The global market for frozen processed food was $57.50 billion in 2014, and will be worth $69.11 billion by 2021, exhibiting a CAGR of 2.7%, according to a report published by Transparency Market Research, Albany, N.Y.
The demand for frozen foods worldwide is driven by busy schedules, changing lifestyles and an increase in disposable income, with the highest demand for frozen foods in countries like Philippines, China, India and the United States.
Likewise, frozen food manufacturers are engaging in cutting-edge strategies and product development to increase the quality of processed and frozen items.
North America is the leading region in regards to consumption of frozen processed food.
And, Asia Pacific will be the emerging region in the consumption of frozen processed food with a CAGR of 7.5% by 2021.
The frozen processed poultry segment is likely to lead in the consumption of frozen foods, as there is a constant demand for frozen nuggets, chicken sausage, chicken popcorn and shredded chicken.
A majority of consumers are shifting from red meat to lean meat, thus contributing value worth of $9.91 billion by 2021.