The global frozen food market is projected to reach a worth US$293.7 billion by 2019 end. The market is expected to garner a moderate CAGR of 3.9% during the forecast period of 2013–2019, finds a report by Transparency Market Research (TMR).
Various local markets have significant presence of regional players who don’t have to bear the high cost of cold chains in long-range logistics. However, TMR notes that over the years, top players will make every effort to gain a competitive edge over their rivals and increase their clout in various regional markets. In order to consolidate their shares they are likely to opt for acquisitions and bring constant technological advancement in their solutions. In 2012, TMR observed that leading companies such as McCain Foods Limited and Schwan’s Company along with some indigenous and unorganized players held over 65.0% share in the global market in 2012.
The various frozen food products comprise vegetables and fruits, potatoes, ready-to-eat meals, meat, fish/seafood, and soups. Of these, frozen ready-to-eat meals held the leading share in 2012 and is projected to expand at 3.9% CAGR during the forecast period. The segment that is expected to show a marked rise in market share is frozen vegetables and fruits, which capitalizes on advances in food freezing technologies.
On the regional front, Europe led the pack in 2012 and since then has been rising at an attractive pace. However, Asia Pacific and regions under Rest of the World are expected to witness potentially promising avenues over the assessment period. The growth of these regional markets is attributed to the presence of large untapped avenues across them.
