The global frozen food market was valued at USD 122.1bn 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. In terms of volume, the market is expected to reach 31,3bn kg by the same year, 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.”
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.
The 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.