Global frozen food market to reach $156.4bn by 2020

According to a new market report published by Persistence Market Research, “Global Market Study on Frozen Food, frozen ready meals will be the largest segment by 2020. The global frozen food market was valued at $122.1 billion in 2013 and is expected to grow at a CAGR of 3.6 percent from 2014 to 2020, to reach an estimated value of $156.4 billion in 2020.

Busy life schedule is influencing consumers to shift their dietary preferences towards ready-to-eat food products. Hence, frozen foods have become an important part of the modern diet. Freezing or refrigeration allows consumers to have access to foods that were either unavailable or available only during a particular season.

Also, freezing helps the consumers to preserve their food products for future use. Availability of a wide range of frozen food products in different food categories is the factor driving the global frozen food market. Other driving factors are changing customer purchasing pattern and increasing urban population. Additionally, increasing number of working women is driving the global frozen food market.

Majority of working women in the western countries don’t cook food at home. Europe has the largest market share for frozen food, followed by North America and Asia Pacific. In Asia Pacific, economic developments paired with increasing urbanisation and disposable income are some factors driving the frozen food market in the Asia-Pacific region.

Owing to these factors, Asia Pacific is expected to witness the highest growth in the forecasted period. Global frozen food market grew from $1,11,400.0 million in 2010 to $1,22,084.6 million in 2013, at a CAGR of 3.1 percent in value terms. Under regional segment, the European frozen food market the (largest market in 2013) increased by 2.8 percent CAGR during 2010-2013. The Asia-Pacific frozen food market is expected to show highest

CAGR growth of 6 percent during 2014-2020 to reach $46,014.4 million in 2020.

Under product segments, frozen ready meals market the (largest market in 2013) increased by 3.3 percent CAGR during 2010-2013. In terms of volume, the frozen ready meals market increased to reach 6,205.2 million kg in 2013.

The global Frozen food market is highly fragmented, with the top four companies holding 19percent market share. Nestle and H.J. Heinz Company are among some of the major companies operating at the global scale. The lower market share of H.J. Heinz

Company majorly attributed to its less number of product offering compared with Nestle. BRF SA (Brazil) and Mother Dairy Fruit and Vegetable Pvt. Ltd. (India) are some of the companies operating at regional level and dominating the market.

The frozen food market is segmented as follows:

Frozen food market, by-products

· Frozen ready meals

· Frozen fish/seafood

· Frozen meat products

· Frozen pizza

· Frozen potato products

· Frozen bakery products

· Others

Persistence Market Research (PMR) is a US-based full-service market intelligence firm specialising in syndicated research, custom research and consulting services.

PMR boasts market research expertise across the healthcare, chemicals and materials, technology and media, energy and mining, food and beverages, semiconductor and electronics, consumer goods, and shipping and transportation industries. The company draws on its multi-disciplinary capabilities and a high pedigree team of analysts to share data that precisely corresponds to clients’ business needs.