The frozen food market is set to grow by USD132.77bn from 2022 to 2027 progressing at a CAGR of 7.73% during the forecast period, according to a new report from Technavio.
The burgeoning frozen food market owes its growth to the expanding retail sector, notably witnessed in Europe. The surge in diverse distribution channels and retail formats, including supermarkets and specialty stores, propels the availability of frozen products. This market boom is fueled by organized retailers offering a spectrum of frozen items like seafood, meats, and produce, indicating a promising trajectory with the upsurge in frozen food retail outlets.
The frozen ready meals segment will be significant during the forecast period. This segment comprises frozen pizza, frozen pasta, frozen croissants, frozen Asian meals, frozen rice bowls, and frozen noodle bowls, among other products. The convenience and the shorter time needed for the preparation of meals make them a convenient choice for consumers.
Long-term, the market is poised for continued growth, driven by consumer demand for affordable, nutritious, and convenient food options. With a focus on sustainability, health and wellness, and meeting diverse culinary preferences, the market is evolving to cater to changing consumer needs and preferences worldwide.
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