Busy life schedule is influencing consumers to shift their dietary preferences towards ready-to-eat food products.
New York, NY -- (SBWIRE) -- 08/12/2016 -- According to a new market report published by Persistence Market Research "Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020," the global Frozen Food market was valued at USD 122.1 billion in 2013 and is expected to grow at a CAGR of 3.6% from 2014 to 2020, to reach an estimated value of USD 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 modern diet. Freezing or refrigeration allows consumers to have access to foods which were either unavailable or available only during particular season. Also, freezing helps the consumers to preserve their food products for future use. Availability of 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. According to U.S. Department of Labor in 2013, there were 127.1 million working women in the U.S. which is expected to reach 202.0 million by 2022.
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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 highest growth in the forecasted period.
Global frozen food market grew from USD 1,11,400.0 million in 2010 to USD 1,22,084.6 million in 2013 at a CAGR of 3.1% in value terms. Under regional segment, the European frozen food market (largest market in 2013) increased by 2.8% CAGR during 2010-2013. The Asia-Pacific frozen food market is expected to show highest CAGR growth of 6.0% during 2014-2020 to reach USD 46,014.4 million in 2020.
Under product segments, frozen ready meals market (largest market in 2013) increased by 3.3% CAGR during 2010-2013. In terms of volume, the frozen ready meals market increased to reach 6,205.2 million kg in 2013.
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The global Frozen food market is highly fragmented, with the top four companies holding 19% 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 can majorly attributed to its less number of product offering compared to Nestle. BRF SA (Brazil) and Mother Dairy Fruit & Vegetable Pvt. Ltd. (India) are some of the companies operating at regional level and dominating the market.