global processed fruits and vegetables market Size in 2018 was more than USD 254 billion and is projected to observe a growth rate of above 6.7% CAGR during the forecast period.
Processed Fruits and Vegetables Market
Processing of fruits & vegetables is vital for manufacturing products for direct intake as food ingredients. During the processing of fruits & vegetables, the key objective is to maintain the nutritive value, color, texture, and flavor of these products. Processing helps in enhancing the shelf life of all perishable vegetables and fruits.
The processed fruits and vegetables market is primarily driven by the numerous factors such as growing demand for processed foods with an increased shelf life, adoption of advanced processing methods, and rising disposable income among people in developing economies. Rising demand for organically processed fruits and vegetables is another key factor enhancing the market growth. Moreover, changing consumer dietary patterns due to the stimulus of vegan lifestyle is expected to positively impact the processed fruits and vegetables market demand over the forecast period.
Market players are focusing on investing heavily to develop new products and expand their business in various regions. The outbreak of COVID-19 has led to an increase in buying groceries online to prevent the spread of the virus. Moreover, retailers such as Amazon.com, Inc., Walmart, JD.com, Inc. are also expanding their business operations and investing heavily to offer groceries online. This is expected to positively impact the market growth over the coming years.
The processed fruits and vegetables market is bifurcated on the basis of type, product, and region. The type segment is further divided into fruits and vegetables. Based on product, the market is bifurcated into fresh cut, canned, frozen, dried, and others.
Based on regions, the global processed fruits and vegetables market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North America region held a considerable share in 2019. This is attributable to the presence of major companies such as Dole Food Company Inc., Del Monte Foods, Inc., The Kraft Heinz Company, and Conagra Brands, Inc., among others.
The Asia Pacific region is expected to grow at a significant rate during the forecast period. This rise is due to the increasing demand in China and India. Rapid urbanization, changing lifestyle due to hectic schedules, and availability of easily consumable food are some of the major factors that augment the market growth in this region.
Some of key players in processed fruits and vegetables market are Nestlé, Dole Food Company Inc., Del Monte Foods, Inc., The Kraft Heinz Company, Conagra Brands, Inc., McCain Foods Limited, PepsiCo, Unilever, Parle Agro, and Kellogg's Company, among others.