Allied Market Research:
Frozen food market to reach $306bln by 2020
Frozen ready meals account for the largest share of the overall market sales value and would continue to be the leading contributor over the forecast period (2015 – 2020). The segment is forecast to witness a CAGR of 3.8% during 2015 - 2020. Protein bars, healthy snacks and other such frozen food products would continue to gain popularity among consumers. Frozen bakery and snacks’ market would witness a rapid growth in Asia Pacific region. Frozen potatoes and frozen vegetables & fruits together constitute around 14% of the overall frozen food market revenue. Increasing sales of organic fries and snacks has created a huge demand of organic and sweet frozen potatoes in the developed markets.
End users of frozen food comprise of retail as well as business/food service industry customers. Rapidly increasing popularity of fast foods including fries, pizza and burgers, specifically in the developing markets, has largely supplemented the growth of frozen potatoes, vegetables & fruits, seafood and other such frozen food products in food service industry. However, retail user segment would witness a higher CAGR of 4.2%, owing to the changing food habits and innovative product offerings by frozen food players.
The growth in developed markets such as North America and Europe would largely be supplemented by food service industry. However, retail market would be driven by healthy frozen food products manufactured from high quality ingredients.
Asia Pacific and LAMEA, together, would account for around 35% of the global frozen food sales by the year 2020.
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