The Global Frozen Food Market is expected to reach USD 307.33 billion by 2020, according to a new study by Grand View Research, Inc. Consumer shift towards adoption of food requiring less time to prepare on account of their changing lifestyle is expected to remain a key driving factor for the global frozen food market. Frozen food provides convenience along with variety to the consumer which has also played an important role in development of frozen food market. Growth of meat industry particularly in BRIC nation on account of increasing population and disposable income level is also expected to drive the global frozen food market over the next six years.
Presence of a large unorganized market in Asian countries is expected to remain challenge for existing market participants. Unbranded frozen food poses threat to major companies in terms of quality and price offerings. Cultural barriers to adopt frozen food in parts of Asia Pacific are also expected to inhibit the market growth. Elderly population in Asia Pacific still prefer farm fresh food over frozen food and penetrate this market is expected to challenge for market participants. High logistics cost and health issues regarding presence of high sugar content and far preservatives in frozen food is also expected to hinder the market growth.
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Further key findings from the study suggest:
- Ready meals emerged as the leading frozen food product consumed worldwide and accounted for over 35% of total market revenue in 2013. Change in consumer lifestyle is considered to be directly proportional to the ready meals market growth. Lack of cooking time among consumers on account of increasing involvement in professional life is expected to drive the demand for frozen ready meals. Frozen potatoes are expected to witness highest growth over the next six years. The segment is expected to grow at an estimated CAGR of 4.6% from 2012 to 2020.
- Europe was the largest regional frozen food market and accounted for 38.9% of total market revenue in 2013. Increasing adoption of hygienic packaged food is expected to drive the regional demand for frozen food. Asia Pacific is expected to witness highest growth rate over the next six years. The region is expected to grow at an estimated CAGR of 4.8% from 2014 to 2020. Growing population coupled with increasing disposable income level in countries such as China and India has amplified the fast food industry in these countries which further had a positive impact on the overall frozen food market.
- Global resulting in improved techniques used by small scale manufacturers to capture market share. The large multinational companies face intense competition from local companies in terms of their price offerings. Some of the leading companies operating in the global frozen food market include Nestle, ConAgra Foods, Inc., The Schwen Food Company, H.J. Heinz, Maple Leaf Foods Inc., McCain, Unilever Plc, and Amy’s Kitchen Inc.
For the purpose of this study, Grand View Research has segmented the frozen food market on the basis of product and region:
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Global Frozen Food Product Outlook (Revenue, USD Million, 2012 - 2020)
• Frozen fruits & vegetables
• Frozen potatoes
• Frozen ready meals
• Frozen meat
• Frozen fish/seafood
• Frozen soup
Global Frozen Food Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific