The drastic lifestyle changes in today’s always-on-the-go consumers are causing a shift in the global frozen food market, according to a study conducted by Transparency Market Research, Albany, N.Y.
The biggest factor driving the global frozen food market is convenience. In times that are dictated by work and busy schedules, there is little to no room for cooking elaborate meals. In fact, several city dwellers opt for frozen foods, which can be prepared in minutes with simple heat treatments. In addition, the global frozen food market offers a wide range of cuisines that offer convenience, portability and resealability.
Ready-to-eat meals lead the frozen food market
This product segment is inclusive of frozen fish or seafood, ready meals, frozen potatoes, frozen soup and frozen fruits and vegetables. The frozen ready-to-eat meal segment is further fragmented into products such as desserts, pizza, snacks and entrées.
Out of these sub-segments, the frozen ready meals category is expected to grow at a CAGR of 3.9% from 2013 to 2019. The frozen potatoes segment is also expected to grow at a rapid pace with increasing applications.
By 2019, the frozen fruits and vegetables market will have reached new heights as innovative technological advancements are slowly moving toward making these products last longer.
Brazil, Argentina fulfill great expectations in global frozen food market
Geographically, the global frozen food market is divided into North America, Asia Pacific, Europe and rest of the world. Analysts predict that countries from the rest of the world region such as Brazil and Argentina will witness the highest growth rate in the coming five years, as new markets open up for frozen foods.
Historic data suggests that Europe led the global frozen food market in 2012 with a share of over 35%. In the next five years, the frozen food market is expected to grow at a CAGR of 3.8% with Germany being the biggest consumer, grabbing a market share of over 15%. Furthermore, Asia Pacific is showing a promise of winning a share of 24.8% of the market. The biggest contributors to this stupendous growth will be the emerging economies of China and India. Lastly, the frozen food market in North America will grow at a slower rate compared to the other regions in this market.
For more information on market trends, consumer shopping trends and the frozen food industry, please check out our annual State of the Industry report, July 2015 issue.