Global
Frozen Meal Market Overview
According to Global Market Monitor, the global
frozen meal market size will reach $299105.23 million in 2023 with a CAGR of
3.95% from 2023 to 2028.
A frozen meal is a packaged frozen or
chilled meal that usually comes as an individual portion. Chinese type mainly
refers to frozen Chinese meals, such as noodles, buns, steamed buns, and rice.
Western type mainly refers to frozen Western meals, such as steak, pasta, etc. Others
include halal food, Indian frozen meals, and so on. Frozen meals cater to
consumers' living habits, which are easy to store and control portion. The remaining
products can be stored in the refrigerator, reducing waste.
The rising preference towards convenience
fuels the growing demand for frozen products due to their effortless and
time-saving beneficial factor compared to cooking from scratch. The hectic
lifestyle of the working population around the world is majorly boosting the frozen
food market.
Market
Dynamics
The frozen food market is highly
competitive, and players like McCain and Nestle SA dominate the market. These
players focus on leveraging opportunities posed by emerging markets to expand
their product portfolio to cater to the requirements of various product
segments. Companies compete on different factors, including product offerings,
ingredients, quality, taste, flavors, price, functionality, size, packaging,
and marketing activities to gain a competitive advantage in the market.
In April 2022, Prasuma, an Indian company offering chilled meat and frozen
foods, announced the addition of new snacks to its frozen food offerings. As a
part of its frozen food portfolio, the company launched frozen chicken nuggets,
frozen veg, chicken spring rolls, etc.
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S
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Frozen food is suitable for long-term
storage without rot.
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Increasing consumer preference for
convenience foods
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Technological progress and product
innovation
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W
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Rising labor costs
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Fluctuation in raw material prices
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The frozen food market is highly
competitive.
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O
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Consumers' busy lifestyles increase
demand for frozen meals.
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Rising investment in technology
development for the frozen meal market
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Increase in disposable income
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T
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Unhealthy sugar and fat content and the
difficulties in removing them
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Health issues related to eating these
foods
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Chinese