Frozen Food Market to reach US$293.7 Bn by 2019

Frozen food means foods which are maintained at a temperature at which all moisture therein is in a solid state. Increasing number of working women, change in consumer purchasing patterns, busy lifestyles, availability of wide range of frozen food products in different categories I are the factors leading to greater indulgence of frozen food. It is also considered as the next generation of convenient ready foods. The basic raw materials used in the production of frozen food include chicken, fish, pizza, beans and others. Raw material distributors and suppliers such as Cargill Inc., Ingredion Inc. and others supply various raw materials and ingredients according to the precise need to the manufacturers of frozen food according to the standard they have establish during their product testing. The global frozen food market in terms of revenue was valued at USD 224.74 billion in 2012.

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The product segment covers various frozen food categories such as frozen ready meals, frozen fish/seafood, frozen potatoes, frozen fruits and vegetables and frozen soup. The frozen ready meal segment includes wide range of products such as frozen pizza, desserts, entrees and snacks etc. The frozen ready meals market is estimated to grow at a CAGR of 3.9% from 2013 to 2019. Frozen potatoes occupied a very small share in the market and are expected to increase their market share in future due to expanding range of applications for frozen potatoes. Frozen vegetables and fruits are considered the product for the next generation due to advancement in freezing technologies which provide products with an extended shelf life; therefore it is expected to increase its market share by 2019.

In 2012, Europe was the market leader in the frozen food market and accounted for more than 35% of the share. The Europe frozen food market in terms of revenue is expected to grow at a CAGR of 3.8% from 2013 to 2019. In Europe, Germany is the biggest consumer of frozen food and accounted for more than 15% share in the market. In the future, Asia Pacific is expected to be the most promising market occupying 24.8% of the market with economies such as India and China being the chief contributors. But, RoW is expected to witness the highest growth rate due to emergence of Brazil and Argentina as the new market for frozen food. While, the North America market is expected to grow at moderate growth rate in the future.

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The global market for frozen food is highly fragmented with the top five players accounting for around 17% share in the total market. Nestle, ConAgra, H.J. Heinz are some of the leading industry participants in this market. Over the next five years the market concentration is expected to increase as the major players continue to grow through advanced technology, acquisition and different strategies to increase their market share and mainly due to their ability to bypass the wholesalers and sell directly to the retailers.

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