According to the latest market study released by Technavio, the market size of the global frozen food market is predicted to touch close to $290 billion by 2019.
This research report, titled Global Frozen Food Market 2015-2019, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up-to-date analysis and forecast for various market segments and all geographical regions.
The key findings of this market study indicates a growing trend of innovation in product formulations and packaging to keep frozen food fresh. Product innovations for the preservation of organic and natural frozen food are predicted to increase the overall consumption of frozen food products during the forecast period.
The global frozen food market is segmented by product types available in the market, including frozen ready meals, frozen meat, frozen fish and seafood, frozen fruits and vegetables, frozen potatoes, and frozen soup.
Largest revenue contributor: ready meals segment
“The ready meals segment is expected to grow steadily during the forecast period. The increasing demand for ready meals from children and the aged is augmenting the growth of this segment. Plus, the frozen ready meals segment has a large portfolio, offering consumers a variety of options to choose from,” said Technavio’s senior market research analyst for food and beverages, Arushi Thakur.
Frozen pizza emerged as the most popular ready meal in 2015, with the presence of brands such as Ristorante, DiGiorno, Stouffer's, McCain, Healthy Choice, Weight Watchers and Banquet. Our research predicts the ready meals segment to grow significantly over the next four years because of the rising popularity of online food delivery.
Fruits and vegetables segment of the frozen food market
The frozen fruits and vegetables segment will witness dynamic growth during the forecast period. Round-the-year availability of different fruits and vegetables, convenience, and the development of innovative freezing technologies augments the growth of this market. The U.S. is the largest market for frozen fruits and vegetables, while APAC and Latin America are the fastest growing regions for this segment.
This market research analysis highlights changing consumer preferences to significantly influence the frozen vegetables and fruits market. During the forecast period, the market is expected to witness the launch of several innovative and value-added products such as frozen vegetable mixes, ready meals and vegetables in sauce.
Growth prospects in e-commerce
With increasing participation in the e-commerce business, frozen food market vendors envision a huge potential to increase their profitability. E-commerce accounts for approximately 12 percent of the world’s retail trade. This trend has encouraged numerous frozen food retail vendors to focus on the new internet-savvy customer segment and venture into this new retail format. Moreover, these modes of business help vendors save on operating costs which are much lower in the online retail format than in the physical store format. With this, the frozen food market is also predicted to witness growing competition in the online space, for customers, during the forecast period.