5.5.6.3Vertical

Frozen Fruit & Vegetables

Processors of individually quick frozen fruits and vegetables.

Market snapshot

These figures describe Frozen Food Manufacturing (5.5.6), the segment that Frozen Fruit & Vegetables sits within. They are not figures for Frozen Fruit & Vegetables on its own.

Market size
~$44B
Growth
~6.2%CAGR (2017–22, nominal)
Companies
~599 firms
Firms by employee count

51.6% of firms have fewer than 20 employees: 309 micro-businesses, below most mandates.

The investable universe290 firms with 20+ employees
20–99
14149%
100–499
8529%
500+
6422%

Fewer than 600 firms, and the freezer aisle's economics explain why: cold-chain capacity and retail slotting are the barriers, not the cooking. Growth held up better than ambient categories as at-home eating habits persisted past the pandemic.

NAICS 311411, 311412. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Branded and private-label frozen-food shipments

Key economics

Revenue per firm
$73,184,773
Revenue per employee
$460,688
Employees per firm
148.6
Recurring revenue
High

recurring frozen demand

EBITDA margin
Richer for branded premium; thin for commodity
Capex intensity
High

Characteristics

  • Scale-driven: payroll is only 11% of revenue, so the cost base is assets, not headcount
  • Moderate strategic-buyer pool: 64 firms exceed 500 employees, so a scaled asset has buyers, but not many
  • Convenience and quality rehabilitating frozen's image.
  • Premium and better-for-you frozen meals growing.
  • Cold-chain- and capital-intensive.

NAICS 311411, 311412. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Frozen-food majors
  • PE-backed premium-frozen platforms
  • Specialty & plant-based acquirers

What’s driving deals

  • Premium and better-for-you frozen growth.
  • Plant-based frozen expansion.
  • Consolidation around scaled players.

Find Frozen Fruit & Vegetables acquisition targets

Search Acquisera’s index for companies classified under Frozen Fruit & Vegetables (5.5.6.3) and build a targeted deal pipeline.

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