Global frozen, prepared food industry to reach $186 billion by 2015
The global frozen, prepared food industry is experiencing phenomenal growth and is expected to reach sales of $186 billion by 2015 (see table below), according to a study from Global Industry Analysts, Inc. The study, Frozen Prepared Food: A Global Outlook, points out three major factors behind the growth. Over the next few years, the markets will be driven by consumers’ needs for convenience, creative product development (especially in microwavable formats) and continuous improvements in commercial refrigeration/freezing technology. In addition, growth opportunities are expected to pop up in emerging markets in Asia, Latin America and Eastern Europe.
Ready availability without compromising on quality and freshness make frozen food hot favorites of many consumers. The market mainly consists of frozen pizzas, sandwiches, meat pies, side dishes and ethnic foods.