CAGR in frozen food market reaches €494.97 billion peak by 2031

August 8, 2023

From the office worker seeking quick meal solutions to the health-conscious consumer prioritising organics, the global frozen food market, valued at €494.97 billion in 2022, is catering to diverse demands.

The accelerating pace of modern life has made convenience a top priority for many, positioning frozen foods as an essential choice for consumers pressed for time. Equally, the industry’s expansion into natural and organic frozen foods, perceived as more sustainable and of higher quality, answers the call of customers eager for healthier options.

Cold chains and warm pockets: The frozen food boom in Europe and Asia-Pacific

Regionally, Europe, forecast to grow at a CAGR of 3.80%, is the most significant player in the global frozen food market, influenced by factors such as a growing vegan population and high consumer purchasing power. Not far behind, Asia-Pacific is expected to surge with a predicted CAGR of 6.9%, propelled by increased refrigeration capabilities, flourishing e-commerce and rapid urbanisation, particularly in China and India.

The path towards a $547.66 billion frozen food market

The global frozen food market is forecast to nearly double to €494,97 billion by 2031, advancing at a CAGR of 8.4%. Frozen fruits and vegetables, along with Ready-to-Eat products, currently command the market, while the food service segment holds the highest market share. Amidst this growth, key industry players like Unilever and Nestle SA are innovating and expanding their product ranges, showcasing the industry’s dynamic, ever-evolving nature.

Read also: Shrimp market set to reach €112,27 billion by 2033, fueled by growing demand and sustainable production techniques

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