Published Date : Apr 14, 2016
Frozen processed foods are those food products that are preserved by freezing, as freezing the food slows down the decomposition process, thus inhibiting the growth of bacteria. According to a report published by Transparency Market Research (TMR), the frozen processed food market in terms of revenue was valued at USS$57.5 bn in 2014, and is projected to reach US$69.1 bn by 2021, exhibiting a CAGR of 2.7% from 2015 to 2021.
Growing Trend of Consuming Low Calorie and Low Fat Frozen Processed Food Expected to Boost Market
The global frozen processed food market is driven by the increasing disposable income of the people, especially in the developing nations such as Philippines, China, and India. It has been observed that an increasing number of people are opting for convenience foods and frozen processed foods provide just that. Moreover, the increasing health consciousness among people will also help promote the market, as more and more people opt for low calorie and low fat frozen processed food, thus boosting the market.
North America to hold the Largest Share of the Global Frozen Processed Food Market
Regionally, the global frozen processed food market is segmented into North America, Asia Pacific, Europe, and Rest of the World. North America dominated the frozen processed food market in 2014 and is expected to continue its dominance. Asia Pacific was the second largest market for frozen processed food market in 2014. These regions are expected to retain their dominance expanding at a CAGR of 5.5% from 2015 to 2021.