The global frozen food market accounted for USD 268.77bn in 2016 and is expected to grow at a CAGR of 4.1% during the forecast period.
The Global frozen food market is projected to reach USD 333.56bn by the end of 2023 and ready to eat products are estimated to retain their dominance throughout the forecast period and are expected to reach USD 107.75bn, registering a CAGR of 4.37%
Food service application is estimated to witness a massive growth of 4.55% during the review period of 2017-2023, while the store- based distribution channel will dominate the frozen food market holding a lion’s market proportion 61% in the year of 2017 and growing at a rate of 4.32%
Key developments in the market
In January 2018, Sysco has agreed a deal to acquire UK-based frozen food distributor Kent Frozen Foods for an undisclosed sum, though the deal is subject to approval from the Competition and Markets Authority. Kent Frozen Foods will continue to operate independently from its distribution centers in Aylesford and Witney.
Still in January 2018, Mississippi lifestyle food company Billy’s Original Foods as it launches its line of frozen entrees in Target stores.
Europe dominates the market
Europe dominates the global market followed by North America. Customer attitude towards frozen foods has transformed significantly in Europe, driven by an improvement in living standards and an increasing need for convenience. The American consumers prefer greater convenience and on-the-go food, and the trend is inclined towards smaller and more frequent meals. Frozen ready-meals are expected to witness a rapid surge in demand during the forecast period. Frozen ready meals record a dramatic growth in regions like France, where consumers are more particular about quality and taste.