The US Frozen Food Manufacturing Industry has shown steady growth from 2013 to 2023. In 2023, the industry stood at $37.65 billion. Over the last two years, there have been slight variations, with a 1.59% increase in 2023 after a minimal decrease of 0.34% in 2022. The Compound Annual Growth Rate (CAGR) over the past five years until 2023 has been modest at 1.72%, reflecting a gradual expansion within the sector.
From 2013 to 2019, the industry exhibited a yearly growth trend, peaking with a noticeable increase in 2021 before showing signs of stabilization. The projected CAGR from 2024 to 2028 is expected to slow down to 1.12%, indicating a forecasted total growth rate of 5.72% for this period.
Future industry trends to watch for include:
- Enhanced focus on healthier and organic frozen food options.
- Technological advancements in freezing techniques to improve product quality.
- Increased consumption driven by lifestyle changes favoring convenience foods.
- Greater penetration into emerging markets driven by globalization.
- Potential impacts of economic factors such as inflation and supply chain adjustments.
