Frozen Vegetables Market - Forecast(2023 - 2028)

Frozen Vegetables Market Report

Frozen Vegetables Market Overview

The Frozen Vegetables Market is estimated to reach $36.5 billion by 2024, growing at a CAGR of 5.2% during the forecast period 2019-2024. The growth of the frozen vegetable market is attributed to the increasing number of large retail chains, including supermarket and hypermarket. Preservation of food by freezing is adopted by various food companies to meet the requirements of the growing population and to maintain the food business competitive and profitable.

Report Coverage

The report: “Frozen Vegetables Market – Forecast (2019-2024)”, by IndustryARC covers an in-depth analysis of the following segments of the frozen vegetable market.

•By Product

•Green Peas

•Corn

•Broccoli

•Mushroom

•Carrots

•Green Beans

•Others

•By Distribution Channel

•Supermarket/Hypermarket

•Online Stores

•Convenience Stores

•Others

•By End-User

•Food Service Industry

•Retail Customers

•By Geography

•North America

•Europe

•Asia-Pacific

•Rest of the World 

Key Takeaways

· Detailed analysis of the strength, weakness, and opportunities of the prominent players operating in the frozen vegetable market will be provided in the report.

· Key sustainability strategies such as product launches or acquisitions are being adopted by the market players to ensure the growth of the frozen vegetable market.

Further, a detailed analysis is provided in the report.

· It is evaluated that Asia Pacific is showing highest potential to become an evolving market for frozen vegetables due to increasing presence of cold storage warehouse and food processing equipment industries and will record the fastest CAGR over the forecast period. Additional drivers, trends, and opportunities related to the APAC region are provided in the report.

 Product - Segment Analysis

Based on product type segment, the corn segment is dominating the market and is estimated to grow at a CAGR of 4.8% during the forecast period of 2019-2024. Corns are available in all parts of the world, and their application in various dishes in quick-service restaurants and food outlets has resulted in the growth of the product. Broccoli is a nutritional powerhouse full of vitamins, minerals, fiber, and antioxidants and is also expected to grow at a higher CAGR. Mushrooms are also becoming popular among the people and are also served in many parts of the world.

Distribution Channel - Segment Analysis

Supermarket and Hypermarkets are the largest distribution channel of the frozen vegetable industry across the world. The market for Supermarket and Hypermarket is projected to grow at a CAGR of 4.2% during the forecast period of 2019-2024. Supermarket and Hypermarkets provide a one-stop solution to the consumers for various frozen vegetable products and contains all sorts of frozen meals and has better infrastructure for the availability of frozen products. The presence of a number of supermarkets/hypermarkets in developed areas is attracting consumers to seek out products from their channel. The online channels which are present for frozen vegetable products are also seeing a surge in the usage because of the facilities provided.

Geography - Segment Analysis

The North America region held the largest market share of the frozen vegetable market. Presence of a large number of supermarket/hypermarket and better infrastructure for storage of frozen products are set to drive the market growth. Further, the trend of veg food is increasing in North America, which is up surging the demand for frozen vegetables in the region. However, Asia – Pacific (APAC) region is estimated to grow at a higher CAGR owing to the rising population and increasing disposable incomes. The APAC region has been a traditional user of fresh vegetables but owing to the changing lifestyle; people are switching to frozen and packaged food products.

Drivers – Frozen Vegetables Market

·         Growth of Female Workforce:

Growth of female workers has increased reliance on ready-made and available food products, which in turn improves demand for frozen vegetables, thus accelerating the demand for frozen vegetables in various geographical regions.

·         Rise in Disposable income and Change in Lifestyle :

The ability to preserve the food has made it possible for the producer to make their products available to consumers in the various corner of the world. Further, the convenience of easy availability of multiple vegetables in any weather is positively impacting the growth of the market. Additionally, with a strong back up from technological innovations such as impingement and Hydro-fluidisation, the advantages of frozen fruits and vegetables have made it much more reachable and affordable to the consumers around the globe.

Challenges – Frozen Vegetables Market

·         Perception of Frozen Vegetables

Consumers who buy frozen storage products or vegetables have a negative perception of the loss of nutritional content in the vegetables. Therefore, people tend to buy frozen products with certain safety efficacy by checking their packaging date and way of storing the products.

·         High Cost and Unavailability of freezing technology in Semi-Urban Areas

Rural and semi-urban areas lack in the infrastructure of having freezing technology such as blast chiller and cold storage warehouses which are unavailable to keep frozen vegetables, which is further restricting the market growth. Growth in R&D operations by various frozen vegetable producers to advance freezing technology and boost the establishment of numerous outlets in developing markets are anticipated to provide market players with profitable possibilities.

Market Landscape

The frozen vegetable industry outlook has seen a variety of strategies. Product Launches and acquisitions are some of the major strategies adopted by key players in the Frozen Vegetables Market. Companies are trying to create their way of packaging frozen food products in the market by adopting new technologies at an accelerated rate. As an outcome, the number of product launches is increasing every year. The frozen vegetables top 10 companies that are in the market include B&G Foods, H.J. Heinz Company, Unilever, Kerry Group, ConAgra Foods, Cargill Incorporated, Nestle S.A., and Flower Foods, Kraft Foods Group Inc. Kellogg Company, among others.

Frozen Vegetables Market Research Scope:

The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, market size, and market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Frozen vegetable market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of vegetable products that are in most in-demand and the end-user segment, which is propelling the growth of the market.