Albany, NY, Nov. 24, 2015 (GLOBE NEWSWIRE) -- A recently released report from Transparency Market Research (TMR) forecasts that the global frozen food market will grow at a CAGR of 3.90% from 2013 to 2019. According to TMR, a market intelligence firm, the global frozen food market, which in 2012 stood at US$224.7 billion, is anticipated to reach US$293.7 billion by the end of the forecast period.
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This market research report states that product innovation, surging demand from emerging economies, and the growing popularity of ready-to-eat meals are the main factors that fuel the global frozen food market. Foods that are maintained at a certain temperature in order to keep them in a frozen state are known as frozen foods. This is done in order to prevent spoilage of the food. Busy and hectic lifestyles is one of the main reasons why people these days mostly opt for frozen foods.
Another prominent factor driving the global frozen food market is the growing population of working women. Frozen foods are considered to be the next generation convenience foods. Beans, pizza, fish, and chicken are a few of the basic raw materials that are used in the production of frozen foods. The global frozen food market is a consistently expanding one with high focus on developing freezing techniques that do not affect the nutritional content in frozen fresh foods such as vegetables and fruits.
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According to this research study, the global frozen food market is segmented on the basis of product and geography. On the basis of product, this market is segmented into frozen soups, frozen seafood/fish, frozen meat, frozen potatoes, and frozen vegetables and fruits. The frozen potatoes segment which for a rather long time held a small share in the frozen food market, is anticipated to expand robustly during the forecast period. The frozen fruits and vegetables segment is considered to be a next-gen product in the global frozen food market because of greater advancements in the freezing technology. The global frozen food market at present is witnessing the growing popularity of frozen foods containing organic ingredients. This is expected to be a prominent market driving force in the years to come.
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Geographically, the TMR report segments the global frozen food market into Asia Pacific, Europe, North America, and Rest of the World. With a share of more than 35%, Europe held the highest share of the global frozen food market in 2012. Ongoing market trends suggest that revenue-wise, the Europe frozen food market will expand at a 3.80% CAGR from 2013 to 2019. With a consumption share exceeding 15%, Germany holds the highest share of the Europe frozen food market. With China and India being the main contributors, it is the Asia Pacific frozen food market that is expected to be the dominant regional player in the global frozen food market.
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The report identifies the following companies in the global frozen food market: Ralcorp Frozen Bakery Products Inc., Birds Eye Foods Inc., Unilever plc, Amy's Kitchen Inc., The Schwan Food Company, ConAgra Foods Inc., Kraft Foods Group Inc., Nestle, Maple Leaf Foods Inc., Heinz, Ajinomoto Co. Inc., and General Mills Inc. amongst others.
Frozen Food Market: Product Analysis
- Frozen Fruits & Vegetables
- Frozen Potatoes
- Frozen Ready Meals
- Frozen Meat
- Frozen Fish/Seafood
- Frozen Soup
Frozen Food Market: Regional Analysis
North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
Asia Pacific
- Japan
- China
- India
RoW
- Brazil
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