The global frozen food market is estimated to reach USD156bn by 2020, according to a report by Persistence Market Research (PMR).
The report, titled “Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020”, states that the market will expand at a 3.6% CAGR between 2014 and 2020. The market between 2010 and 2013 expanded at a 3.1% CAGR and increased from USD110bn in 2010 to USD122bn in 2013.
The report states that the global frozen foods market is steadily expanding owing to factors such as busy lifestyles, rising urbanization, rising population of working women in urban regions, and increased disposable income of people living in major regional markets and developing regions across the globe. Among the most popular varieties of frozen foods in the market, the segment of ready meals, the frozen products that merely need to be heated before eating, is currently the fastest growing.
“Geography-wise, the market for frozen foods in Europe, the largest among all other regional markets, expanded at a 2.5% CAGR between 2010 and 2013. Asia-Pacific is expected to surpass Europe and dominate the global frozen foods market owing to rising urbanization and increasing disposable income of people living in this region,” according to PMR.
