(Food-Beverage-News.Com, July 11, 2017 ) According to the report the Global Frozen Foods Market is estimated to be $ 230 USD billion and predicted to rise to $ 309.98 USD billion with a CAGR of 6.15%. The market is segmented by product type (frozen ready-to-eat meals, frozen meat & poultry, frozen sea food, frozen vegetables & fruits, frozen potatoes, frozen soup). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The market is mainly driven due to the intactness of freshness of food items in frozen foods category makes them an ideal choice for the working-class section of the population. Also, increasing online purchase of staple food is gaining popularity which, in turn, is expected to have a positive influence on the overall industry. The market is restrained due to reliance on third-party distributors to reach retail consumers, and lack of proper refrigeration facility in retail stores and inadequate distribution facility in semi-urban and rural areas.
Frozen ready-to-eat meals segment leads the market, accounting for 35% of the total market, due to increased popularity on account of hygiene and timely preparation. Frozen potatoes segment is anticipated to be the fastest growing segment in the forecast period, with these products having high nutritional value and delicious nature.
Europe accounts for largest share in Frozen foods market, followed by North America. Consumer preference towards hygiene related frozen products, along with restrictions of European Food Safety Authority on usage of artificial flavors and additives accounted for Europe’s largest share in the world market. Asia-Pacific is expected to witness highest growth owing to factors like economic developments paired with increasing urbanization.
Kraft Foods Group Inc., Kellogg Company, Nestle S.A., Ajinomoto Co. Inc., Cargill Incorporated, Ralcorp Frozen Bakery Products Inc., Amy’s Kitchen Inc., Unilever plc, The Schwan Food Company, ConAgra Foods Inc., Maple Leaf Foods Inc., General Mills Inc, Heinz, are the major players of Global Frozen Foods market.
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