The global frozen food market is expected to be worth $ 293.75 billion by 2019, says Transparency Market Research in its latest study. The report titled "Frozen Food Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019" states that this market was valued at $ 224.74 billion in 2012, and will register a CAGR of 3.9% between 2013 and 2019.
The report attributes the rapid growth pace of the global frozen food market to a higher demand for ready-to-prepare foods and the launch of new products in this market. The report observes a robust demand from emerging economies, especially in the Asia-Pacific region, which will in turn propel demand. The study also notes that this market will face barriers in the form of government regulations and intervention. The report taps growth opportunities in the frozen foods market, especially frozen foods made with organic and all-natural ingredients.
The report analyzes the frozen food market by product as: frozen fruit and vegetables, frozen fish/seafood, frozen potatoes, frozen meat, frozen ready meals, and frozen soup. Within this segmentation, the frozen ready meals market is seen as the dominant one, mainly because it comprises an extensive range of frozen products such as: pizza, snacks, desserts, entrees, and others. This segment constituted over 30% of the global frozen food market as of 2012. The CAGR of this segment is pegged at 3.9% between 2013 and 2019.
Another fast-emerging segment within the frozen food industry globally is that of frozen fruits and vegetables. Technological milestones in freezing techniques now enable manufacturers to freeze perishable products without compromising their nutritional value or textures. This market is projected to show a CAGR of 4.3% between 2013 and 2019. The highest growth rate in this market will be registered by the frozen potatoes segment, which, the report estimates, will witness a CAGR of 4.3% from 2013 to 2019.
Find out more about the report.