Study: Frozen food market expected to reach $306B by 2020
According to a new report published by Allied Market Research, Portland, Ore., titled, “World Frozen Food Market” - Opportunities and Forecasts, 2014–2020,” the global frozen food market will garner revenue of $306 billion by 2020, registering a CAGR of 4.1% during the forecast period of 2015–2020. The ready meals market, encompassing ready-to-eat foods, will account for the highest sales value of $112.7 billion by 2020. North America and Europe together account for nearly 72% of the total market revenue. However, developing markets will witness a significantly higher growth over the forecast period.
Frozen ready meals account for the largest share of the overall market sales value and will continue to be the leading contributor over the forecast period (2015-2020), the study shows. The segment is forecast to witness a CAGR of 3.8% during 2015-2020. Healthy snacks and other such frozen food products would continue to gain popularity among consumers. The frozen bakery and snacks’ market will witness a rapid growth in Asia Pacific region. Frozen potatoes and frozen fruits and vegetables together constitute around 14% of the overall frozen food market revenue. Increasing sales of organic fries and snacks created a huge demand of organic and sweet frozen potatoes in the developed markets.