The global frozen food market is projected to exceed USD156bn by 2020 and to grow at a CAGR of 3.6% each year, according to a new report by Persistence Market Research (PMR).
Geography-wise, the report segments the global market into North America, Asia-Pacific, Europe, and the Rest of the World (RoW). Of these, the market for frozen foods in Europe, the largest among all other regional markets in 2013, expanded at a 2.5% CAGR between 2010 and 2013 and reached a valuation of US$44,683.0 mn in 2013. Over the report’s forecast period, Asia-Pacific is expected to surpass Europe and dominate the global frozen foods market owing to rising urbanization and increasing disposable income of people living in this region.
“On the basis of product types, the market is segmented into frozen potato products frozen fish/seafood, frozen ready meals, frozen meat products, frozen bakery products, and frozen pizza,” PMR says. “Of these, the market segment of frozen ready meals was the largest product segment in 2013. In terms of value, the segment had a valuation of USD29.361.3m, and is valued 6.205.2m kg in terms of volume.”
