The global frozen food market is expected to reach USD 307.33 billion by 2020, according to a new study by Grand View Research, Inc. Consumer shift towards adoption of food requiring less time to prepare on account of their changing lifestyle is expected to remain a key driving factor for the global frozen food market.
Growth of meat industry particularly in BRIC nation on account of increasing population and disposable income level is also expected to drive the global frozen food market over the next six years.
Ready meals emerged as the leading frozen food product consumed worldwide and accounted for over 35% of total market revenue in 2013, while frozen potatoes are expected to witness highest growth over the next six years, with an estimated CAGR of 4.6% from 2012 to 2020.
Europe was the largest regional frozen food market and accounted for 38.9% of total market revenue in 2013. Increasing adoption of hygienic packaged food is expected to drive the regional demand for frozen food. Asia Pacific is expected to witness highest growth rate over the next six years, with an estimated CAGR of 4.8% from 2014 to 2020.
Growing population coupled with increasing disposable income level in countries such as China and India has amplified the fast food industry in these countries which further had a positive impact on the overall frozen food market.
In terms of global players, the market is highly fragmented, as top four companies accounted for less than 20% of the overall market resulting in improved techniques used by small scale manufacturers to capture market share. The large multinational companies face intense competition from local companies in terms of their price offerings. Some of the leading companies operating in the global frozen food market include Nestle, ConAgra Foods, Inc., The Schwen Food Company, H.J. Heinz, Maple Leaf Foods Inc., McCain, Unilever Plc, and Amy’s Kitchen Inc.
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