Study: Frozen Ready Meals Dominate Frozen Foods Category
The global frozen food market is expected to be worth $293.75 billion by 2019, according to a recent study conducted and produced by Transparency Market Research, Albany, N.Y.
The report, titled “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,” states that the frozen food market was valued at $224.74 billion in 2012, and will register a CAGR of 3.9% between 2013 and 2019.
The report attributes the rapid growth pace of the global frozen food market to a higher demand for ready-to-prepare foods and the launch of new products in this market.
The study observes a robust demand from emerging economies, especially in the Asia-Pacific region, which will in turn propel demand. It also notes that this market will face barriers in the form of government regulations and intervention. The report taps growth opportunities in the frozen foods market, especially frozen foods made with organic and all-natural ingredients.
The report analyzes the frozen food market by product—frozen fruit and vegetables, frozen fish and seafood, frozen potatoes, frozen meat, frozen ready meals and frozen soup.
Within this segmentation, the frozen ready meals market is seen as the dominant one, mainly because it comprises an extensive range of frozen products such as pizza, snacks, desserts, entrées and more.
Another fast-emerging segment within the frozen food industry globally is that of frozen fruits and vegetables. Technological milestones in freezing techniques now enable manufacturers to freeze perishable products without compromising their nutritional value or textures.
Frozen foods are becoming an increasingly sought-after alternative to fresh, cooked and canned food. This growing preference for food in its frozen, well-preserved form makes the frozen food market one of the most dynamic and significant ones in the global food industry. The convenience offered by such food products also works in its favor, says Transparency Market Research.