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.
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