According to The Insight Partners study on “Frozen Vegetables Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Potato, Green Peas, Spinach, Mushrooms, Corn, Mixed Vegetables, Broccoli, Carrot, and Others) and End User (Foodservice and Food Retail),” the market was valued at US$ 18,182.86 million in 2019 and is projected to reach US$ 25,381.14 million by 2027; it is expected to grow at a CAGR of 4.3% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market
Report Coverage Details
Market Size Value in- US$ 18,182.86 Million in 2019
Market Size Value by- US$ 25,381.14 Million by 2027
Growth rate- CAGR of 4.3% from 2020-2027
Forecast Period- 2020-2027
Base Year- 2020
No. of Pages- 142
No. Tables- 55
No. of Charts & Figures- 76
Historical data available- Yes
Segments covered- Type and End User
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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The global frozen vegetables market is expected to register a significant growth rate during the forecast period owing to the surging demand for convenience food and growing number of fast food restaurants. Growth of fast food and quick service restaurants is on a rise as they cater to changing consumer preferences. Consumers desire convenience and quick service while dining in such restaurants. Frozen vegetables require less preparation time and are easy to use; therefore, they are witnessing increasing demand from the quick-service restaurants. In addition, the demand for convenience food— such as frozen products, including frozen vegetables—is increasing as consumers are leading a hectic and busy lifestyle. However, rising demand for fresh vegetables is hampering the market growth. There is an increase in the demand for frozen vegetables in emerging economies in Asia-Pacific, such as China and India, which is providing lucrative opportunities for this market.
Owing to the changing consumer lifestyle, the demand for convenience food is also on a rise. The demand for convenience food is increasing as the consumers are leading a hectic and busy lifestyle. Globally, there has been significant growth in the woman employment rate. As the women's employment is increasing, it becomes difficult for them to manage the household work as well as the office work. It becomes difficult for them to cook meals because of the lack of time. According to the data cited by the International Labour Organization, woman women account for nearly 40% of the employed population in China.
Owing to which, the demand for convenience food like frozen products, which includes frozen vegetables has increased in the recent years. Along with the growth in woman employment, there has been a significant rise in the number of single-person households, which also is contributing to the demand for convenience food, including frozen vegetables. Rising number of nuclear families, along with increasing number of young professionals who live alone are boosting the demand for food products that can be easily cooked and prepared such as frozen vegetables. Frozen vegetables cater to such needs of the consumers and also provide them with nutrition. Hence, all these factors contribute to the growth of the frozen vegetables market.
Effect of COVID-19 on Frozen Vegetables Market
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of February 2021, China, India, Russia, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths. The outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food processing industry is one of the major industries that are suffering serious disruptions such as factories shutdown, supply chain breaks, technology events cancellations, and office shutdowns. The shutting down of factories, machineries, and the unexpected break down of supply chain or distribution network is further impacting in the growth of frozen vegetables market.
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Based on type, the frozen vegetables market is segmented into potato, green peas, spinach, mushrooms, corn, mixed vegetables, broccoli, carrot, and others. The mixed vegetables segment accounted for the largest share in the market in 2019, and the corn segment is expected to register the highest CAGR during the forecast period. Mixed vegetables are mainly ready-to-use combination of cut vegetables. These vegetables can be chopped, sliced, cubed, and diced. Mostly, the combination of mixed vegetables comprises cauliflower, cabbage, carrots, French beans, broccoli, and green peas. There is no burden of peeling, washing, and cutting in case of picking up frozen mixed vegetables from stores. Also, they are very convenient to cook within a short period; therefore frozen mixed veggies have significant demand among consumers.
Frozen Vegetables Market: Competitive Landscape and Key Developments
Conagra Brands Inc.; Goya Foods, Inc.; B&G Foods, Inc.; Bhanu Farms; Cascadian Farm Organic; Foodnet Ltd; CROP’S UK; Bonduelle; Nature’s Garden; and Ardo are among the key players in the global Frozen Vegetables market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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