Frozen Food Market Size to expected to reach US$ 444.22 Billion by 2031, Rising Demand for Convenience Food Drives Growth | The Insight Partners

The global frozen food market share is projected to reach approximately USD 444.22 billion by 2031, growing at a CAGR of 6.00% from 2025. Key players shaping the market include Nestlé S.A., Conagra Brands, General Mills, Unilever, Tyson Foods, McCain Foods, Kraft Heinz, Nomad Foods, Ajinomoto Co., and Grupo Bimbo.

US & Canada, June 02, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the frozen food market is witnessing significant growth owing to the growing consumption of convenience food. The report runs an in-depth analysis of market trends, key players, and future opportunities. The frozen food market comprises an array of platforms and services that are expected to determine the market strength in the coming years.

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Overview of Report Findings

1. Market Growth: The frozen food market size is expected to reach US$ 444.22 billion by 2031 from US$ 295.39 billion in 2024; it is likely to register a CAGR of 6.0% during the forecast period. The rising demand for convenience food owing to the hectic lifestyle is driving the growth of the frozen food market. Additionally, rapid urbanization, rising per capita income, and changing retail scenario are some of the key factors driving the frozen food market growth. The increasing penetration of smartphones and the internet, easy access to emerging technologies, rising purchasing power, and convenience provided by online retail platforms of shopping from anywhere at any time are among the key factors bolstering e-commerce. This factor contributes to the growth of the frozen food market by eliminating the dependency on offline retail stores.
2. Growing Consumption of Convenience Food: Over the past few years, the lifestyles of people across the world have evolved dramatically. Due to hectic work schedules, people’s dependency on products that save time and effort has increased. The surge in the consumption of high-quality convenience food is one of the biggest trends in the food industry. Convenience food, such as frozen snacks, frozen meals, cold cuts, and ready-to-eat products, allows consumers to save time and effort associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. The development and popularity of these food items are ascribed to many social changes; the most notable of these are the increasing number of smaller households and the rising millennial population across the world. Due to hectic work schedules, millennials prefer to be efficient with their time, rather than spending it on tedious tasks. Thus, they are more likely to spend their money on convenience food. These factors are significantly boosting the demand for convenience food among consumers, eventually boosting the growth of the frozen food market. In recent decades, women's participation in workforce in different countries has increased tremendously. A significant rise in the employment of women boosts the popularity of convenience food, such as frozen food, among working-class populations. Thus, the rising demand for convenience food is supporting the growth of the frozen food market.
3. Burgeoning Popularity of Plant-Based Frozen Products: Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Additionally, increasing awareness regarding animal protection and environmental sustainability is adding to the popularity of these food products. The proliferation of the veganism wave across the world is highly influencing innovations in the frozen food market. Registrations for the Veganuary Campaign have increased dramatically over the past few years. The flourishing trend of veganism has encouraged manufacturers of frozen food to launch plant-based products. Thus, the growing inclination toward plant-based food, with the rocketing popularity of veganism, is expected to bring new trends in the frozen food market during the forecast period.
4. Geographical Insights: In 2024, Europe led the market with a substantial revenue share, followed by North America and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on type, the frozen food market is segmented into frozen desserts; frozen meat, poultry, and seafood; frozen bakery; frozen snacks & appetizers; frozen ready meals; and others. The frozen meat, poultry, and seafood segment held the largest share of the market in 2024.
• In terms of distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the market in 2024.
• The frozen food market is segmented into five major regions: North America, Europe, APAC, Middle East & Africa, and South & Central America.
  
  

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Competitive Strategy and Development

• Key Players: Conagra Brands Inc, General Mills Inc, Pepperidge Farm Inc, Bonduelle Group, McCain Foods Ltd, Bellisio Foods Inc, Tyson Foods Inc, Kellogg's Co, Nestlé SA, and The Kraft Heinz Co. are among the major companies operating in the frozen food market.
• Trending Topics: Rise of Plant-Based and Vegan Products, Premium and Gourmet Frozen Meals, Convenient Breakfast Solutions, Snackable and Miniature Portions, and Sustainable and Eco-Friendly Packaging.

Global Headlines on Frozen Food

• HyFun Foods and Woolworths collaborated to expand the premiumization of frozen foods into mainstream food aisles.
• Wyman's has launched three new frozen products, marking its fourth new product launch in four years, including Protein Blends for smoothies, Fruit First Waffles, and Fruit and Peanut Butter Poppers.
• MBC acquired Nardone Brothers Frozen Pizza Company, providing a third processing plant in Pennsylvania and immediate access to dayparts beyond breakfast.
• Lakeside Foods acquired Smith Frozen Foods, which is expected to finalize the acquisition by early next week.
• Benford Capital Partners acquired Turri's Italian Foods Inc, a frozen Italian pasta and rice manufacturer, marking its 16th investment in the food industry and its sixth platform investment in the Chicago-based firm.
  
  

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Conclusion  

The rising demand for convenience food owing to hectic work schedules is driving the frozen food market growth. Also, the ever-growing food industry with product innovation and enhanced technology is propelling the market. With rising demand for healthy and plant-based food among consumers, frozen food manufacturers are focusing on this trend in their product innovation. Moreover, rising retail sales of frozen foods, including breads, meat, snacks, and appetizers, are projected to drive the market during the forecast period.

The report from The Insight Partners provides several stakeholders—including frozen food providers and frozen food manufacturers—with valuable insights into navigating this evolving market landscape and unlocking new opportunities.

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