According
to a new market report published by Persistence Market Research
“Global Market Study on Frozen Food: Frozen Ready Meals to be the
Largest Segment by 2020,” the global Frozen Food market was valued
at USD 122.1 billion in 2013 and is expected to grow at a CAGR of
3.6% from 2014 to 2020, to reach an estimated value of USD 156.4
billion in 2020.
Busy
life schedule is influencing consumers to shift their dietary
preferences towards ready-to-eat food products. Hence, frozen foods
have become an important part of modern diet. Freezing or
refrigeration 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. Other driving factors are changing
customer purchasing pattern and increasing urban population.
Additionally, increasing number of working women is driving the
global frozen food market. Majority of working women in the western
countries don’t cook food at home. According to U.S. Department of
Labor in 2013, there were 127.1 million working women in the U.S.
which is expected to reach 202.0 million by 2022.
Europe
has the largest market share for frozen food, followed by North
America and Asia Pacific. In Asia Pacific, economic developments
paired with increasing urbanization and disposable income are some
factors driving the frozen food market in the Asia-Pacific region.
Owing to these factors, Asia Pacific is expected to witness highest
growth in the forecasted period.
Global
frozen food market grew from USD 1,11,400.0 million in 2010 to USD
1,22,084.6 million in 2013 at a CAGR of 3.1% in value terms. Under
regional segment, the European frozen food market (largest market in
2013) increased by 2.8% CAGR during 2010-2013. The Asia-Pacific
frozen food market is expected to show highest CAGR growth of 6.0%
during 2014-2020 to reach USD 46,014.4 million in 2020.
Make
an Enquiry @ https://www.persistencemarketresearch.com/samples/3374
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 H.J. Heinz Company are
among some of the major companies operating at the global scale. The
lower market share of H.J. Heinz Company can majorly attributed to
its less number of product offering 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
Frozen Food market is segmented as follows:
Frozen
Food Market, by products
- Frozen ready meals
- Frozen fish/seafood
- Frozen meat products
- Frozen pizza
- Frozen potato products
- Frozen bakery products
- Others
No comments:
Post a Comment