The global frozen food market is rising. It was valued at USD122.1bn in 2013 and is expected to grow at a CAGR of 3.6% from 2014 to 2020, to reach an estimated value of USD156.4bn in 2020, according to a new market report published by Persistence Market Research (PMR).
Europe has the largest market share for frozen food, followed by North America and Asia Pacific, according to PMR. In Asia-Pacific, economic developments paired with increasing urbanization and disposable income are some factors driving the frozen food market. Owing to these factors, Asia-Pacific is expected to witness highest growth in the forecasted period and to show the highest CAGR growth of 6.0% during 2014-2020, to reach USD 46,014.4 million in 2020.
“Frozen foods have become an important part of modern diet. Freezing allows consumers to have access to foods which were either unavailable or available only during particular season. Also, freezing helps the consumers to preserve their food products for future use. Availability of wide range of frozen food products in different food categories is the factor driving the global frozen food market,” states the report.
Under product segments, frozen ready meals market (largest market in 2013) increased by 3.3% CAGR during 2010-2013. In terms of volume, the frozen ready meals market increased to reach 6,205.2 million kg in 2013.