Explosive Growth in Frozen Food Market: Projected to Hit $722.5 Billion by 2033 – Insights from Astute Analytica

New Delhi, Feb. 7, 2025 — A report from Astute Analytica reveals exciting news for the frozen food market. It’s projected to grow from $450.1 billion in 2024 to $722.5 billion by 2033, with an annual growth rate of 5.4%.

What’s fueling this growth? More consumers are focusing on health and wellness. People want frozen foods that are low in preservatives and artificial ingredients, especially Millennials and Generation Z, who are starting families and prioritizing healthier choices.

Convenience is a big factor too. Recent data shows a 54% rise in spending on frozen foods among these groups, as they seek quick and affordable meal options. Health-conscious consumers are particularly interested in frozen products that support specific dietary needs, including gut health and portion control. Over the past three years, frozen foods with probiotics and nutrient-rich ingredients have surged by 33%.

Frozen food isn’t just about health; flavor diversity is on the rise. Global cuisines are gaining traction, with Indian dishes like tikka masala and Japanese teriyaki becoming favorites among shoppers. The global street food trend has also made its mark, generating sales exceeding $543 million. Younger generations are more adventurous when it comes to trying new flavors, purchasing globally inspired frozen products at a rate 24% higher than others.

Another trend is the increase in plant-based frozen foods. Companies like Beyond Meat and Amy’s Kitchen are experiencing strong sales as more people choose plant-based diets for health and ethical reasons. The demand for creative plant-based meal options continues to grow.

Online shopping is reshaping how we buy frozen foods. Reports indicate that over half of online shoppers purchase frozen products at least once a month. The convenience of home delivery and the growth of e-commerce are pushing stores like Walmart and Kroger to expand their frozen food sections significantly. In 2023 alone, they added many new items to meet rising consumer interest.

Ready meals are another hot segment in frozen foods, holding a market share of over 29.6%. As people increasingly prefer vegetarian and vegan options, companies are expanding their offerings. Nestlé has made a hefty revenue of over $1.8 billion from its ready meal sales, while General Mills is boosting its ready meal presence in 120 countries. Households in the U.S. have increased spending on ready meals by over $250 annually, thanks to the young demographics prioritizing quick and convenient meals.

As we look at North America, the frozen food market is thriving. The U.S. alone shows impressive sales numbers, particularly in frozen pizza, which generated around $2 billion in 2023. Canada is also seeing a rise, with sales exceeding 600 million units. This strong demand highlights the significant role frozen foods play in households today.

Lastly, sustainability is becoming a priority for consumers. There’s a visible shift toward eco-friendly packaging, with over 500 companies investing in biodegradable materials. The plant-based frozen food market has doubled in size within three years, reflecting the changing preferences toward healthier options.

The dynamic growth of frozen foods is here to stay, driven by convenience, sustainability, and innovative flavors.

Key Players in the Frozen Food Market:

• Ajinomoto Co., Inc.
• Associated British Foods PLC
• CJ Foods
• ConAgra Brands, Inc.
• General Mills Inc.
• Grupo Bimbo S.A.B. De C.V
• Kellogg Company
• McCain Foods Limited
• Nestlé SA
• The Kraft Heinz Company
• Tyson Foods, Inc.
• Unilever

Market Segmentation Overview:

By Product Type:

• Poultry Meat
• Seafood
• Bakery Products

By Distribution Channel:

• Convenience Stores
• HoReCa (Hotels, Restaurants, Café)
• Travel (Railways, Airlines, etc.)

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America