Study: Frozen fruits market to experience significant expansion through 2022
It is the booming retail and online shopping sector that is attracting consumers to the frozen fruits sector.
The global demand for frozen fruits will grow steadily in the years to come, procuring revenues worth over $2.5 billion by 2022, according to research presented by Persistence Market Research, New York.
While rising disposable incomes do boost sales of frozen fruits, it is the booming retail and online shopping sector that is attracting consumers to the frozen fruits sector.
The report, “Frozen Fruits: Global Industry Analysis and Forecast, 2016-2022,” assessed that in 2016, more than 1,600,000 tons of frozen fruits were consumed across the globe, bringing in revenues worth $1.8 billion. During the forecast period of 2016-2022, the global consumption of frozen fruits is expected to surpass 2,000,000 tons, however, reflecting a moderate growth at 3.8% CAGR. In terms of revenues, the global frozen fruits market will expand at an average pace, exhibiting a CAGR of 4.9%.
The report also predicts that Asia-Pacific will record fastest sales of frozen fruits during the period, registering a value CAGR of 6.1%. Nevertheless, Europe will emerge as the largest market for frozen fruits, attaining $912 million in value by 2022. Demand for frozen fruits in Latin America and North America is also expected to gain traction, as these regions are poised to register value CAGRs above 5%.