Asia Pacific Frozen Vegetables Market is expected to reach US$ 6,596.56 million by 2027

PRESS RELEASE BY The Insight Partners 16 Mar 2021

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According to The Insight Partners market research study on “Asia-Pacific Frozen Vegetables Market Forecast to 2027 – COVID-19 Impact and Analysis – By Type (Potato, Green Peas, Spinach, Mushrooms, Corn, Mixed Vegetables, Broccoli, Carrot, and Others) and End User (Foodservice and Food Retail),” is expected to reach US$ 6,596.56 million by 2027 from US$ 4,480.30 million in 2019 and is expected to grow at a CAGR of 5.0% from 2020 to 2027. The report provides trends prevailing in the Asia-Pacific Frozen Vegetables market along with the drivers and restraints pertaining to the market growth. Rising demand for convenience food is the primary factor driving the Asia-Pacific Frozen Vegetables market. However, rising consumer preference for fresh and natural products may hinder Frozen Vegetables growth in Asia-Pacific.

The COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia-Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia-Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, influence the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the COVID-19 (COVID-19) outbreak would drastically affect the regions airports connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively influence market growth in the coming period. Until now, India has the highest number of COVID -19 confirmed cases.

Based on type, the frozen vegetables market is segmented into potato, green peas, spinach, mushrooms, corn, mixed vegetables, broccoli, carrot, and others. The mixed vegetables segment dominated the market in 2019 and is expected to maintain its dominance throughout the forecast period. However, the corns segment is expected to register the highest growth rate during the upcoming years owing to the rising consumption of corns in various meals and snacks. On the basis of end user, the market is segmented into foodservice and food retail. The food retail segment dominated the Asia-Pacific frozen vegetables market in terms of value in 2019. However, the foodservice segment is expected to register a higher CAGR during the forecast period 2020–2027.

Some of the major key players operating in the frozen vegetables market include Conagra Brands Inc., Goya Foods Inc., Foodnet Ltd, Bonduelle, and Ardo among many others. The major players in the frozen vegetables market are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally. For Instance, in 2018, Conagra Brands, Inc. announced the completion of its acquisition of Pinnacle Foods. The closing of the transaction follows the approval of all Pinnacle Foods' shareholders and with the satisfaction of all terms & conditions. Through this acquisition, Conagra adds iconic brands to its portfolio, including Birds Eye, Duncan Hines, Earth Balance, and Vlasic, as well as emerging brands, such as Gardein, Glutino, Udi's, Wish-Bone, and EVOL, among others.

The Report Segments The Asia-Pacific Frozen Vegetables Market As Follows:

Asia-Pacific Frozen Vegetables Market, by Type

  • Potato
  • Green Peas
  • Spinach
  • Mushrooms
  • Corn
  • Mixed Vegetables
  • Broccoli
  • Carrot
  • Others

Asia-Pacific Frozen Vegetables Market, by End User

  • Foodservice
  • Food Retail

Asia-Pacific Frozen Vegetables Market, by Country

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia-Pacific
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