The global frozen food market was valued at $122.1 billion in 2013, and is expected to grow at a CAGR of 3.6% from 2014-2020, reaching an estimated value of $156.4 billion in 2020, according to a new market report published by Persistence Market Research, New York.

The study, “Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020,” reveals that consumers’ busy life schedules are influencing consumers to shift their dietary preferences toward ready-to-eat foods.

Other drivers of growth in frozen foods market are the availability of frozen food products in different food categories, changing customer purchasing patterns, increasing urban population and the rise of women in the workforce.  

Europe boasts the largest market share for frozen foods, followed by North America and Asia Pacific. In Asia Pacific, economic developments paired with increasing urbanization and disposable income are some factors driving the frozen food market. Owing to these factors, Asia Pacific is expected to witness the highest growth in the forecasted period.

The global frozen food market grew from $1.1 million in 2010 to $1.2 million in 2013 at a CAGR of 3.1% in value terms. Under regional segment, the European frozen food market (largest market in 2013) increased by 2.8% CAGR during 2010-2013. The Asia-Pacific frozen food market is expected to show highest CAGR growth of 6% during 2014-2020 to reach $46 million in 2020.

Under product segments, frozen ready meals market (largest market in 2013) increased by 3.3% CAGR during 2010-2013. In terms of volume, the frozen ready meals market increased to reach 6,205.2 million kg in 2013.