The global frozen food industry is poised to ring up sales of $306 billion by 2020, registering a CAGR of 4.1% during the forecast period of 2015-2020, according to a 118-page report entitled “World Frozen Food Market Opportunities and Forecasts, 2014-2020.”
The ready meals market will account for the highest sales value of $112.7 billion, and North America and Europe together will generate nearly 72% of the total market revenue. Meanwhile, developing countries should achieve significantly higher growth over the forecast period.
Expansion of the global frozen food market will primarily be driven by rising demand in India, China and other Asian countries. Increases in disposable income coupled with changes in lifestyle and food habits are major factors boosting market growth in these regions.
A rapidly increasing number of large retail chains including hypermarkets and supermarkets have bolstered the distribution of frozen products in developing Asian countries. However, lack of properly operated and maintained freezer cases in many retail stores, inadequate refrigerated transport and cold storage facilities in semi-urban and rural areas are the major challenges for the industry in developing markets.
The frozen food category is segmented on the basis of product type, distribution channel (retail outlets, foodservice operators and industrial further processors) and geography. In addition to ready meals, other product groups covered in the report include seafood, meat and poultry, vegetables and fruits, pizza, potatoes and soup.
Among major frozen food companies profiled are Aryzta (one of the largest suppliers of frozen baked goods in North America and Europe), Nestlé, McCain Foods, General Mills, Kraft Foods, Ajinomoto, Cargill, Europastry SA, Kellogg Company and Flower Foods.
The report, distributed by Dublin, Ireland-based Research, is available electronically as a PDF file, as well as in print form. More information is available by visiting www.researchandmarkets.com.