The global frozen food market would garner revenue of $306 billion by 2020, registering a CAGR of 4.1% during the forecast period of 2015-2020, according to a new report by Allied Market Research. Ready meal market would account for the highest sales value of $112.7 billion by 2020. North America and Europe together account for nearly 72% of the total market revenue. However, developing markets would witness a significantly higher growth over the forecast period.

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. The segment is forecast to witness a CAGR of 3.8%. 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 the Asia Pacific region. Frozen potatoes and frozen vegetables and 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.
The market is segmented based on product type, user, and geography. The products covered in the report include frozen ready meals, meat and poultry, sea food, vegetables and fruits, potatoes, and soup. Based on user type, the market is segmented into retail users and food service industry (hotel chains, restaurants, and caterers). 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. To gain a comprehensive understanding, the market is analysed by the key geographical regions, namely North America, Europe, Asia-Pacific, and LAMEA. North America and Europe are the large developed markets of frozen food, whereas developing markets including Asia-Pacific and LAMEA are catching up fast.
(Source: Gubba Frozen E News, August 8, 2019)