The value market for frozen food is estimated to be largely concentrated in Europe, followed by North America and Asia Pacific. Europe acquired the largest share of the global frozen food market in 2017, according to research company MarketsandMarkets which also revealed that the European frozen food market was valued at USD68,951.3m in 2017 and it is projected to grow at a CAGR of 4.3% from 2018. Italy is expected to reach a value of USD8,282.6m in 2023, recording the highest CAGR of 5.0% during the forecast period. Increasing consumption of fruits and vegetables has been witnessed in Europe. This is due to the changing consumer preferences towards a vegan diet, which is indirectly contributing to the growth of the frozen food market, particularly the fruits & vegetable segment.
Germany accounted for the largest share of 23.5% in the European frozen food market in 2017. According to the German Frozen Food Institute, nearly 17,000 products are available under the frozen food category, which makes it one of the most fragmented markets. Germany is an attractive market for manufacturing companies as well as exporters. The frozen food market in Germany has a good infrastructure and a large consumer base with high purchasing power. The European market is driven by the robust growth of the food industry, which has supported the ready-to-eat snack food industry to gain acceleration in this market.
“Globally, Europe is the largest consumer as well as the exporter of frozen vegetables. In order to increase the market share, companies are focusing on multinational campaigns and promotional strategies to increase awareness and consumption of processed frozen vegetables. This effort is anticipated to increase the market share of the frozen vegetable market,” Manuradha Rajput, Research Analyst- Food, Beverage, Animal Feed & Agriculture with MarketsandMarkets told Frozen Food Europe.
You can read the complete interview in the upcoming edition of our print magazine Frozen Food Europe (March/April 2019).