According to a new report published by Allied Market Research, titled, “Frozen Vegetables Market by Product, End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”The global frozen vegetables market size was valued at $26,479.0 million in 2017, and is expected to garner $38,845.7 million by 2025, registering a CAGR of 5.0% from 2018 to 2025. The corn segment dominated the global frozen vegetables market in 2017 and is expected to maintain the dominance throughout the forecast period. Frozen vegetables are products that can be stored and used over a long period of time. The freezing procedure preserves vegetables for an extended time period without any preservatives and prevents microbial growth that may cause food decomposition. The ability to preserve food by freezing has enabled producers to make their products available to consumers anywhere across the globe. Although being seasonal, vegetables such as asparagus, broccoli, green peas, mushrooms, spinach, corn, and green beans can be made available to consumers in all seasons by freezing them.
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The growth of the frozen vegetables industry is driven by increase in disposable income of people along with rise in the living standards of consumers around the globe. Furthermore, hectic lifestyle and increase in need for convenience food drive the growth of the market and help increase the frozen vegetable market size. Growth of the retail network in emerging economies, such as India, China, and Brazil, has led to increased availability of frozen vegetables, thus supplementing the market growth. However, negative perception of consumers related to nutritional content of frozen food, high cost of freezing technology, and poor freezing facilities in semi-urban & rural areas impede the growth of frozen vegetables market.
According to Shankar Bhandalkar, Senior Research Analyst, Food and Beverages at Allied Market Research, Hectic lifestyle has shifted the preference of consumers toward the use of alternatives to regular vegetables. Thus, frozen vegetables have gained increasing popularity among consumers, which significantly contributes toward the growth of the market.
In 2017, the corn segment garnered the highest share in the frozen vegetables market, owing to easy availability of corn all over the world and high application of corn & corn-based food items in quick service restaurants (QSRs) and other food outlets. However, the broccoli segment is expected to witness the substantial growth with CAGR of 7.1% throughout the frozen vegetables market forecast period, due to rise in the trend of health and fitness among consumers worldwide.
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By end user, the retail customer segment dominated the frozen vegetables market in 2017. This was attributed to immediate gratification and availability of several options of trail before purchase. The food service industry is expected to witness a moderate growth rate of 4.7% during the forecast period, owing to increase in number of fast-food outlets and QSRs all around the world.
Based on distribution channel, the supermarket/hypermarket segment dominated the market in 2017, due the fact that these retail formats provide an augmented shopping experience. Moreover, they offer a one-stop solution to a number of shopping needs, which boosts their popularity across the globe. The others segment which includes convenience stores, and mom & pop stores, and is expected to witness steady growth rate during the forecast period, owing to increase in number of convenience stores. In addition, convenience stores and mom & pop stores are located near residential areas and require less efforts purchasing goods. This ease of purchase adds to the popularity of others segment, thus acting as a key driver of the global frozen vegetables market.
Key findings of the Frozen Vegetables Market:
- Based on product, the corn segment was the highest contributor to the frozen vegetables market growth and is expected to grow at a CAGR of 6.2% from 2018 to 2025.
- Based on distribution channel, the supermarket/hypermarket segment was the highest contributor to the market in terms of value in 2017 and is estimated to grow at a CAGR of 5.1% from 2018 to 2025.
- Based on product, the broccoli segment is expected to grow at a steady CAGR of 6.0% from 2018 to 2025.
- Based on end user, the retail customers segment accounted for more than two-thirds in the frozen vegetables market share in 2017 and is estimated to grow at a CAGR of 5.1%.
- Based on distribution channel, the others segment accounted is anticipated to grow at a CAGR of 5.0% during the forecast period.
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In terms of value, Europe and North America collectively contributed over half of the global market share in the frozen vegetables market in 2017. 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.