Frozen Food Market is Expected to Robust Growth, at an Estimated CAGR 4.1% by during forecast period
Frozen Food Market would garner revenue of $306 billion by 2020, registering a CAGR of 4.1% during the forecast period of 2015 – 2020, according to a new report. Ready meal market encompassing ready to eat foods would account for the highest sales value of $112.7 billion by 2020. North America and Europe together account for nearly 72% of the total market revenue. However, developing markets would witness a significantly higher growth over the forecast period.
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 (2015 – 2020). The segment is forecast to witness 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. Frozen bakery and snacks market would witness a rapid growth in Asia Pacific region. Frozen potatoes and frozen vegetables & fruits together constitute around 14% of the overall frozen food market revenue. Increasing sales of organic fries and snacks has created a huge demand of organic and sweet frozen potatoes in the developed markets.
The market is segmented based on the product type, user, and geography. The products covered in the report include frozen ready meals, meat & poultry, sea food, vegetables & fruits, potatoes, and soup. Based on the user type, the market is segmented into retail users and food service industry (hotel chains, restaurants, and caterers). To gain a comprehensive understanding, the market is analysed by the key geographical regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America and Europe are the large developed markets of frozen food, whereas developing markets including Asia-Pacific and LAMEA are catching up fast.
End users of frozen food comprise of 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, vegetables & fruits, seafood and other such frozen food products in food service industry.
However, 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 food service industry. However, retail market would be driven by healthy frozen food products manufactured from high quality ingredients. Asia Pacific and LAMEA, together, would account for around 35% of the global frozen food sales by the year 2020. Retail market in these regions would grow on account of increasing adoption of cooked and semi-cooked foods, bakery and desserts.
Top Market Players are: Aryzta, General Mills, Kraft Foods, Ajinomoto, Cargill Incorporated, Europastry, JBS S.A., Kelloggs, Nestle and Flower Foods.
Key Findings of Frozen Food Market:
• Europe is the largest market of frozen bakery and desserts and would continue to account for the largest share of global sales value
• Demand of healthy frozen food products such as organic fries, organic soups, protein bars, high fibre breakfast cereals, snacks, processed fruits and vegetables would witness a steep increase in developed markets including North America
• The segment of Retail customers would grow at a comparatively higher CAGR of 4.2% during the forecast period, vis-vis the food service industry
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Source : hitechnewsdaily