The global frozen food market is projected to reach $447.79 billion by 2031, growing at a 5.5% CAGR. Key factors driving growth include the increasing demand for convenient meals, advancements in cold-chain infrastructure, and shifting consumer preferences. However, challenges like the growing preference for fresh food and the need for consistent temperature control for frozen products may limit growth. Trends such as the rising popularity of plant-based and gluten-free frozen foods are shaping the market. By product, ready meals are expected to hold the largest share, driven by busy lifestyles, while the seafood segment is projected to grow the fastest due to the rising demand for high-protein fish and innovations in quick-freezing technologies.
The market is segmented by product, type, distribution channel, and geography. Raw frozen foods are anticipated to dominate in 2024, with increased consumer awareness of their nutritional benefits. The business-to-business (B2B) segment, which includes food services and quick-service restaurants, is expected to capture the largest market share, while the business-to-consumer (B2C) segment, driven by online shopping and urbanization, will experience the highest growth. Europe is set to lead the market, accounting for 36.9% of the global share in 2024, due to a well-established cold chain and innovation in frozen food offerings. However, the Asia-Pacific region is expected to register the highest CAGR, supported by improved cold-chain infrastructure and increasing demand in emerging markets like India and Thailand.
