The frozen food market was valued at USD11,16bn in 2012 and is expected to reach USD15,90bn worldwide in 2019, according to a new market report published by Transparency Market Research.
The report is called “Global Frozen Food Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019”.
The CAGR growth between 2013 and 2019 is estimated at 5,2% in the report.
In 2012, Europe and North America had the largest share of 39.5% and 26.3% respectively in the global frozen food market. This dominance is driven by increased preference towards convenience foods, food safety concerns, and the busy lifestyle.
Rest of the World markets (besides EU, U.S., Asian Market) are estimated to be the fastest growing region over the next six years, due to emergence of Brazil and Argentina as the new markets for frozen food. The RoW market is expected to grow at a CAGR of 4.3% from 2013 to 2019, according to the report.
The Asia Pacific market is estimated to be another attractive market for frozen food because of the healthy growth rate and increasing consumer preference towards frozen food.
At the country level, the U.S. was the largest market in 2012 and accounted for more than 80% share in the frozen food market followed by Japan and Germany. Brazil is the most attractive market for frozen food due to availability of raw materials in abundance quantity which makes frozen food products more accessible and affordable for consumer. The Brazil market is expected to grow at a CAGR of 4.7% from 2013 to 2019. Countries such as China, India, and Mexico offers huge market opportunities for frozen food.
There are several brands available in the market for frozen food; however, very few have a significant market share. The market for frozen food is highly fragmented as the top six companies have less than 20% of the market share in 2012, along with the presence of a number of small and medium sized participants. Key market participants include Nestle, ConAgra, H.J. Heinz, McCain and others.