ShareGlobal frozen food market is expected to reach USD 306 billion by 2020
According to a new report, the global frozen food market would garner revenue of USD 306 billion by 2020, registering a CAGR of 4.1% during the forecast period of 2015-2020.
According to a new report published by Allied Market Research titled "World Frozen Food Market" - Opportunities and Forecasts, 2014-2020," the global frozen food market would garner revenue of USD 306 billion by 2020, registering a CAGR (Compound Annual growth Rate) of 4.1% during the forecast period of 2015-2020.
The ready meal market, encompassing ready to eat foods, would account for the highest sales value of USD 112.7 billion by 2020. North America and Europe together account for nearly 72% of the total market revenue. Asia Pacific and LAMEA, together, would account for around 35% of global frozen food sales by the year 2020.
Frozen ready meals account for the largest share of the overall market sales value and would continue to be the leading contributor over the forecast period, with a CAGR of 3.8% during 2015 - 2020. Protein bars, healthy snacks and other such frozen food products would continue to gain popularity among consumers. The frozen bakery and snacks market would witness rapid growth in the Asia Pacific region. Frozen potatoes and frozen fruit & vegetables together constitute around 14% of the overall frozen food market revenue. Increasing sales of organic fries and snacks have created a huge demand of organic and sweet frozen potatoes in the developed markets.
End users of frozen food products comprise retail as well as business/food service industry customers. Rapidly increasing popularity of fast foods including fries, pizza and burgers, specifically in the developing markets, has largely supplemented the growth of frozen potatoes, fruits & vegetables, seafood and other such frozen food products in the food service industry. However, the retail user segment would witness a higher CAGR of 4.2%, owing to the changing food habits and innovative product offerings by frozen food players.
The growth in developed markets such as North America and Europe would largely be supplemented by the food service industry. However, the retail market would be driven by healthy frozen food products manufactured from high quality ingredients.
The ready meal market, encompassing ready to eat foods, would account for the highest sales value of USD 112.7 billion by 2020. North America and Europe together account for nearly 72% of the total market revenue. Asia Pacific and LAMEA, together, would account for around 35% of global frozen food sales by the year 2020.
Frozen ready meals account for the largest share of the overall market sales value and would continue to be the leading contributor over the forecast period, with a CAGR of 3.8% during 2015 - 2020. Protein bars, healthy snacks and other such frozen food products would continue to gain popularity among consumers. The frozen bakery and snacks market would witness rapid growth in the Asia Pacific region. Frozen potatoes and frozen fruit & vegetables together constitute around 14% of the overall frozen food market revenue. Increasing sales of organic fries and snacks have created a huge demand of organic and sweet frozen potatoes in the developed markets.
End users of frozen food products comprise retail as well as business/food service industry customers. Rapidly increasing popularity of fast foods including fries, pizza and burgers, specifically in the developing markets, has largely supplemented the growth of frozen potatoes, fruits & vegetables, seafood and other such frozen food products in the food service industry. However, the retail user segment would witness a higher CAGR of 4.2%, owing to the changing food habits and innovative product offerings by frozen food players.
The growth in developed markets such as North America and Europe would largely be supplemented by the food service industry. However, the retail market would be driven by healthy frozen food products manufactured from high quality ingredients.