Brazil Frozen Food Market to Hit Valuation of USD 19.14 Billion By 2032, at 6.06% CAGR: Astute Analytica

Brazil’s growing frozen food market is driven by rising demand and changing lifestyles. Limited cold chain infrastructure poses a challenge, while the focus on affordability, regional flavors, and fresh ingredients could unlock significant growth potential. Brazil’s strong export position in meat offers further expansion opportunities for the frozen food sector.

New Delhi, April 03, 2024 (GLOBE NEWSWIRE) — According to Astute Analytica, the Brazil frozen food market is projected to surpass US$ 19.14 billion by 2032, up from US$ 11.27 billion in 2023, at a CAGR of 6.06% during the forecast period 2024–2032.

Brazil’s frozen food market thrives on purchases made by upper and middle-class consumers. These shoppers demonstrate a high frequency of purchases, with 25% buying frozen food 4-5 times per month, 30% at least twice, and 40% at least once monthly.  Women are the dominant force in this market, responsible for 73% of frozen food purchases. Meat (39%), pizzas (33%), and lasagnas (10%) are the most popular products.  The high middle class (42%) and low middle class (29%) represent the largest consumer segments. The expansion of Brazil’s middle class, coupled with the time constraints faced by working families, are propelling the growth of the frozen food market.  This middle class is substantial, representing approximately 47% of Brazil’s population of over 214 million.  A shift towards urbanization further influences the market, as 62% of the middle-class live-in cities where demand for convenience foods, including frozen options, has risen by a significant 7% annually between 2019 and 2022. Rising disposable income further supports this trend.

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Consumer Behavior Analysis: Cost Effective and Healthy Foods are Top Choice of Brazilians

Brazil’s frozen food market is evolving, with consumers showing greater acceptance and shifting priorities. A 2022 Astute Analytica survey reveals that 29% of Brazilians now cite good quality as the primary advantage of frozen foods, followed by 25% valuing them for cost-effectiveness. This suggests easing concerns about the inherent quality of frozen products.  The middle class, a significant driver of the market, demonstrates a clear preference for healthy and nutritious frozen options, with 53% of consumers expressing this sentiment.  In 2022, frozen meat products, especially poultry like chicken, made up nearly 22% of Brazil’s total frozen meat market. Interestingly, Brazilians’ perception of frozen food as healthy is improving, with figures rising from 2.3% in the first half of 2023 to 4.4% in the second half. The industry itself is robust, with over 700 frozen food businesses operating in Brazil, the majority of which (over 90%) are small businesses.  Moreover, Brazil plays a significant role as an exporter of frozen meat products, offering a diverse selection including frozen beef tripe, tenderloins, and various beef cuts.

Despite this growth, infrastructure poses a challenge. Brazil has a 30% deficit in cold storage capacity, and inadequacies in storage and transportation can lead to product losses. However, the COVID-19 pandemic proved unexpectedly beneficial. Frozen food companies like Liv Up saw demand surges, with sales more than doubling. Ready meals led the sector in 2022, with a CAGR of 3.6%, with frozen bakery items being one of the specific items in high demand.  This shift favors lifestyle and convenience products like frozen meals.

Key Findings in Brazil Frozen Food Market

Market Forecast (2032) US$ 19.14 billion
CAGR 6.06%
By Product Type Ready Meals 36.5%
By Distribution Channel Retail (64%)
Top Trends
  • Growing demand for plant-based frozen foods and frozen fruits and vegetables
  • Increasing online sales of frozen foods as part of Brazil’s expanding e-commerce market
  • Improving consumer perceptions of frozen food quality and health benefits
Top Drivers
  • Brazil’s expanding middle class, rising incomes, and increased purchasing power
  • Busy lifestyles and more people working full-time, leaving less time for meal preparation
  • Increasing availability and variety of frozen food products in retail outlets
Top Challenges
  • Need for strong cold chain infrastructure to ensure product quality and safety throughout distribution
  • Logistics challenges due to Brazil’s vast geographical expanse and uneven infrastructure development
  • Maintaining product quality during transportation and managing supply chain complexities

Brazilians are Going Gaga Over Frozen Ready Meals, Generate Over $3.9 Billion Revenue

Despite ranking highest globally in frozen food consumption, with 61% of Brazilians choosing the convenience of ready and semi-ready meals, the country’s ready meal frozen market remains relatively underdeveloped. Currently, uninspiring options like frozen lasagna dominate, and product innovation lags. Brazil saw just 2% growth in prepared food launches (2021-2023), a stark contrast to the 20% growth in South Korea and 17% in the US. Astute Analytica also found that Brazilian consumers prioritize price and convenience over brand loyalty, creating a fiercely competitive landscape. This trend clashes with deep-rooted cultural norms; 34% of Brazilians, though time-poor, cling to homemade meals. There’s potential for success by targeting regional dishes, fresh ingredients, and cook-it-yourself meal kits to bridge the gap between convenience and Brazil’s strong cooking culture.

