A new market research study published by the market intelligence company Persistence Market Research comprises a professional and in-depth overview of the global frozen foods market. The report states that the market will tread along a positive growth path over the period between 2014 and 2020.
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The report, titled “Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020”, states that the market will expand at a 3.6% CAGR between 2014 and 2020, allowing the market with a valuation of US$122.1 bn in 2013 to rise to US$156.4 bn by 2020. The market between 2010 and 2013 expanded at a 3.1% CAGR and increased from US$1, 11,400 MN in 2010 to US$1, 22,084.6 MN in 2013.
The report states that the global frozen foods market is steadily expanding owing to factors such as busy lifestyles, rising urbanization, rising population of working women in urban regions, and increased disposable income of people living in major regional markets and developing regions across the globe. Among the most popular varieties of frozen foods in the market, the segment of ready meals, the frozen products that merely need to be heated before eating, is currently the fastest growing.
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The report segments the market on the basis of two criteria: product type and geography.
On the basis of product types, the market is segmented into frozen potato products frozen fish/seafood, frozen ready meals, frozen meat products, frozen bakery products, and frozen pizza. Of these, the market segment of frozen ready meals was the largest product segment in 2013. In terms of value, the segment had a valuation of US$29,361.3 mn, while it valued 6,205.2 mn kg in terms of volume. Value-wise, the market for this segment expanded at a 3.3% CAGR and at a 2.5% CAGR in terms of volume between 2010 and 2013.
Geography-wise, the market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW). Of these, the market for frozen foods in Europe, the largest among all other regional markets in 2013, expanded at a 2.5% CAGR between 2010 and 2013 and reached a valuation of US$44,683.0 mn in 2013. Over the report’s forecast period, Asia-Pacific is expected to surpass Europe and dominate the global frozen foods market owing to rising urbanization and increasing disposable income of people living in this region.
The report also presents an overview of the competitive landscape of the global frozen foods market. The highly fragmented market witnessed the dominance of the top four companies in 2013. Some of the key vendors operating in the market are H.J. Heinz Company, Nestle, Mother Dairy Fruit & Vegetable Pvt. Ltd., and BRF SA. H.J. Heinz Company has a lower penetration in the market as compared to Nestle mostly owing to the less number of products offered by H.J. Heinz