The global frozen food market is set to witness a higher CAGR of 6.15% during the period 2017-2021, according to research presented by Radiant Insights, Inc., San Francisco.
Growth in the frozen food market is driven by the rise in working population that demand ready-to-eat meals coupled with presence of e-commerce channels. However, cheap substitutes with no standardization and lack of authentic packaging might hinder the market growth in the forecast period. Frozen fish and seafood products account for a significant market share, owing to increased demands by working population and rise in disposable income.
North America and Europe account for significant market share, owing to consumer preference for frozen food products with better quality. In addition, stringent norms and regulation for use of artificial flavors and the other food additives in European regions have accounted for quality products in recent years. The trend continues to remain the same during the forecast period. Asia-Pacific regions dominate the global market due to rapid market expansion and rise in urbanization. Rise in food outlets and increase in disposable income are also likely to contribute to the regional market growth in the forecast period.