Market Size of North America Frozen Food Industry
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2019 - 2022
*Disclaimer: Major Players sorted in no particular order
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North America Frozen Food Market Analysis
North America Frozen Food Market is projected to register a CAGR of 4.14% during the coming five years.
The growth of the North America Frozen Food Market is driven by the rising demand for convenient and ready-to-eat products, owing to the busy lifestyles and changing food-eating habits of North Americans. Innovative product developments, like low trans-fat, low fat, multigrain, whole wheat, and low-on-artificial-preservatives products, are expected to provide an impetus to the frozen food industry. The market is primarily driven by rising expenditure on food and beverage, the introduction of longer shelf-life products, increasing impulse purchasing, and huge demand for quick-preparation food due to the lack of cooking time catered with the convenience provided by frozen food products.
According to the US Department of Agriculture April 2021, 72.0% of Americans purchased frozen food due to their busy life schedules. These facts are likely to bode well with the market growth. The increasing health and safety concerns amid rising COVID-19 cases obligated people to take fewer trips to stores to buy household items, including food and snacks. Frozen food manufacturers are investing heavily in new technologies that are designed to make frozen foods more nutritious and last longer without the use of any preservatives. One such technology is pouch packaging. The airtight packaging keeps frozen foods fresh for longer by preventing any moisture, which would encourage bacteria and mold growth. It has another benefit of retaining more of the minerals and nutrients in frozen foods for longer and hence is a growing packaging trend in the country.
Moreover, owing to frozen food demand, manufacturers are focused on offering premium frozen meals in the market. For instance, in Febuary 2023, Nestle Canada enlarged the frozen meal aisle with its new launch called Marketplace Cuisine. As per Statistics Canada, consumer spending reached to CAD 1,227,135 million in the third quarter of 2022. Thus, the rising spending on premium-quality food products and the rising young population are the major factors driving the demand for convenient ready meals in Canada.