Global frozen food market to reach $156 B by 2020

According to a new market report “Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020” published by Persistence Market Research, the global frozen food market was valued at $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 $156.4 billion in 2020.

Busy lives are 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 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 patterns and increasing urban population. Additionally, increasing numbers of working women are driving the global frozen food market. The majority of working women in Western countries don’t cook food at home.

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. Owing to these factors, Asia Pacific is expected to witness the highest growth in the forecasted period.