The global frozen food market is expected to grow from USD218.41bn in 2010 to USD261.50bn in 2015, at an estimated CAGR of 3.7%, according to a report from Marketsandmarkets.
The U.S. is expected to witness a moderate CAGR of 4% from 2010 to 2015, while the rest of the World (ROW) segment (which includes Latin America, Australasia and others) is expected to register the highest CAGR of 4.7%.
In 2010, Europe had the largest share in the global frozen food market sales of USD87.38bn, while Germany is the biggest consumer in Europe with a share of 17% with a consumption of 6.04m tons of frozen food.
The Asian frozen food market is expected to grow at an estimated CAGR of 3.4% from 2010 to 2015, with Japan leading the Asian countries in terms of frozen food consumption, with 7.82m tons in 2010.
Ready meals are the most expensive ones among the frozen food product categories and thus account for the largest market share of 40% in terms of revenue. Frozen pizza is the fastest growing segment in the frozen ready meals segment with an estimated CAGR of 4% with the U.S. expected to continue its dominance in the segment from 2010 to 2015.