There is currently a horde of food products that belong in the global frozen food market. So much has changed over the past two decades that we now have foods that last for years longer than their actual shelf life, as long as they are frozen in the right condition.
From a statistical perspective, the global frozen food market is exhibiting a CAGR of 3.90% between 2013 and 2019. The market was valued at US$224.7 bn in 2012. Owing to the major factors of growth that are influencing this market currently, it is expected to reach US$293.7 bn before the end of 2019.
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Lifestyle Changes Boost Global Frozen Food Market
Europe held the largest share in the global frozen food market in 2012 and is expected to maintain a relatively high growth rate in the near future. On the other hand, the rapidly developing Asia Pacific frozen food market is expected to be the dominant force in the global perspective.
Perhaps one of the biggest food scandals recently was the use of horsemeat in lieu of beef and other meats. The latest product to lose its spotlight and sales is the highly popular Findus Crispy Pancakes. The company has decided to ditch its iconic product after nearly 50 years of successful business. Young’s had previously taken its frozen lasagna off the shelves around the peak of the horsemeat scandal in the U.K. in 2013, but has plans to reintroduce a similar product into the market soon. Findus is expected to go through similar transformations.