FROZEN PROCESSED FOOD MARKET ANALYSIS

Frozen Processed Food Market Size and Trends

Global frozen processed food market is estimated to be valued at USD 75.07 Bn in 2024 and is expected to reach USD 91.08 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.8% from 2024 to 2031.

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Over the forecast period of 2024-2031, global frozen processed food market is expected to witness a positive growth trend. Consumers have become more health conscious and prefer food items that are quick and easy to prepare without compromising on nutrition and taste. The rising global demand for convenience food influenced by fast-paced lifestyles has been a major factor driving the consumption of frozen food products. As living standards and disposable incomes continue to increase globally, this trend is likely to further propel the market growth and expansion of frozen processed food offerings across key regions.

Fast Paced Lifestyle

The fast paced lifestyle of people globally has significantly contributed to the rise of the frozen processed food market in recent years. With people's schedules getting busier due to long working hours, heavy traffic commute and other daily activities, they have little time left for cooking meals from scratch on a daily basis. Frozen processed foods provide a convenient solution as they can be stored for long durations and prepared quickly with little effort. These foods only require reheating in microwave or oven before serving. This trend is particularly prominent among working professionals residing in urban areas. According to UN department of Economic and Social Affairs, over 68% of the world's population is projected to live in urban areas by 2050. Cities provide greater employment opportunities but also come with challenges of higher living costs and stressful lifestyles. Busy urban dwellers find frozen meals to be a practical option that saves them considerable time spent on grocery shopping and cooking, allowing them to relax after a long day at work. Even families and individuals in rural areas have started embracing frozen foods as they offer variety and nutrition without much effort. The fast nature of today's world will continue driving the demand for convenient, ready-to-eat options in the foreseeable future. Younger generations who are entering the workforce in large numbers have grown up in a digital era and want quick solutions. Furthermore, women joining the workforce in developing nations is increasing household income but reducing cooking time. According to statistics by International Labour Organization, the percentage of women employed in developing countries increased from 35% in 1990 to 39% in 2019. This evolving demography prefers frozen meals as they provide better time management.

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The structure of families has undergone massive changes over the past few decades. Dual income households are now the norm rather than the exception. Many families also have single parents who juggle child rearing duties alone. Elderly people are also preferring to live independently for longer. All these changes have significantly reduced the time availability at home to plan and prepare meals. Frozen processed foods help service the nutritional needs of such diverse family models. For example, a working mother can pop a frozen pizza in the oven rather than slaving over a hot stove after a long day. Senior citizens find ready meals healthier than eating out and easier on their budgets than cooking for one. Busy families now have safe, nutritious and hassle-free food options without compromising on taste or quality due to the growth of the frozen processed food industry.