SOURCE: Transparency Market Research, PVT LTD.

Transparency Market Research

May 26, 2015 04:03 ET

Frozen Food Market to Reach US $293.75 Billion & Will Register a CAGR of 3.9% Between 2013 and 2019: Transparency Market Research

ALBANY, NY--(Marketwired - May 26, 2015) - The global frozen food market is expected to be worth US$ 293.75 billion by 2019, says Transparency Market Research in its latest study. The report titled "Frozen Food Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019" states that this market was valued at US$ 224.74 billion in 2012, and will register a CAGR of 3.9% between 2013 and 2019.

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The report attributes the rapid growth pace of the global frozen food market to a higher demand for ready-to-prepare foods and the launch of new products in this market. The report observes a robust demand from emerging economies, especially in the Asia-Pacific region, which will in turn propel demand. The study also notes that this market will face barriers in the form of government regulations and intervention. The report taps growth opportunities in the frozen foods market, especially frozen foods made with organic and all-natural ingredients.

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The report analyzes the frozen food market by product as: frozen fruit and vegetables, frozen fish/seafood, frozen potatoes, frozen meat, frozen ready meals, and frozen soup. Within this segmentation, the frozen ready meals market is seen as the dominant one, mainly because it comprises an extensive range of frozen products such as: pizza, snacks, desserts, entrees, and others. This segment constituted over 30% of the global frozen food market as of 2012. The CAGR of this segment is pegged at 3.9% between 2013 and 2019.

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Another fast-emerging segment within the frozen food industry globally is that of frozen fruits and vegetables. Technological milestones in freezing techniques now enable manufacturers to freeze perishable products without compromising their nutritional value or textures. This market is projected to show a CAGR of 4.3% between 2013 and 2019. The highest growth rate in this market will be registered by the frozen potatoes segment, which, the report estimates, will witness a CAGR of 4.3% from 2013 to 2019.

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Frozen foods are becoming an increasingly sought-after alternative to fresh, cooked, and canned food. This growing preference for food in its frozen, well-preserved form, makes the frozen food market one of the most dynamic and significant ones in the global food industry.

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The convenience offered by such food products also works in its favor. Frozen foods are stored at temperatures below -9.5°C to curb the growth of microorganisms, thus slowing down the decomposition process. This helps retain the freshness and flavor of food for extended periods of time. The report offers a comprehensive analysis of the frozen food market from the global as well as regional perspective.

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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