Availability of wide range of frozen food products in different food categories is the factor driving the global frozen food market. 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. 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. Other driving factors are changing customer purchasing pattern and increasing urban population. Additionally, increasing number of working women is driving the global frozen food market. Majority of working women in the western countries don’t cook food at home. According to U.S. Department of Labor in 2013, there were 127.1 million working women in the U.S. which is expected to reach 202.0 million by 2022.
Europe has the largest market share for frozen food, 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 food market in the Asia-Pacific region. Owing t this factor, Asia Pacific is expected to witness highest growth in the forecasted period.
The frozen food market is bifurcated into products (frozen ready meals, frozen fish/seafood, frozen meat products, frozen pizza, frozen potato products and frozen bakery products) by value (USD million) and by volume (million kg). Global frozen food market grew from USD 1, 11,400.0 million in 2010 to USD 1, 22,084.6 million in 2013 at a CAGR of 3.1% in value terms.
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Under regional segment, the European frozen food market (largest market in 2013) increased by 2.8% CAGR during 2010-2013 to reach USD 44,683.0 million in 2013. The Asia-Pacific frozen food market is expected to show highest CAGR growth of 6.0% during 2014-2020.
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Under product segments, frozen ready meals market (largest market in 2013) increased by 3.3% CAGR during 2010-2013 to reach USD 29,361.3 million in 2013 in value term. In terms of volume, the frozen ready meals market increased by 2.5% CAGR during 2010-2013 to reach 6,205.2 million kg in 2013.
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The global Frozen food market is highly fragmented, with the top four companies holding 19% market share. Nestle and H.J. Heinz Company are some of the major companies operating at the global scale. 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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