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Global frozen food market to reach $156.4 billion in 2020, says research
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New York
February 16 , 2015
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The global frozen food market was valued at US$122.1 billion in 2013 and
expected to grow at a CAGR of 3.6% from 2014 to 2020, to reach an
estimated value of US$156.4 billion in 2020, according to Global Market
Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by
2020, a new market report published by Persistence Market Research, a
US-based market intelligence firm.
According to the report, busy
life schedule is influencing consumers to shift their dietary
preferences towards ready-to-eat food products. Hence, frozen foods have
become an important part of the modern diet. Freezing or refrigeration
allows consumers to have access to foods which were either unavailable
or available only during a particular season. Also, freezing helps the
consumers to preserve their food
Availability of a wide range of
frozen food products in different food categories is the factor driving
the global frozen food market. Other driving factors are changing
customer purchasing pattern and increasing urban population.
Additionally, increasing number of working women is driving the global
frozen food market. Majority of working women in the Western countries
do not cook food at home.
Europe has the largest market share for
frozen food, followed by North America and Asia-Pacific. In
Asia-Pacific, economic developments paired with increasing urbanisation
and disposable income are some factors driving the frozen food market in
the Asia-Pacific region. Owing to these factors, Asia-Pacific is
expected to witness the highest growth in the forecasted period.
The
global frozen food market is highly fragmented, with the top four
companies holding 19% market share. Nestle and H J Heinz Company are
among some of the major companies operating at the global scale. The
lower market share of H J Heinz Company can majorly be attributed to its
less number of product offering compared to Nestle. BRF SA (Brazil) and
Mother Dairy Fruit & Vegetable Pvt. Ltd. (India) are some of the
companies operating at regional level and dominating the market.
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