The global frozen food industry is predicted to grow to $64.69 billion between 2020 and 2024, growth largely driven by vegan foods according to market research firm Technavio. The frozen food industry is expected to grow by a compounded annual growth rate of 11 percent and ready-made meals are credited for the majority of growth.
“The growing consumer inclination toward vegan frozen food is one of the key factors driving the frozen food market growth,” Technavio’s report states. “With the rising awareness about the health benefits of vegan food, the demand for plant-based dairy alternatives and food products has increased. The demand for meat alternatives in countries such as the United Kingdom and the United States has increased. This is further encouraging vendors to innovate frozen vegan products to provide healthy alternatives such as tofu and wheat-based protein products.”
Technavio estimates that 33 percent of the growth of the frozen food industry will originate in North America. This year, a variety of companies launched frozen vegan meals at retailers nationwide, including vegan seafood brand Good Catch (which launched crab cakes, fish cakes, and fish burgers in July); MorningStar Farms (which partnered with Disney to launch vegan nuggets under its new Incogmeato line); and CedarLane Farms (which launched lasagna, two types of enchiladas, and a lentil-filled shepherd’s pie earlier this month.)