Good news for those in the FMCG space with the release of a new report that climbs the frozen food sector is worth billions and continuing to grow.
According to a new market report published by Persistence Market Research (http://www.persistencemarketresearch.com) “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.
Browse the full report at http://www.persistencemarketresearch.com/market-research/frozen-food-market.asp
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 the modern diet. Freezing or refrigeration allows consumers to have access to foods which were either unavailable or available only during a particular season. Also, freezing helps the consumers to preserve their food products for future use. Availability of a 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.
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 the 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 the (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.