Frozen food market to rise 30% by 2020
22nd November 2014
USA: The global frozen food market is expected to grow in value by almost 30% by 2020, according to a new report.
The new report, Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020, values the global frozen food market at $122.1bn in 2013 and is expected to grow at a CAGR of 3.6% from 2014 to 2020, to reach an estimated value of $156.4bn in 2020.
Busy life schedules, the availability of refrigeration, an increasing urban population and an increasing number of working women is said to be driving the market. The report quotes US Department of Labour statistics that there were 127.1 million working women in the US in 2013. This is expected to reach 202.0 million by 2022.
Europe is reported to have the largest market share for frozen food, followed by North America and Asia Pacific. Economic developments paired with increasing urbanisation and disposable income are predicted to be the drivers behind large increases in the frozen food market in the Asia-Pacific region.
The global frozen food market grew from $1,11,400.0m in 2010 to $1,22,084.6m in 2013 at a CAGR of 3.1% in value terms. The European frozen food market (largest market in 2013) increased by 2.8% CAGR during 2010-2013, while the Asia-Pacific frozen food market is expected to show highest CAGR growth of 6.0% during 2014-2020 to reach $46,014.4m in 2020.
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.
The global Frozen food market is highly fragmented, with the top four companies holding 19% market share. Nestle and HJ Heinz Company are among some of the major companies operating at the global scale. The lower market share of HJ Heinz Company is mainly attributed to less products being offered compared to Nestle. BRF SA (Brazil) and Mother Dairy Fruit & Vegetable Pvt Ltd (India) are some of the companies operating at regional level and dominating the market.
The report published by Persistence Market Research is available here.
