U.S. Frozen Food Market Size, Share & Trends Analysis Report 2022 - 2030
U.S. Frozen Food Industry Overview
The U.S. frozen food market size was valued at USD 55.80 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030. Consumers are looking for convenient meal options including frozen food that require little or no preparation to overcome time constraints from work, childcare, and community. The rising dependence of consumers especially millennials on ready-to-cook foods due to time constraints would further drive the market during the forecast period. According to the U.S. Department of Agriculture April 2021, 72.0% of Americans purchase ready-to-eat food from full-service restaurants due to their busy life schedules. These facts are likely to bode well with the market growth. Increasing health and safety concerns amid rising COVID-19 cases obligated people to take fewer trips to stores for buying household items including food, and snacks.
This trend resulted in the need of stockpiling eatables in houses that lasted for a longer duration without spoilage, which further increased the sales of frozen food in the U.S. For instance, in February 2021, the American Frozen Food Institute (AFFI) reported that the sales of frozen meals such as seafood, and poultry were 21.0% higher as compared to the year 2019 with double-digit sales of all types of frigid/chilled meals. In continuation, retail demand for the above-mentioned products throughout the pandemic has been 15-20% higher than usual.
Gather more insights about the market drivers, restrains and growth of the U.S. Frozen Food market
The growing popularity of frozen food as healthy and convenient for millennials along with Gen Z above fresh food will further increase the demand for the product in the coming years. According to an article published in Supermarket News, in October 2021, 57.0% of consumers in the age group of 18 to 34 years perceive frozen vegetables are just as good or better than their fresh counterparts, compared with 39.0% consumers aged 55 years and plus. Retention of vitamins and minerals in frozen vegetables, unlike their counterparts (fresh vegetables), which lose vitamins and other healthy ingredients over time, will further help increase the sales of earlier mentioned products.
Manufacturers in the market are ramping up their production to expand their operations by acquiring brands. For instance, in January 2022, Parkland acquired frozen food retailer M&M (Mars and Murrie) Food Market, a brand of Mars, for approximately USD 322.0 million. The acquisition would further help retailers to set up 300 standalone franchise and corporately owned stores, as well as 2,000 M&M Express locations. M&M will supply frozen food across various categories, including appetizers, prepared meals, seafood, meats and poultry, vegetables, sides, bakery items, and desserts. This initiative will further help both the companies expand their business in 25 countries and create various growth opportunities.
Similarly, in February 2020, B&G Foods acquired Farm-wise L.L.C, a U.S.-based producer of frozen veggie fries, veggie tots, and veggie rings. With the acquisition, Farm wise joins a portfolio of brands including Back to Nature, B&G, B&M, Cream of Wheat, Green Giant, Las Palmas, Maple’s Grove, and more. The company would further offer veggie snacks from cauliflower, navy beans, and onions. The products are claimed to be vegan, non-GMO Project verified and free of major allergens such as gluten, wheat, soy, dairy, tree nuts, and peanut. Such initiatives by well-established organizations will fit well with the growing market trend in the upcoming years.
Consumer preference has majorly shifted towards home cooking due to increasing cases of the COVID-19 virus among country residents. According to Supermarket News from March 2021, two-thirds of the consumers in the region reported a preference for cooking and eating meals at home since the coronavirus outbreak which has spurred the demand for frozen food products. Nearly a year into the COVID-19 pandemic the consumers are opting for the family easy-to-cook meals prepared at home, compared to the pre-pandemic years.
Many retailers in the U.S. market including pharmacies and drug stores are also expanding their product portfolio to frozen meals witnessing the consumption trends. For instance, in April 2021 CVS Pharmacy retail division of CVS Health expands its portfolio by launching a frozen snacks section. The new section would consist of 250 products including Beyond Meat, Bird’s Eye Vegetables and more.
Browse through Grand View Research's Consumer F&B Industry Research Reports.
- Plant-based Beverages Market - The global plant-based beverages market size was valued at USD 24.42 billion in 2021 and will expand further at a compound annual growth rate (CAGR) of 12.7% from 2022 to 2030. Plant-based beverages, such as milk and smoothies, are witnessing high demand owing to their health benefits, nutritional properties, and least contribution to the global carbon footprint.
- Reduced Salt Food Products Market - The global reduced salt food products market size was valued at USD 315.6 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.1% over the forecast period from 2022 to 2030. The growth of the market is attributed to the rising prevalence of chronic diseases including hypertension, kidney diseases, Cardiovascular Diseases (CVDs), and others.
U.S. Frozen Food Market Segmentation
Grand View Research has segmented the U.S. frozen food market based on the product, and distribution channel.
U.S. Frozen Food Product Outlook (Revenue, USD Million; 2017 - 2030)
- Frozen Fruits & Vegetables
- Frozen Snacks
- Frozen Baked Products
- Meat & Seafood Products
- Ready Meals
- Others
U.S. Frozen Food Distribution Channel Outlook (Revenue, USD Million; 2017 - 2030)
- Offline
- Online
Market Share Insights
- November 2021: Spot See a US-based logistics and cold chain risk management system provider introduced a heat-sensitive label as part of its temperature monitoring solution portfolio for frigid/chilled meals products.
- October 2019: Bell & Evans launched a line of uncooked, frozen chicken meatballs. Flavors include parmesan breaded with mozzarella, buffalo seasoned, and a traditional, savory chicken meatball. All three varieties are made from a blend of dark meat chicken and skin for full flavor and are uncooked and nitrogen chilled to lock in freshness and natural juices.
Key Companies profiled:
Some prominent players in the U.S. frozen food market include:
- Cargill, Incorporated
- Nestlé S.A.
- Kraft Heinz Company
- General Mills, Inc.
- ConAgra Foods, Inc.
- Ajinomoto Co., Inc.
- McCain Foods
- Nomad Foods Ltd.
- Bellisio Foods
- Wawona Frozen Foods
Order a free sample PDF of the U.S. Frozen Food Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Comments
Post a Comment