|Market Size in 2020||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 29.47 Billion||USD 44.20 Billion||5.6%||2020|
Frozen Vegetables Market
The global frozen vegetable market accounted for USD 29.47 Billion in 2020 and is expected to reach USD 44.20 Billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
Frozen vegetables are those vegetables whose temperature is reduced and is maintained below the freezing point for packaging, storage, and transportation purpose. There is a wide variety of frozen vegetable market which is sold in stores, hypermarkets, and supermarkets. Various frozen vegetables are peas, broccoli, spinach, corn, and cauliflower which are mostly sold in Asia. Various popular brands are Green Giant, Birds Eye, and Sunbulah. Frozen vegetables are sold across the year and they have very high life expectancy. Since the freezing process stops bacterial growth, frozen vegetables have an advantage over canned vegetables in that certain products contain little to no added salt.
The epidemic of COVID-19 has had a significant impact on customer behavior. Consumers are stockpiling shelf-stable produce, such as dried fruits and vegetables, on the demand side. The tradition of stockpiling has resulted in a sharp increase in the market value of global frozen fruits and vegetables in 2020, which will return to normal after the epidemic situation has stabilized. Restaurants and takeaway services are now only available in a few countries, so consumers prefer to eat at home and prepare their own meals. The shopping habits of consumers all over the world had changed as a result of these changes. Healthy food consumption is becoming more popular among consumers. Because frozen fruits and vegetables have a longer shelf life and are easier to prepare at home, the outbreak has resulted in a surge in demand. In addition, preparing frozen products takes less time and effort than preparing fresh products.
Increasing demand and easy availability of the frozen market is driving the market. People now don’t have to cook for hours killing all the nutrients and minerals, they simply have to opt for frozen vegetables which retain all the nutrients and minerals. Also, the accretion in retail networks across the globe is also one of the major growth drivers. People are now getting more health conscious and these frozen vegetables help them in acquiring all the necessary nutrients. There is an increased demand for frozen food among the population. With the development and technological advancement in the freezing technologies over time led to the rise in the consumption of frozen vegetables.
The corn segment had the highest share in the frozen vegetable industry because of the widespread availability of corn around the world and the widespread use of corn and corn-based food items in quick-service restaurants and food outlets. The Broccoli is projected to witness a substantial growth of CAGR 7.4% in the forecast period due to the rise in health-conscious and fitness-driven people across the globe. Mushroom in the given forecast period is expected to witness a CAGR of 1.83%. Increased mushroom consumption in quick-service restaurants and food outlets, on the other hand, may provide ample opportunities in the future. Asparagus, Broccoli, Green Peas, Mushrooms, Spinach, Green Beans, Carrots, Cauliflower, Bell Peppers, Spring Onion, Tomatoes, Onion, and others forms the product segment.
During the forecast period, Retail Customers held the largest share in the frozen vegetable market. The retail sector has witnessed a major drawback too during the forecast period. Covid has impacted the labor and logistics capacities. The second type of product segment is Food Service Industry.
During the forecast period, the supermarket/hypermarket dominated the distribution channel segment in the frozen vegetable market because these retail formats provide an enhanced shopping experience. Furthermore, these retail formats provide a one-stop solution to a variety of shopping needs, boosting their global popularity. Because of the increasing number of convenience stores, the other segment, which includes convenience stores and mom & pop stores, is expected to grow at a steady rate during the forecast period. Convenience stores and mom-and-pop shops are also typically located near residential areas, requiring less effort on the part of the customer when purchasing goods. This ease of purchase contributes to the popularity of other segments and serves as a driving force for the global frozen vegetable market. Discounters, Convenience Stores, Specialty Stores, Online Retail, Retail, and others forms the product segment.
Europe accounted for a share of 40% in 2020. This is due to the fact that people in Europe prefer buying frozen vegetables rather buying fresh ones. This also attributable to the rapid changes in consumption habits and lifestyles. They do not prefer cooking for hours rather opt for Meal Ready to Eat (MREs) which are also part of concentrated frozen food. Additionally, due to the hectic work schedules and improved per capita income also played a major role in the growth of frozen food market in the region.
Asia Pacific is projected to grow at a CAGR of over 7.4% during the forecast period. Frozen vegetables are readily available and provide consumers with a wide range of options because they are available in a variety of brands. Frozen food is commercially available all year, eliminating the problem of seasonal shortages and addressing the issue of food security. Fresh fruits and vegetables present supply chain efficiency challenges due to seasonality and wastage. Freezing also preserves food without adding any unwanted additives. Fresh fruits and vegetables are thrown away due to natural deterioration and poor storage conditions. Frozen fruits and vegetables, on the other hand, can be stored for a longer period of time and have a longer shelf life.
|Report Attributes||Report Details|
|Report Name||Frozen Vegetables Market Report|
|Market Size in 2020||USD 29.47 Billion|
|Market Forecast in 2028||USD USD 44.20 Billion|
|Growth Rate||CAGR of 5.6%|
|Number of Pages||130|
|Key Companies Covered||Aryzta AG, General Mills Inc., Kraft Foods Group Inc., Ajinomoto Co. Inc., Cargill Incorporated, Europastry S.A., JBS S.A., Kellogg Company, Nestle S.A. among others.|
|Segments Covered||By Product, By End-User, By Distribution Channel, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2018 to 2020|
|Forecast Year||2021 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Some of key players in the frozen vegetables market are
To improve their product portfolio, overcome competition, and maintain or improve their share in the global frozen vegetables market, key players in the frozen vegetables market rely on new product launches as a primary strategy. The global frozen vegetable market is highly fragmented, and major players have used a variety of strategies to expand their footprints in this market, including new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others.
The global frozen vegetables market was valued at USD 29,468 Million in 2020.
The global frozen vegetables market is expected to reach USD 44,201.6 Million by 2028, growing at a CAGR of 5.6% between 2021 to 2028.
Some of the key factors driving the global frozen vegetables market growth are changing lifestyles, retail sector prominent growth, technological advancements and development in freezing technology and easy availability of the frozen vegetables are some major driving factors.
Europe held a substantial share of the frozen vegetables market in 2020.This is due to the rapid changes in consumption habits and lifestyles. Asia Pacific region is projected to grow at a significant rate of 7.4% during the forecast period owing to the rising demand for frozen vegetables in developing economies such as China and India.
Some of key players in frozen vegetables market are Aryzta AG, General Mills Inc., Kraft Foods Group Inc., Ajinomoto Co. Inc., Cargill Incorporated, Europastry S.A., JBS S.A., Kellogg Company, Nestle S.A. among others.