III. Industry Analysis

The future of the frozen food market appears more promising than ever. Consumers are turning to making fresh, preservative-free meals at home as they become more conscious of food trends. They need frozen foods for this, which nowadays are available in a wide variety of categories, some of which are dairy-free, vegan, gluten-free, sugar-free, low-fat, etc. The accessibility of premium frozen foods facilitates market expansion and reduces the risk of unfavorable fluctuations. Cryogenic freezing, a recent development in technology, keeps microorganism growth to a minimum while preventing the inclusion of any artificial preservatives. Customers are constantly looking for fresh fruits, vegetables, and seafood with a long shelf life due to the rise in demand for organic produce. Hypermarkets are turning to store frozen meals that customers are interested in purchasing because the majority of organic fruit expires soon.  

• The frozen food market is estimated to account for about $244.3 billion in 2020 and reach a value of about $312.3 billion by 2025, growing at a CAGR of 5.0%.
• The US market size, measured by revenue, of the Frozen Food Production industry, is $38.5bn in 2021.
• A significant factor driving the global frozen food market is the rise in the use of frozen food items by food industry heavyweights like KFC, McDonald's, Pizza Hut, Subway, and Frozen Potatoes. The use of these items by a variety of end-users, including full-service restaurants, hotels & resorts, and quick-service restaurants, is additionally anticipated to fuel the expansion of this market.