The frozen foods market is estimated at USD 284.2 billion in 2023; it is projected to grow at a CAGR of 5.1% to reach USD 363.7 billion by 2028. The changing consumer lifestyles and busier schedules have increased the demand for convenient meal options, and frozen foods provide a quick and easy solution. Advancements in freezing and packaging technologies have improved the quality and shelf life of frozen products, making them more appealing to consumers. Additionally, concerns about food waste and the desire for longer-lasting food items have contributed to the popularity of frozen foods. The expanding variety of healthier frozen options, such as fruits, vegetables, and organic products, aligns with the growing emphasis on health and wellness, further driving the growth of the frozen food market.
Conagra Brands, Inc. (US)
Conagra Brands, Inc. stands as a prominent player in the North American packaged food industry, boasting a robust portfolio of branded and private-label food products. The company’s influence extends to the commercial food sector, serving restaurants and global food service operations. Conagra’s business segments encompass grocery and snacks, refrigerated & frozen, food service, and international operations, spanning approximately 50 locations worldwide.
Noteworthy brands under Conagra’s umbrella include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender’s, Reddi-Wip, Slim Jim, and emerging brands such as Angie’s, BOOMCHICKAPOP, Duke’s, Earth Balance, Gardein, and Frontera. The company’s strategic focus centers on bolstering profitability, primarily through the rapid expansion of both branded and private label portfolios, achieved via relentless innovation. Conagra responds to consumer preferences by developing clean-label, nutritious products that cater to evolving tastes and demands.
Conagra’s subsidiaries, including Pinnacle Foods, Ralcorp Holdings, Inc., Blake’s All Natural Foods, and Frontera Foods, further strengthen its market presence. In a competitive landscape, Conagra competes with key industry rivals such as General Mills, The Kraft Heinz Company, and Kellogg. With a comprehensive product portfolio and a focus on innovation and efficiency, Conagra Brands, Inc. maintains its stature as a major player in the food industry.
GRUPO BIMBO (Mexico)
GRUPO BIMBO is a multinational baking company with a strong global presence. Specializing in the development, production, and marketing of bakery products, the company operates in 32 countries across the Americas, Europe, and Asia. Grupo Bimbo’s product portfolio encompasses seven distinct categories, including packed bread, sweet baked goods, cookies, salty snacks, solutions, pre-packaged foods, and confectionery. Their bakery products range from bread and rolls to sweet baked goods, tortillas, snacks, confectionery, and corn-based products.
GRUPO BIMBO markets an array of well-recognized brands, including Bimbo, Lara, Barcel, Marinela, Ricolino, Coronado, Suandy, Tia Rosa, Clever, Chocolates La Corona, El Globo, Lonchibon, Milpa Real, and Del Hogar. The company boasts an extensive production network, with 83 plants in North America, 38 in Mexico, 33 in Latin America, 24 in Europe, 14 in Asia, and 5 in Africa.
With a vast distribution network comprising more than 58,000 routes, GRUPO BIMBO effectively reaches consumers worldwide. Their diverse product portfolio spans over 100 brands, solidifying their position as a global leader in the baking industry.
The company’s subsidiaries further contribute to its global reach and operational excellence. Notable subsidiaries include Barcel (Mexico), Panrico, SAU (Spain), East Balt Bakeries (US), Bakery Donuts Portugal, LDA (Portugal), and Manhattan Group (China). In the competitive landscape of the baking industry, GRUPO BIMBO’s extensive international footprint and diverse product offerings position it as a significant player with a strong global presence.
Nestle (Switzerland)
Nestle is a global food and beverage giant that commands a vast portfolio of over 2,000 brands. In addition to its core food and beverage operations, Nestle is engaged in the pharmaceutical sector. The company’s product range spans beverages, dairy-based items, ice creams, prepared dishes, and pharmaceutical products. With a truly international footprint, Nestlé’s presence spans across Europe, the Americas, Asia, Oceania, and Africa. It primarily conducts its operations through an extensive network of subsidiaries and boasts an impressive 29 research and development facilities worldwide. Nestle’s products reach consumers in 189 countries, supported by manufacturing facilities in 85 countries.
The company is organized into seven major business segments, encompassing powdered and liquid beverages, milk products and ice cream, nutrition and healthcare, prepared dishes and cooking aids, confectionery, water, and pet care. Nestle’s extensive subsidiary portfolio includes well-known names like Nespresso (Switzerland), Gerber Products Company (US), Galderma SA (Switzerland), Nestlé Waters (France), Chocolates Garoto S.A. (Brazil), and Svitoch (Ukraine). In the competitive landscape, key rivals include Lantmannen Unibake (Denmark), Associated British Foods Pic (UK), and Unilever (Netherlands). Nestlé SA’s global stature and diverse offerings position it as a major player in the food and beverage industry.
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Other Notable Players in the Market
Several other manufacturers are also playing significant roles in the global frozen food market. These companies include –
General Mills Inc. (US)
General Mills is a key player in the frozen foods market through brands like Totino’s, which offers frozen pizza and snacks, and Annie’s, known for organic frozen meals. The company continues to innovate in the health-conscious and convenience segments, expanding its portfolio with plant-based and clean-label frozen offerings. With strong distribution channels across North America and growing interest in global expansion, General Mills focuses on optimizing supply chains and investing in frozen food technologies.
Unilever (UK)
Unilever owns iconic frozen food brands such as Ben & Jerry’s (ice cream) and Magnum, with a robust presence in desserts and indulgent frozen treats. The company has emphasized sustainable sourcing and lower environmental impact in its frozen food supply chain. Unilever is also expanding into plant-based frozen meals under its The Vegetarian Butcher brand, targeting the flexitarian and vegan consumer base across Europe and North America.
Kellogg Co. (US)
Kellogg’s engages in the frozen food space primarily through its MorningStar Farms brand, which is a leader in plant-based frozen meals and meat alternatives. Its focus is on health-oriented, vegetarian, and vegan frozen options. Kellogg’s continues to invest in innovation and marketing to meet the rising demand for convenient, nutritious frozen foods, particularly among millennials and Gen Z consumers.
McCain Foods Limited (Canada)
As one of the world’s largest manufacturers of frozen potato products, McCain Foods dominates the frozen fries and snacks segment. The company supplies to both retail and food service sectors globally. McCain is investing heavily in automation, sustainability, and expanding its footprint in emerging markets. It also supports regenerative agriculture to improve the sustainability of its potato supply chain.
The Kraft Heinz Company (US)
Kraft Heinz maintains a strong frozen food presence with brands like Smart Ones, Bagel Bites, and Ore-Ida. Its frozen portfolio balances between indulgent snacks and health-conscious meals. The company is adapting to consumer demand by reformulating products with fewer artificial ingredients and increasing its frozen offerings under its well-known household brands. Global expansion in the frozen aisle, particularly in Latin America and Asia-Pacific, is a strategic priority.
Associated British Foods plc (UK)
Through its subsidiary AB World Foods, the company produces frozen ethnic and ready meals, particularly under brands like Patak’s and Blue Dragon. While not a dominant frozen food player globally, ABF has a niche presence in frozen international cuisine. It leverages its supply chain strength in the UK and Europe to scale offerings and meet demand for authentic frozen meal solutions.
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Cargill, Incorporated (US)
Cargill’s involvement in the frozen food industry is largely B2B, supplying ingredients such as proteins, oils, and starches to frozen food manufacturers. It also partners with food service companies to provide frozen meat products, including burger patties and chicken products. Cargill is deeply involved in the development of sustainable protein solutions and expanding capabilities in value-added frozen food processing, particularly in Asia-Pacific and Latin America.