The global frozen food market is estimated to have been worth about US $219.9 billion in 2018 and is projected to reach a value of nearly US $282.5 billion by 2023, increasing at a compound annual growth rate (CAGR) of 5.1%. So says a recently published report distributed by MarketsandMarkets, a Pune, India-headquartered market research and consulting firm.
The document points out that the retail food industry has witnessed significant growth over the past few years, as the ongoing development of supermarkets, hypermarkets and convenience stores has driven the growth of the frozen food market. Rising per capita income and the increasing number of working women in much of the world has have further accelerated market growth.
By product category, the ready meals segment is estimated to have accounted for the largest share of the frozen food market in 2018. This is due to an increasing consumer preference for convenience foods, which indirectly favors the rising demand for frozen products since they require less time and effort to prepare.
Other major market segments covered in the report are meat and seafood, fruits and vegetables, baked goods and dairy products.
Europe is said to have accounted for the largest market share in the international frozen food market during 2018, with Germany contributing the greatest growth. Other areas charting solid gains are North America, South America, Asia-Pacific and the MEA region.
The report includes a study of marketing and development strategies, along with the product portfolios of leading companies in the frozen food business. Among them are: Conagra Brands, Kellogg Co., Kraft Heinz and General Mills in the United States; Grupo Bimbo S.A.B. de C.V in Mexico, Switzerland-headquartered Nestle SA, Anglo-Dutch giant Unilever; Canada-headquartered McCain Foods Limited; Associated British Foods in the United Kingdom; Japan-headquartered Ajinomoto; Vandemoortele NV of Belgium; and Denmark-headquartered Lantmännen Unibake A/S.
For more information about the report, visit www.marketsandmarkets.com.