The global frozen food market is expected to develop rapidly due to the growing demand for frozen ready meals. The market for frozen ready meals was valued at US$29,361.3 mn in 2013. During the period from 2010 to 2013, the market for frozen ready meals grew at a CAGR of 3.30%. By volume, the market for frozen ready meals grew at a 2.50% CAGR to reach 6,205.2 mn kg in 2013.
The global frozen food market is segmented on the basis of geography and products. By products, the global frozen food market is divided into frozen ready meals, frozen meat products, frozen fish/sea food, frozen pizza, frozen bakery products, and frozen potato products. The global frozen food market was valued at US$111,400.0 mn in 2010. Till 2013, the global frozen food market grew at a 3.10% CAGR to reach US$122,084.6 mn.
Rising Number of Working Women Accelerating Demand for Frozen Food
Availability of a wide range of frozen foods in all regions across the globe, busy life schedules of consumers, increase in the number of working women, and other changing lifestyle trends are some of the driving factors for the global frozen food market. The busy life schedule of most in today’s world has changed the preferences of consumers towards ready-to-eat frozen foods. Increase in the urban population and changes in the purchasing patterns of customers are also some of the important drivers for the global frozen food market. According to the Department of Labor in the United States, there has been a remarkable increase in the number of working women over the past few years. In the United States alone, in 2013, there were around 127.1 mn working women. The number is expected to reach 202.0 mn by 2022.
Asia Pacific: Dominant Regional Sector with 6.0% CAGR Expected from 2014 to 2020
By geography, the global frozen food market is segmented on the basis of Europe, Asia Pacific, North America, and Rest of the World. The market for frozen food in Asia Pacific is expected to develop rapidly at a 6.0% CAGR during the forecast period. The Europe market for frozen food accounted for the largest regional share in the global market during the period from 2010 to 2013. The market for frozen food in Europe reached US$44,683.0 mn in 2013 at a 2.80% CAGR in the given period.
Frozen food items such as fruits, vegetables, meat, and others give people the luxury of enjoying their taste, even out of season. Scottish raspberries picked and packed in May are available as frozen foods till September. Likewise, English strawberries harvested in December are available till July. The availability of fruits, vegetables, and other food items throughout the year has led to growth of the frozen food market across all regions. The global market for frozen food is extremely fragmented, as 19% of the market is collectively held by the top four leading players. Some of the leading players in the global frozen food market are Nestle, Ajinomoto Co. Inc., ConAgra Foods Inc., H.J. Heinz Company, Unilever PLC, Kraft Foods Group Inc., Maple Leaf Foods Inc., Tyson Foods Inc., Pinnacle Foods Inc., and General Mills.
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