(Entertainment-NewsWire.com, June 25, 2018 ) Global Frozen Food Market was valued at USD 140.14 billion in the year 2017. Global Frozen Food Market is further estimated to grow at a CAGR of 4.91% from 2018 to 2023. Europe region holds the highest market share in 2016 followed by North America while Asia-Pacific is considered as the fastest growing market in the estimated period with convenience as major driving factor. U.S. is the major market in 2016 at country level and it is further anticipated to grow at a steady pace in the next 5 years. The growth factors are rising consumption and demand of ready to eat food.
Birds Eye Foods, Inc. (U.S), Cargill Incorporated (U.S), Aryzta A.G. (Switzerland), Ajinomoto Co., Inc. (Japan), Bellisio Foods, Inc. (U.S), Kraft foods Group Inc. (U.S) are some of the key players in the Global Frozen Food Market. Acquisitions and new product development are their key business strategy to gain market share.
Drivers Availability of Seasonal and Regional Food No risk of food poisoning Prevention from Harmful Preservatives
Restraints Low Awareness of Frozen Food Maintaining Constant Temperature
Opportunity Growing Technology A boom for Private Label frozen products
Challenges Lack of innovations
The Storage and Processing Techniques is still an untapped market By product, frozen ready meals segment hold the highest market share among all other frozen products in 2017 with frozen vegetables & fruits estimated to grow at highest CAGR in near future. On the other hand, Food service Industry segment by end users types for this market is expected to grow at the highest CAGR during year 2018-2023.
Key Benefits for Stakeholders Frozen food Manufacturers, Distributors and Retailers Research and Consulting organization Technology Standards Organizations, Forums, Alliances and Associations End use industries Frozen Food Importers and Exporters Regulatory bodies, policy actors and consumers. Restaurants, food sector investors.
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