The global frozen foods market is presently valued at nearly US$ 161 Bn, and is expected to rise at a steady CAGR of 4% to attain an estimated worth of nearly US$ 240 Bn by 2031.
Busy life schedule is influencing consumers to shift their dietary preferences towards ready-to-eat food products. Hence, frozen foods have become an important part of modern diet.
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Freezing or refrigeration allows consumers to have access to foods which were either unavailable or available only during particular season. Also, freezing helps the consumers to preserve their food products for future use.
Availability of wide range of frozen foods products in different food categories is the factor driving the global frozen foods market. Other driving factors are changing customer purchasing pattern and increasing urban population.
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Additionally, increasing number of working women is driving the global frozen foods market. Majority of working women in the western countries don’t cook food at home.
Europe has the largest market share for frozen foods, followed by North America and Asia Pacific. In Asia Pacific, economic developments paired with increasing urbanization and disposable income are some factors driving the frozen foods market in the Asia-Pacific region. Owing to these factors, Asia Pacific is expected to witness highest growth in the forecasted period.
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The global frozen foods market is currently being spearheaded by ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills, BRF SA (Brazil), Tyson Foods Inc.
BRF SA (Brazil) and Mother Dairy Fruit & Vegetable Pvt. Ltd. (India) are some of the companies operating at regional level and dominating the market.
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