Global frozen food market to reach $294 billion by 2019
Driven by a growing demand for faster-to-prepare foods and new product launches in the market, the g…
Driven by a growing demand for faster-to-prepare foods and new product launches in the market, the global frozen food market is expected to reach $293.75 billion by 2019, up from $224.74 billion in 2012, according to new market data from Transparency Market Research.
According to the "Frozen Food Market (Vegetables & Fruits, Potatoes, Ready-to-eat Meals, Meat, Fish/Seafood and Soups) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," report, strong demand in emerging economies is another factor contributing to the market growth, whereas government intervention and regulations are major restraints.
The U.S. was the largest market in 2012 and accounted for more than 80% share in the frozen food market followed by Japan and Germany. Brazil is the most attractive market for frozen food due to availability of raw materials in abundant quantity which makes frozen food products more accessible and affordable for consumers. The Brazil market is expected to grow at a CAGR of 4.7% from 2013 to 2019. China, India, and Mexico also anticipate market opportunities for frozen food.
Frozen ready meals, including frozen pizza, desserts, snacks, entrees, etc., accounted for more than 30% of the total global market revenue in 2012. Expected CAGR is 3.9% from 2013 to 2019. Frozen food made with natural and organic ingredients have shown huge market opportunity for manufacturers. Advancements in freezing technologies is fueling the growth for frozen fruits and vegetables, which allows the manufacturers to preserve the nutritional value of the vegetables and fruits for a longer time period and in some cases restore key nutrients once lost using prior freezing processes.
The frozen fruit and vegetable market is expected to grow at a CAGR of 4.3% from 2013 to 2019. The frozen potatoes market is expected to witness the highest growth rate in the future with an expected CAGR of 4.3% from 2013 to 2019.
The largest share in the global frozen food market in 2012 belonged to Europe (39.5%) and North America (26.3%) respectively, driven by increased preference toward convenience foods, food safety concerns and the busy lifestyle. Row is estimated to be the fastest growing region over the next six years, due to emergence of Brazil and Argentina as the new markets for frozen food. Expected CAGR is 4.3% from 2013 to 2019. The Asia Pacific market is another attractive market for frozen food due to a healthy growth rate and increasing consumer preference toward frozen food.
There are several brands available in the market for frozen food, although few have a significant market share. The market for frozen food is highly fragmented as the top six companies had less than 20% of the market share in 2012, along with the presence of a number of small- and medium-sized participants. Key market participants include Nestlé, who recently invested $53 million to focus on frozen foods, ConAgra, H.J. Heinz and McCain.
According to the "Frozen Food Market (Vegetables & Fruits, Potatoes, Ready-to-eat Meals, Meat, Fish/Seafood and Soups) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," report, strong demand in emerging economies is another factor contributing to the market growth, whereas government intervention and regulations are major restraints.
The U.S. was the largest market in 2012 and accounted for more than 80% share in the frozen food market followed by Japan and Germany. Brazil is the most attractive market for frozen food due to availability of raw materials in abundant quantity which makes frozen food products more accessible and affordable for consumers. The Brazil market is expected to grow at a CAGR of 4.7% from 2013 to 2019. China, India, and Mexico also anticipate market opportunities for frozen food.
Frozen ready meals, including frozen pizza, desserts, snacks, entrees, etc., accounted for more than 30% of the total global market revenue in 2012. Expected CAGR is 3.9% from 2013 to 2019. Frozen food made with natural and organic ingredients have shown huge market opportunity for manufacturers. Advancements in freezing technologies is fueling the growth for frozen fruits and vegetables, which allows the manufacturers to preserve the nutritional value of the vegetables and fruits for a longer time period and in some cases restore key nutrients once lost using prior freezing processes.
The frozen fruit and vegetable market is expected to grow at a CAGR of 4.3% from 2013 to 2019. The frozen potatoes market is expected to witness the highest growth rate in the future with an expected CAGR of 4.3% from 2013 to 2019.
The largest share in the global frozen food market in 2012 belonged to Europe (39.5%) and North America (26.3%) respectively, driven by increased preference toward convenience foods, food safety concerns and the busy lifestyle. Row is estimated to be the fastest growing region over the next six years, due to emergence of Brazil and Argentina as the new markets for frozen food. Expected CAGR is 4.3% from 2013 to 2019. The Asia Pacific market is another attractive market for frozen food due to a healthy growth rate and increasing consumer preference toward frozen food.
There are several brands available in the market for frozen food, although few have a significant market share. The market for frozen food is highly fragmented as the top six companies had less than 20% of the market share in 2012, along with the presence of a number of small- and medium-sized participants. Key market participants include Nestlé, who recently invested $53 million to focus on frozen foods, ConAgra, H.J. Heinz and McCain.
