The global Frozen Food market is expected to reach an estimated value of USD 156.4 billion in 2020.
The global Frozen Food market was valued at USD 122.1 billion in 2013 is expected to grow at a CAGR of 3.6 percent from 2014 to 2020, to reach an estimated value of USD 156.4 billion in 2020, according to a new market research report published by Persistence Market Research.
The report, “Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020,” says frozen foods have become an important part of the modern diet, as customers shift their dietary preferences towards ready-to-eat food products.
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 urbanization 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 USD 111,400.0 million in 2010 to USD 122,084.6 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 6.0 percent during 2014-2020 to reach USD 46,014.4 million in 2020.