ShareGlobal frozen food market sees further growth
The demand for frozen food, valued at USD 224.74 billion in 2012, is expected to reach USD 293.75 billion by 2019, with a Compounded Annual Growth Rate (CAGR) of 3.9% from 2013 to 2019.
The frozen food market demand (vegetables & fruits, potatoes, ready-to-eat meals, meat, fish/seafood and soups) valued at USD 224.74 billion in 2012, is expected to reach USD 293.75 billion by 2019, growing at a Compounded Annual Growth Rate (CAGR) of 3.9% from 2013 to 2019.
The global market for frozen food by products was dominated by a wide range of frozen ready meals (frozen pizza, desserts, snacks, and entrees) accounting for more than 30% of 2012 total market revenue with expected growth at a CAGR of 3.9% from 2013 to 2019.
Frozen fruit and vegetable segments are experiencing a surge in demand due to advancements in freezing technologies allowing manufacturers to preserve the nutritional value of vegetables and fruits over longer time frames. The market is expected to grow at a CAGR of 4.3% from 2013 to 2019.
The frozen potato market is expected to witness the highest growth with an estimated rate at a CAGR of 4.3% from 2013 to 2019.
In 2012, Europe and North America had the largest share with 39.5% and 26.3% respectively in the global frozen food market. This dominance is driven by increased preference towards convenience foods, food safety concerns, and the busy lifestyle.
The rest of the world is estimated to be the fastest growing region over the next six years, due to emergence of Brazil and Argentina as the new markets for frozen food. Growth in these regions is expected at a CAGR of 4.3% from 2013 to 2019.
The Asia Pacific market is estimated to be another attractive market for frozen food because of a robust growth rate and increasing consumer preference for frozen food.
At the country level, the U.S. was the largest market in 2012 and accounted for more than 80% share in the frozen food market followed by Japan and Germany.
Brazil is the most attractive market for frozen food due to the abundant availability of raw materials making frozen food products more accessible and affordable for the consumer. In Brazil the market is expected to grow at a CAGR of 4.7% from 2013 to 2019.
Countries such as China, India, and Mexico offer huge market opportunities for frozen food offering several market brands; however, very few retain a significant market share. The market for frozen food is highly fragmented as the top six companies had less than 20% of the market share in 2012, along with the presence of a number of small and medium sized participants.
Key market participants include Nestle, ConAgra, H.J. Heinz, McCain and others.
Source: Transparency ResearchMarket
The global market for frozen food by products was dominated by a wide range of frozen ready meals (frozen pizza, desserts, snacks, and entrees) accounting for more than 30% of 2012 total market revenue with expected growth at a CAGR of 3.9% from 2013 to 2019.
Frozen fruit and vegetable segments are experiencing a surge in demand due to advancements in freezing technologies allowing manufacturers to preserve the nutritional value of vegetables and fruits over longer time frames. The market is expected to grow at a CAGR of 4.3% from 2013 to 2019.
The frozen potato market is expected to witness the highest growth with an estimated rate at a CAGR of 4.3% from 2013 to 2019.
In 2012, Europe and North America had the largest share with 39.5% and 26.3% respectively in the global frozen food market. This dominance is driven by increased preference towards convenience foods, food safety concerns, and the busy lifestyle.
The rest of the world is estimated to be the fastest growing region over the next six years, due to emergence of Brazil and Argentina as the new markets for frozen food. Growth in these regions is expected at a CAGR of 4.3% from 2013 to 2019.
The Asia Pacific market is estimated to be another attractive market for frozen food because of a robust growth rate and increasing consumer preference for frozen food.
At the country level, the U.S. was the largest market in 2012 and accounted for more than 80% share in the frozen food market followed by Japan and Germany.
Brazil is the most attractive market for frozen food due to the abundant availability of raw materials making frozen food products more accessible and affordable for the consumer. In Brazil the market is expected to grow at a CAGR of 4.7% from 2013 to 2019.
Countries such as China, India, and Mexico offer huge market opportunities for frozen food offering several market brands; however, very few retain a significant market share. The market for frozen food is highly fragmented as the top six companies had less than 20% of the market share in 2012, along with the presence of a number of small and medium sized participants.
Key market participants include Nestle, ConAgra, H.J. Heinz, McCain and others.
Source: Transparency ResearchMarket