Frozen Vegetables Market Overview:
Global Frozen Vegetables Market was valued at $25,179 million in 2016 and is expected to garner $34,973 million by 2023, registering a CAGR of 4.7% from 2017 to 2023. Freezing is one of the most widely used methods of food preservation that retains texture, taste, and nutritional value of vegetables for a longer duration. Freezing ceases the growth of microorganisms, reduces chemical and cellular metabolic reactions, providing a significantly extended shelf life. Increased disposable income, busy lifestyle, and emerging large retail chains, including hypermarkets and supermarkets in the developing countries such as India and China, have led to the rise in convenience food, thereby driving the frozen vegetables market. Growth in working women population globally has led to rise in ready-to-eat food, supplementing the frozen vegetable market growth. However, negative perception of consumers about the nutrient content of frozen vegetables and poor refrigeration facilities in semi-urban and rural areas may hamper the market growth.
The global frozen vegetable market is segmented based on product, end user, distribution channel, and geography. Based on product, it is categorized into asparagus, broccoli, green peas, mushrooms, spinach, corn, green beans, and others. In terms of end user, it is divided into food service industry and retail customers. Based on distribution channel, the market is classified into discounters, supermarkets/hypermarkets, and others. The report analyzes the market trends in different geographical regions such as North America, Europe, Asia-Pacific, and LAMEA.
Global Frozen Vegetables Market Segmentation
In 2016, Europe accounted for the highest share, in terms of value and volume, registering a significant CAGR from 2017 to 2023. Germany accounted for approximately one-fifth share of the European market, in terms of value, growing at the highest CAGR of 4.2% and is expected to maintain its dominance during the forecast period.
Top Investment Pockets
Middle East is one of the predominant consumer of frozen vegetables in the global market. Less supply against growing demand of fresh vegetables, rise in disposable income and growth in women participation in the workforce led to the higher consumption of frozen vegetables. In 2016, it accounted for more than two-fifths share in the LAMEA market, in terms of value, and is anticipated to grow at a CAGR of 7.8% from 2017 to 2023. India, U.S., and Germany are other lucrative markets for frozen vegetable.
Global Frozen Vegetables Market: Top Investment Pockets, by Country
In 2016, corns accounted for the highest revenue and is expected to be the fastest growing segment at a CAGR of 6.0% from 2017 to 2023. Corns are considered a carbohydrate source in a balanced diet, leading to their higher consumption. It is consumed as side dish, ingredient in soups, salads, or casseroles. Frozen corns are used at commercial level via quick service restaurants (QSRs) and domestic level through large- & small-scale retail stores.
Middle East countries, such as UAE, Saudi Arabia, Iran, and Egypt import majority of their food. The price of fresh vegetables is on a constant rise, owing to increase in demand and comparatively less supply, which is expected to increase the sales of frozen food products. Moreover, growth in retail network and convenience has led to higher consumption of frozen food, thus propelling the growth in the Middle East. The region is expected to grow at a significant CAGR of 7.8% from 2017 to 2023.
Middle East Frozen Vegetables Market, 2015-2023 ($Million)
The key players profiled in the report include 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., and Flower Foods.
The other key market players (not profiled in this report) are Amy's Kitchen, Inc., Ardo N.V., Arena Agroindustrie Alimentari SPA, Bellisio Foods, Inc., Bonduelle SCA, Conagra Foods, Inc., Findus Group., Goya Foods, Inc., H.J. Heinz Company, and Iceland Foods Ltd.
- The report provides an in-depth analysis of the current trends, drivers, and dynamics of the global frozen vegetables market to elucidate the prevailing opportunities and tap the investment pockets.
- It offers qualitative trends and quantitative analysis from 2016 to 2023 to assist stakeholders to understand the market scenario.
- In-depth analysis of the key segments demonstrates the products of frozen vegetable and its end users.
- Competitive intelligence of the industry highlights the business practices followed by the key players across geographies and the prevailing market opportunities.
- Key players and their strategies are analyzed to understand the competitive outlook of the industry.
Frozen Vegetables Market Key Segments:
- Green Peas
- Green Beans
By End User
- Food Service Industry
- Retail Customers
- By Distribution Channel
- Others (Convenience Stores and Mom & Pop Stores)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East
- South & Central America