Report: Frozen foods market worth $282.5B by 2023

The frozen foods market is estimated to account for about $219.9 billion in 2018, and is projected to reach nearly $282.5 billion by 2023, growing at a CAGR of 5.1% from 2018, according to a new report published by MarketsandMarkets, New York.

The report, "Frozen Food Market by Product (Fruits & Vegetables, Dairy, Meat & Seafood), Type (Raw Material, Half Cooked), Consumption, Distribution Channel, and Region (North America, Europe, Asia Pacific, South America, and MEA) - Global Forecast to 2023," reveals the retail food industry has witnessed significant growth over the past few years globally. The development of retail channels in the form of supermarkets, hypermarkets and convenience stores continues to drive growth of the frozen foods market. The rising per capita income and increasing number of working women has also further accelerated the market growth.

Convenience foods and ready meals to account for largest share