Industry research
Scope
Europe
Companies
126
Table of contents
What does the Frozen Food Production market landscape look like in Europe?
The European frozen food market is rather consolidated comprising several large, international generalist players, such as McCain Foods (CA) and Nomad Foods, large specialists (e.g. Vandemoortele Groep, Agristo) and a long tail of smaller, primarily local players. Internationalisation is rather difficult due to regional differences in food culture and the proximity to places where ingredients are harvested, as the products must be processed while still fresh. As such, only a handful of incumbents have the resources necessary to have an established foothold across multiple countries. Due to multiway competition, players also focus on product innovation and development to keep up with evolving customer preferences as well as to maintain the quality of their products.
What is the level of investor activity in the European Frozen Food Production industry?
Sponsor-led interest has been moderate with ~38% of identified assets backed by financial sponsors (February 2025). Deterring factors for investors include high CAPEX associated with cold chain infrastructure, challenges related to volatile raw material prices and constantly evolving European and regional food safety regulations. On the flip side, sponsor interest is driven by the non-cyclical nature of frozen food, opportunities stemming from product innovation and premiumisation as well as the rising popularity of frozen food among customers seeking convenience.
What are the key ESG considerations in the European Frozen Food Production industry?
ESG topics in the European frozen food production market primarily revolve around environmental and social issues. From an environmental perspective, frozen food production, storage and transportation are energy-intensive processes, leading to a significant level of carbon emissions. To tackle that, incumbents increase the use of sustainable energy sources and engage in campaigns to reduce freezing standards in the industry from -18°C to -15°C. At the same time, frozen food production can limit GHG emissions by reducing food waste. In terms of social aspects, producers must adhere to the latest food and health safety procedures when processing frozen food to ensure the well-being of consumers.
According to Technavio (December 2024), the European frozen food market was worth ~$183.6bn in 2024 and is forecasted to reach ~$243.1bn by 2029 (+7.6% CAGR 2024-2029)
The European savoury frozen food market generated ~€22bn in retail sales value in 2023 (Nomad Foods, May 2024)
Shifting consumer preferences towards convenience and (frozen) ready-to-(h)eat meals to mitigate the rising cost of living, as well as to support busy lifestyles (Consumer Goods Technology, December 2024)
With rising quality and increased variety, frozen food products become a more viable option for consumers with higher health and environmental awareness. At the same time, manufacturers increasingly highlighting that frozen food can be just as nutritious as fresh alternatives, emphasising its health benefits and quality (American Frozen Food Institute, August 2023)
Product innovation and premiumisation continue attracting customers to frozen food, especially after its surge in popularity during the COVID-19 pandemic (Interview by Gain.pro; FMI, April 2024; Storebrands, March 2024)
Rising raw material costs (e.g. wheat) and supply chain disruption have driven up frozen food prices, which in some regions resulted in additional pressure on price-sensitive low-income customers (ISN Magazine, February 2025)
Persistent misconceptions that frozen foods are not healthy due to preservatives and additives contribute to consumer perceptions that they are inferior to fresh products in taste, texture and nutrition. This remains a challenge for retailers despite the growing availability of clean-label and organic options (Solum, September 2023)
Stringent and constantly evolving food safety regulations in Europe, particularly regarding food enzymes, additives and the registration of new microorganisms, require continuous research, development and investment in safety controls to ensure compliance (Biosafe, September 2023; Tilley Distribution, April 2024)
With the full report, you’ll gain access to:
Detailed assessments of the market outlook
Insights from c-suite industry executives
A clear overview of all active investors in the industry
An in-depth look into 126 private companies, incl. financials, ownership details and more.
A view on all 366 deals in the industry
ESG assessments with highlighted ESG outperformers
