New York, NY, Jan. 6, 2015 (GLOBE NEWSWIRE) -- The Global Frozen Food Market was valued at USD 122.1 billion in 2013 and is expected to grow at a CAGR of 3.6% from 2014 to 2020, to reach an estimated value of USD 156.4 billion in 2020.
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 the modern diet. Freezing or refrigeration allows consumers to have access to foods which were either unavailable or available only during a particular season. Also, freezing helps the consumers to preserve their food products for future use. Availability of a wide range of frozen food products in different food categories is the factor driving the global frozen food market. Other driving factors are changing customer purchasing pattern and increasing urban population. Additionally, increasing the 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.
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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 to these factors, Asia Pacific is expected to witness the highest growth in the forecasted period.
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. Under regional segment, the European frozen food market (largest market in 2013) increased by 2.8% CAGR during 2010-2013. The Asia-Pacific frozen food market is expected to show highest CAGR growth of 6.0% during 2014-2020 to reach USD 46,014.4 million in 2020.
Under product segments, frozen ready meals market (largest market in 2013) increased by 3.3% CAGR during 2010-2013. In terms of volume, the frozen ready meals market increased 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 among some of the major companies operating at the global scale. The lower market share of H.J. Heinz Company can majorly attribute to it's less numb of product offering compared to Nestle. BRF SA (Brazil) and Mother Dairy Fruit & Vegetable Pvt. Ltd. (India) are some of the companies operating at regional level and dominating the market.
The Frozen Food market is segmented as follows:
Frozen Food Market, by-products
- Frozen ready meals
- Frozen fish/seafood
- Frozen meat products
- Frozen pizza
- Frozen potato products
- Frozen bakery products
Frozen Food Market, by Region
- North America
- Asia Pacific
- Rest of the World (ROW)
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Economic growth in the developing nations such as India, China, and Brazil has attracted the global food and beverage companies to focus on these countries. Increasing income levels and increasing populations are the major driving factors for the food and beverages industry. Globalization has also helped in the market growth as it allows different food and beverages products to be available all across the globe. Changing consumer behavior and increasing food inflation are some of the major challenges faced by the industry. Some of the major categories covered under the food and beverages segment are agriculture, animal feed, food ingredients, food supplements, beverages, and food service.
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