The Global Frozen Foods Market has been estimated at USD 230.00 Billion in 2016 and is projected to reach USD 309.98 Billion by 2021, at a CAGR of 6.15% during the forecast period from 2016 to 2021. Frozen foods are the deep frozen food products that can be stored and used over a long time period. It includes foods like meat, vegetables, beans, soups, meals, pizza, and others which are to be preserved and stored at subzero temperatures. Busy lifestyle coupled with shifting preferences among consumers towards ready to cook meals has paved a way for Frozen Foods across the globe.
The factors that are driving the market for Frozen Foods across the globe are increase in disposable income coupled with change in lifestyle and food habits, and rapidly increasing large retail chains like hypermarkets and supermarkets. But, the market is feared to decline due to issues like inadequate distribution facility in semi-urban and rural areas, and reliance on third-party distributors to reach retail consumers.
Global market for Frozen Foods is segmented based on product type and end- user. By product type, the market is further sub-segmented into frozen ready-to-eat meals, frozen meat & poultry, frozen sea food, frozen vegetables & fruits, frozen potatoes and frozen soup. Frozen ready-to-eat meals segment leads the market, accounting for 35% of the total market, due to increased popularity on account of hygiene and timely preparation. Frozen potatoes segment is anticipated to be the fastest growing segment in the forecast period, with these products having high nutritional value and delicious nature.
Geographically, Global market for Frozen Foods is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. Europe accounts for largest share in Frozen foods market, followed by North America. Consumer preference towards hygiene related frozen products, along with restrictions of European Food Safety Authority on usage of artificial flavors and additives accounted for Europe’s largest share in the world market. Asia-Pacific is expected to witness highest growth owing to factors like economic developments paired with increasing urbanization.
Kraft Foods Group Inc., Kellogg Company, Nestle S.A., Ajinomoto Co. Inc., Cargill Incorporated, Ralcorp Frozen Bakery Products Inc., Amy’s Kitchen Inc., Unilever plc, The Schwan Food Company, ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills Inc, Heinz, are the major players of Global Frozen Foods market.
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