Rampant pace of lifestyle and dealing with work leaves lesser time to indulge in delicacies. The fact remain concurrent in every part of the consumers’ society, which is why frozen foods are set to gain substantial importance. Easier and speedier procedure to cook and eat these products has promoted their use to almost every other consumer. In 2013, the global market for frozen foods attained the market value of US$ 122,084 million. According to the research report compiled by Persistence Market Research, the global frozen foods market will expand at a CAGR of 3.6% and reach market value of US$ 156.4 billion by the end of forecast period 2014-2020.
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Key Market Dynamics
The most crucial factor driving the consumption of frozen foods comes from the kitchen itself. A majority of women in the western regions continue to opt for ready-to-eat foods instead of wasting a lot of time on cooking meals. In such scenarios, dependents continue to buy frozen foods and furnish the demands of the housewives. Homecooks, chef and other culinary professionals, on the other hand, might not promote the use of frozen foods and will continue catering to intricately cooked cuisines. Another driver for the growth of frozen foods market globally includes the busy lifestyles of the working class. Proactive lifestyle has urged people to consumer frozen food products whenever they have spare time. Easier availability of frozen foods has influenced the purchasing patterns of consumer regarding dietary products, rendering a firm place for frozen foods in their list of daily consumables.
Segment Analysis
Besides the geographical classification, the growth of global frozen foods market can be fragmented on the basis the type of products. Frozen pizza, frozen bakery products & confectionary items, frozen fish or seafood, frozen potatoes, frozen ready-to-eat meals, and frozen meat are the categorical types of products. On the long run, the frozen ready meals shall be the largest product segment. In 2013, this product-type segmented sold over 6,200 million kilograms worth of volumes, globally. The revenues reaped helped the frozen ready meals segment to attain market value of US$ 29,361.3 million in 2013, which is anticipated to grow robustly by 2020-end.
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Regional Analysis
The global market for frozen foods continue to expand variably across several regions in the world. Europe, North America, Asia-Pacific, and Rest of the World (RoW) are the primary four regions segmented in the report. Europe recorded impressive growth and became the largest frozen foods market in 2013, reaching market value of US$ 44,683 million. North America is slated to be next in the line as a lucrative region for the growth of frozen foods market. Asia-Pacific, on the other hand, will endure the highest CAGR through 2020. With significant rise in its urbanization, the Asia-Pacific frozen foods market is more likely to dominate the global market during this period, and replace Europe as the largest frozen foods market.
Some of the major players in the Frozen Food market:
- Nestlé S.A.
- Ajinomoto Co., Inc.
- Kraft Foods Group, Inc.
- ConAgra Foods, Inc.
- General Mills, Inc.
- H. J. Heinz Company.
- Tyson Foods, Inc.
- Unilever PLC.
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