Market Report Frozen, Meals & Snacks 2025 – Trends, Valuations & M&A

The Frozen, Ready Meals & Snacks sector shows a strong and resilient outlook in 2025, driven by structural demand for convenience, affordability, and variety. The composite Frozen, Ready Meals & Snacks Index delivered a five-year return of approximately 114%, significantly outperforming the 78% of the MSCI World and the near-flat performance of the STOXX Global 1800 Food & Beverage (+1.5%). This highlights that specialised players in frozen foods, ready meals and snacks have become key growth engines within the wider food industry.

Valuations across the sector show a wide range. The selected peer group – with a combined market capitalisation of around €70.8 billion – trades at a median of 1.38× EV/Sales, 8.2× EV/EBITDA and 13.1× EV/EBIT. Mid-cap players with a strong focus on convenience and brand development benefit from scale and high cash conversion, while more capital-intensive or less agile conglomerates face increasing pressure. Companies that actively manage assortment, innovation and operational efficiency are best positioned to maintain healthy valuation multiples.

Performance also varies significantly: LT Foods, for example, is projected to deliver a revenue CAGR above 15% between 2024–2026, compared to a peer-group median of around 2%. Margins reflect the operational challenges within the value chain: larger players typically operate with 10–20% EBITDA margins, while smaller companies more often face pressure from rising labour, logistics and raw-material costs. Those who outperform combine scale expansion with strong procurement, process optimisation and disciplined category management.

Meanwhile, several structural trends are accelerating. Driven by the rise of smaller households, demand for single-serve and smaller portions continues to grow. Frozen products are increasingly viewed as a full-fledged alternative to fresh, and consumers show rising interest in health-focused, plant-based and sustainable offerings. Frozen also benefits from associations with reduced food waste due to extended shelf life. These developments support both volume growth and long-term value creation, strengthening the sector’s strategic relevance.

In M&A, the European food market shows a clear recovery post-pandemic. From 2024 onwards, transaction volumes have risen strongly, including notable deals by Compass, Prosus and Newlat, the proposed merger between Greencore and Bakkavor, and targeted acquisitions such as TNS Food by GoodLife Foods. Within Frozen, Ready Meals & Snacks, portfolio repositioning, international expansion, innovation and scale remain central themes behind deal rationale.

For producers, investors and strategic buyers, the report provides concrete benchmarks on valuations, margins, growth profiles and deal activity within this fast-developing subsector of the food industry.

Would you like full analyses, transaction overviews, current valuation multiples and sector-specific insights?
View the full Frozen, Ready Meals & Snacks Market Report Q3 2025 (in Dutch) here.

Related Transactions

Our experience within Frozen, Ready Meals & Snacks is reflected in the following deal that aligns with the themes of this market report:

• Acquisition of Tjendrawasih by Dutch Bakery / Standard Investment