Asia Pacific Frozen Food Market is expected to reach US$ 106.30 billion by 2028

At 7.0% CAGR, the Asia Pacific Frozen Food Market is speculated to be worth US$ 106.30 Billion by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific frozen food market was valued at US$ 71.02 billion in 2022 and is expected to reach US$ 106.30 billion by 2028, registering an annual growth rate of 7.0% from 2022 to 2028. Strategic development initiatives by manufacturers and plant-based frozen products becoming popular are the critical factors attributed to the market expansion.

Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Additionally, increasing awareness regarding animal protection and environmental sustainability is adding to the popularity of these food products. The proliferation of the veganism wave across the world is highly influencing innovations in the frozen food market.

Registrations for the Veganuary Campaign have increased dramatically over the past few years. Thus, due to the flourishing trend of veganism, the manufacturers of frozen food are launching plant-based products. For instance, in 2020, Lazy Vegan, a Dutch start-up, released its latest frozen ready meal—gluten-free and soy-free Thai Green Curry. It also launched vegan frozen meals with plant-based chicken and foods to establish strong presence in Europe. Similarly, in 2021, Tyson Foods Inc. launched a new line of plant-based products under the brand First Pride in certain retail markets and on e-commerce platforms across APAC; its vegan frozen food products included frozen bites, nuggets, and strips. Thus, the growing inclination toward plant-based food, with the rocketing popularity of veganism, is expected to bring new trends to the frozen food market during the forecast period.  

On the contrary, lack of cold chain infrastructure hurdles the growth of Asia Pacific frozen food market.

Based on type, the frozen food market sphere is segmented as frozen desserts; frozen bakery; frozen meat, poultry, and seafood; frozen ready meals; frozen snacks and appetizers; others. The frozen meat, poultry, and seafood held 25.3% market share in 2022, amassing US$ 17.82 billion. It is projected to garner US$ 25.59 billion by 2028 to expand at 6.2% CAGR during 2022–2028.    

By the distribution channel, the Asia Pacific frozen food market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. With 59.9% share of the domain, the supermarkets and hypermarkets segment dominated the market in 2022. It accrued US$  42.50 billion in 2022 and is estimated to generate US$ 62.25 billion by 2028 to grow at a CAGR of 5.1% over the forecast period.

Our regional analysis states that the Rest of Asia Pacific captured 47.0% market share in 2022. It was assessed at US$ 33.40 billion in 2022 and is likely to hit US$ 48.40 billion by 2028, exhibiting a CAGR of 6.4% during the forecast period.

Key players dominating the Asia Pacific frozen food market are Bellisio Foods, Inc.; Bonduelle Group; General Mills; Kellogg’s Company; McCain Foods Limited; Nestle S.A.; The Kraft Heinz Company; and Tyson Foods, Inc. among others.     

Few key developments among top market players are described below:

In Nov 2021, General Mills partners with Regrow Agriculture to monitor agriculture at scale.

In March 2022, Conagra Brands Launched Extensive Summer Line-up of New Product Innovation.

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