Ready meals in Brazil are generally costlier than preparing meals from fresh ingredients. This leaves a significant void in satisfying the needs of middle-class Brazilians in search of affordable, convenient meals. Companies like Liv Up, offering high-end options, remain out of reach for the average consumer. Shockingly, over half of Brazilian households were affected during the pandemic. This, coupled with a reversal in nutritional improvement trends, highlights an alarming level of food vulnerability among the poorer segments of society. Addressing this widespread need for affordable, nutritious food is a pressing social issue with profound implications for the food industry.

The Way Forward: Opportunity Awaits

The Brazilian ready meal market is ripe for disruption. To capture hearts (and wallets), companies must deliver on several fronts:

  • Embrace Regional Flavors: Innovate with stews, rice dishes, and healthy native ingredients to tap into the cultural preference for familiar, fresh foods.
  • Target Diverse Tastes: Offer a blend of international cuisines for adventurous foodies and traditional meals to appease those seeking comfort food.
  • Prioritize Affordability: Develop budget-friendly options tailored to middle-class consumers while ensuring quality and taste.

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Underdeveloped Cold Chain Storage is negatively Impacting the Brazil Frozen Food Market

Brazil’s current cold storage capacity of 6 million cubic meters falls short by approximately 30%. This shortage has significant implications for the frozen food market. Gaps in cold storage and transportation can lead to substantial product wastage, potentially impacting the supply and affordability of frozen foods. To effectively address rising demand, Brazil must invest in expanding its cold chain infrastructure. Brazil, a major exporter of fruits, meat, sugar, and soybeans, has significant growth potential in the global market, particularly for its meat products.  Beef exports are steadily increasing to destinations including China, Hong Kong, Egypt, the United States, and the EU. However, it’s crucial to note that Brazil exports only 3% of the beef it produces, with 76% consumed domestically. This leaves considerable room to expand frozen meat exports while ensuring adequate domestic supply to support a growing frozen food market.

The growth in demand for perishable goods, fueled by both domestic consumption and exports, directly boosts the need for robust cold chain infrastructure. A well-developed cold chain network is pivotal for the frozen food market’s success – ensuring consistent product quality and expanding the range of frozen products available to consumers.

Consumer Trends and Drivers

  • Brazil’s expanding middle class, rising incomes, and increased purchasing power are key drivers of frozen food demand. In 2022, the middle-class segment had an estimated combined disposable income of nearly USD 400 billion.
  • Busy lifestyles and more people working full-time leave less time for meal preparation, fueling demand for convenient frozen foods.
  • Consumer perceptions of frozen food quality and healthiness are improving in Brazil, with 29% citing good quality as the greatest benefit and 25% citing good value for money.
  • The proportion of Brazilians considering frozen food as healthy rose from 2.3% in the first semester of 2022 to 4.4% in the second semester.
  • Ready meals, frozen meat & poultry, frozen seafood, frozen vegetables & fruits, frozen potatoes, and frozen soups are key product segments in Brazil’s frozen food market.
  • The retail segment, including supermarkets and hypermarkets, is a significant distribution channel for frozen foods in Brazil.
  • Online sales of frozen foods are also growing as part of Brazil’s expanding e-commerce market.

Opportunities and Challenges

  • Plant-based frozen foods and frozen fruits and vegetables are expected to see strong growth due to shifting consumer preferences.
  • Frozen food manufacturers have opportunities to innovate with new products that meet consumer demands for quality, health, and convenience.
  • Challenges for the industry include the need for strong cold chain infrastructure to ensure product quality and safety throughout distribution.

Brazil Frozen Food Market Key Players

  • Ajinomoto Co., Inc.
  • Associated British Foods PLC
  • Aurora
  • BRF
  • CJ Foods
  • ConAgra Brands, Inc.
  • General Mills Inc.
  • Grupo Bimbo
  • JBS
  • Kellogg Company
  • Mccain Foods Limited
  • Nestle SA
  • NH Foods Ltd.
  • Nichirei Corporation
  • Nippon Suisan Kaisha Ltd
  • Swift/Seara Group
  • The Kraft Heinz Company
  • Tyson Foods, Inc.
  • Unilever
  • Other Prominent Players

Key Segmentation:

By Product Type

  • Fruits
    • Seasonal
    • Regular
  • Vegetables
    • Peas
    • Corn
    • Potatoes
    • Others
  • Dairy Products
    • Milk
    • Butter
    • Cheese
    • Others
  • Meat & Poultry
    • Red Meat
    • Pork Meat
    • Poultry Meat
  • Seafood
  • Bakery Products
    • Bread
    • Pizza Crust
    • Cakes & Pastries
    • Others
  • Soups
    • Ready Meals
    • Dumplings
    • Rice based
    • Italian (Pastas)
    • Indian
    • Korean
    • Chinese
    • Others
  • Others

By Distribution Channel

  • Retail
    • Online
    • Supermarket/ Hypermarket
    • Convenience Stores/ Standalone Stores
  • Enterprise Sale (B2B)
    • HoReCa (Hotel, Restaurants, Café) – Food Service
    • Travel (Railway/ Airline/ Others)
    • Educational Institutes
    • Food Processing Industry

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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