Frozen Vegetables market was valued at US$ 35.62 Mn in 2022 and expected to grow at a CAGR of 5.5% during the forecast period (2023-2029), thanks to the growing trend of retail customer use which has boosted demand for Global Frozen Vegetables Market.
Frozen Vegetables Market Overview:
The global Frozen Vegetables market was valued at USD 35.62 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2023 to 2029. Frozen vegetables offer numerous advantages such as longer shelf life, ease of preparation, and the retention of nutritional value, making them an increasingly popular choice among consumers. These products are frozen at their peak ripeness to preserve their quality, taste, and nutrients, which is essential in ensuring that consumers receive a high-quality product. The convenience factor, coupled with the growing trend of healthy eating and busy lifestyles, has boosted the demand for frozen vegetables, particularly in urban areas.
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Report Scope:
This report provides a detailed analysis of the global frozen vegetables market, including market size, growth prospects, key drivers, challenges, and trends. It covers various segments such as product type, end-user, and distribution channel, providing insights into the performance of each segment. The report also examines the impact of external factors such as technological advancements, regulatory frameworks, and macroeconomic conditions on the market. Furthermore, the report delves into regional analysis, highlighting the key regions driving market growth, along with their respective market dynamics.
Drivers
Several factors are driving the growth of the global frozen vegetables market. The increasing disposable income, changing lifestyles, and food habits of people worldwide are some of the primary drivers. With more people working longer hours, the demand for convenient, ready-to-cook meals has risen, leading to an uptick in the consumption of frozen vegetables. The growth of hypermarkets and supermarkets, particularly in urban areas, has made frozen vegetables more accessible to consumers. Additionally, the increasing number of women in the workforce and the rising income of middle-class families are further fueling market growth. The nutritional benefits of frozen vegetables, which retain essential nutrients, fiber, antioxidants, vitamins, and minerals, make them an attractive option for health-conscious consumers.
Technological advancements in freezing methods, such as impingement freezing, hydro-fluidization freezing, high-pressure assisted freezing, ultrasonic assisted freezing, and electrostatic assisted freezing, have also played a significant role in market expansion. These innovations help maintain the quality of frozen vegetables and enhance their shelf life, making them more appealing to consumers.
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Key Players: The key players are
1. General Mills Inc.
2. Nestle
3. Kellogg Co.
4. B&G Foods, Inc.
5. Aryzta AG
6. Flowers Foods
7. Iceland Foods Ltd.
8. Amy’s Kitchen, Inc.
9. Nature’s Garden
10. Foodnet Ltd.
11. Cascadian Farm Organic
12. The Kraft Heinz Company
13. Conagra Brands Inc.
14. Goya Foods, Inc.
15. Bhanu Farms
16. CROP’S UK
17. Bonduelle
18. Ardo
Segmentation:
by Product
Asparagus
Broccol
Corn
by End user
Retail Customers
Food Service Industry
by Distribution Channel
Discounters
Supermarkets
by Nature
Organic
Conventional
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Regional Analysis:
- North America: North America is the leading region in the global frozen vegetables market, driven by factors such as rising population, increased household income, growing purchasing power, and advanced freezing technologies. The presence of prominent global brands like Birds Eye and Pictsweet has further strengthened the market in this region. According to the American Frozen Food Institute (AFFI), the market value of frozen food sales in the region stood at 21% in 2020, and the frozen vegetable market is expected to grow at a CAGR of 6.2% during the forecast period.
- Europe: Europe is the second-largest market for frozen vegetables. The growing trend of ready-to-eat and quick-to-prepare meals, coupled with increased purchasing power and the presence of high-quality supermarkets, are key factors driving the market in this region.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the frozen vegetables market. With lockdowns and restrictions imposed worldwide, consumers turned to frozen foods as a reliable and convenient option for meals. The pandemic also heightened awareness of food safety and shelf-life, further boosting the demand for frozen vegetables. Additionally, disruptions in the supply chain led to increased focus on the availability of frozen products, as they can be stored for longer periods compared to fresh produce.
Key Questions Answered:
- What will be the CAGR of the Frozen Vegetables market during the forecast period?
- Which segment emerged as the leading segment in the Frozen Vegetables market?
- Who are the prominent players in the Frozen Vegetables market?
- What will be the Frozen Vegetables market size by 2027?
- Which company held the largest share in the Frozen Vegetables market?
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