Global frozen food market to hit US$156 billion by 2020
The global frozen food market was worth US$122.1 billion in 2013 and is set to reach US$156.4 billion in 2020 - a CAGR of 3.6% - according to a new market report by Persistence Market Research.
Frozen foods have taken off as consumers have embraced ready-to-eat food products due to busy schedules. They also enable access to foods which may have previously been unavailable or available only during a particular season.
Europe has the largest market share for frozen food, followed by North America and the Asia-Pacific region. In Asia-Pacific, economic developments combined with increasing urbanisation and disposable income are driving the frozen food market.
These factors mean the Asia-Pacific region is expected to see the highest CAGR growth (6%) to reach US$46 billion by 2020.
The report, Global Market Study on Frozen Food: Frozen Ready Meals to be the Largest Segment by 2020, is available from www.persistencemarketresearch.com.
Rising milk output impacts global dairy values
Global market fundamentals and product fair values are weakening with increasing milk output,...
Government to develop national food security strategy
To inform the strategy, the government has released the 'Feeding Australia' discussion...
Health Star Ratings voluntary phase nears end
Public health groups are calling for food ministers to provide a clear timeline for swift...
