Global Frozen Food: Export Opportunity Analysis

Global Frozen Food Market: Export Opportunity Analysis

The global frozen food market was estimated to be valued at USD 219.87 billion in 2018 and is projected to grow at a CAGR of 5.14 percent during the forecast period to reach USD 282.50 billion by 2023.

Europe was reported to have the largest market size in 2018, accounting for 38% of total revenue share. It is expected to expand at a CAGR of 3.9% from 2019-2025. Asia Pacific region is expected to have the highest CAGR at 5.1% from 2019 to 2025. Product demand is fueled through an increasing population and disposable income in emerging markets, such as India and China.

Germany accounted for the largest share of 23.5 percent in the European frozen food market. According to the German Frozen Food Institute, nearly 17,000 products are available under the frozen food category, which makes it one of the most fragmented markets. Factors that drive Germany's market demand include its large consumer base and high purchasing power. Ready-to-Eat Meals has helped drive the German market

The countries with the highest import surplus of frozen fruits and vegetables are listed below.

Country	Import Surplus	Growth Rate (since 2014)
1.Japan	$951.2 million	17.6%
2.United States	$848.3 million	27.1%
3.Germany	$519.1 million	-7.9%
4.United Kingdom	$380.7 million	-21%
5.France	$301.5 million	12/1%

World’s Top Export reports Japan as the leading importer of frozen vegetables, with the United States and Germany following. Japan imports USD 951.2 million more than they export. The United States has the highest growth, with a 27.1% growth rate, signifying an increasing demand for global frozen food products in the US market.

Statista reports the market segment with the highest share of the frozen foods market is Ready-to-Eat Meals, with 35.21% market share, followed by Meat and Poultry with 26.72% market share.

Consumer trust continues to be a major challenge for the frozen food market. Manufacturers are responding to consumer trust issues through clean labeling. World Health Organization reported that over 40% of households in ACAP region suffer from food allergies. To expand consumer-base, frozen food manufacturers are focusing on serving specific dietary needs, including allergen-free options.

Cold chain infrastructure is playing a large role in increasing frozen food demand. Cold chain logistics helps maintain the temperature and quality of frozen food products. According to International Association of Refrigerated Warehouses (IARW), the global capacity of refrigerated warehouses increased to 616 million cubic metres in 2018. An increase in capacity will lead to market growth.

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