and is expected to reach $9.87 billion by 2027, at a CAGR of 6.2%. Growing awareness about health benefits associated with frozen fruits is contributing to market growth. In addition, increasing availability of frozen fruits in local stores and supermarkets is expected to drive the growth of the frozen fruits market over the forecast period.
The frozen mangoes segment is projected to register the highest CAGR of 8.9% during the forecast period. The increasing demand for frozen mangoes is driven by its nutritional benefits and long shelf life. According to an article published by Food Business News, in March 2020, frozen mangoes are rich in vitamins, minerals, antioxidants, and dietary fiber. In addition, the increasing disposable income of consumers, the growing demand for convenience food products, and the growing popularity of frozen mangoes as a snack among health-conscious consumers are some of the major factors driving the demand for frozen mangoes.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the major share of over 43.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase food products. In addition, these establishments provide a wide selection of frozen fruits such as berries, mangoes, bananas, melons, and more. Moreover, supermarkets and hypermarkets provide a one-stop-shop experience to their customers, allowing them to purchase their desired products in one place, which further boosts the segment’s growth.
The online segment is anticipated to expand at the highest CAGR of 17.4% over the forecast period. This can be attributed to the rising penetration of the internet and the emergence of online grocery stores. Additionally, online shopping offers customer’s convenience, as they no longer need to spent time travelling to stores or stand in long checkout lines. Furthermore, online stores also offer discounts and promotional offers, which further drives the segment’s growth.
Type Insights
The frozen fruits segment accounted for the largest revenue share of 41.7% in the year 2022. The increasing demand for frozen fruits from consumers in developed regions and the increasing health consciousness among the people are the major factors driving the demand for frozen fruits. The presence of a wide range of frozen fruits in the market is also driving the demand. For instance, in May 2022, Nestle SA, launched a new range of frozen fruits, including strawberries, blueberries, and blackberries, to expand its product portfolio. The company is offering the products in various sizes and packaging to cater to different consumer needs.
The frozen fruit juice segment is anticipated to expand at the highest CAGR of 8.7% over the forecast period. The growing trend of consuming ready-to-drink juices is the major factor driving the demand for the segment. The increasing availability of frozen fruit juice in various flavors and packaging is also fueling the market growth. For instance, in April 2022, Dole Food Company, Inc. launched a new range of frozen fruit juice, including orange, pineapple, and mango, in tetra pak packaging. The company also offers a wide range of frozen fruit juices in various flavors such as raspberry, cherry, and peach.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 40.5% in 2022. This growth is attributed to the increasing demand for frozen fruits from the food processing industry in the region. Moreover, the presence of several leading players in the region and the growing demand for convenient food is expected to further drive the growth in the region. For instance, in June 2021, Del Monte Foods launched a line of frozen fruit cups in Europe.
Asia Pacific is expected to witness the highest growth during the forecast period. An increasing number of health-conscious consumers in the region is driving the demand for healthy and nutritious frozen fruits. In addition, the rising demand for exotic fruits in the region is a key factor behind the growth of the market. For instance, in March 2022, Fyffes launched a range of frozen fruits, such as tropical mango, pineapple, and banana, in the Asia Pacific.
Financial Projections
In this part of the frozen fruits business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the frozen fruits products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for the frozen fruits business comes from selling the products. Other possible sources of profit may include delivery services, fundraising, and the sale of merchandise.
Projecting Expenses
In this section, all the regular expenses related to keeping the frozen fruits business running will be described. The list of operating expenses includes wages, warehouse rental, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the frozen fruits 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 July 2022, Dole Food Company launched a new range of frozen fruits under its “All Natural” label.
– In August 2022, Del Monte Foods, Inc. launched a new range of frozen fruits under its “Organic” label.
– In October 2022, Driscoll’s launched a new range of frozen fruits under its “Organic” label.
Some of the prominent players in the frozen fruits market include:
– Dole Food Company
– Del Monte Foods, Inc.
– Driscoll’s
– General Mills, Inc.
– ConAgra Foods, Inc.
– Nestle SA
– Unilever
– H. J. Heinz Company
– Kraft Foods, Inc.
– Pinnacle Foods, Inc.
Global Frozen Fruits Market Segmentation
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 fruits products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Berries
– Citrus Fruits
– Stone Fruits
– Tropical Fruits
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What factors are driving the frozen fruits products market?
[A]: The global frozen fruits products market is primarily driven by factors such as the growing demand for convenient and healthy food products, rising disposable income, and a shift in consumer preference towards natural products. Furthermore, the increasing health-consciousness among consumers, growing awareness about the health benefits associated with frozen fruits, and the introduction of new and innovative flavours are also contributing to the growth of the market.
[Q]: Who are the leading players in the frozen fruits products market?
[A]: The leading players in the frozen fruits products market are Nestle SA, Dole Food Company, Inc., General Mills Inc., ConAgra Foods Inc., Del Monte Foods Inc., Agrana Beteiligungs-AG, Unilever Group, and SunOpta Inc.
[Q]: What are the key trends influencing the frozen fruits products market?
[A]: The global frozen fruits products market is witnessing an increasing trend of product innovation, such as the introduction of new flavors and the use of natural preservatives. In addition, the growing demand for convenience foods is also driving the market forward.
[Q]: What are the growth opportunities in the frozen fruits products market?
[A]: The increasing demand for convenience foods and the rising health-consciousness among consumers are expected to offer growth opportunities in the frozen fruits products market. Furthermore, the introduction of new flavors and the use of natural preservatives are also expected to drive market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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