Frozen Vegetables Market to 2027 |Industry Research Report

Frozen Vegetables Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Potato, Green Peas, Spinach, Mushrooms, Corn, Mixed Vegetables, Broccoli, Carrot, and Others) and End User (Foodservice and Food Retail)

  • Report Code : TIPRE00011073
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 142
Buy Now

[Research Report] The frozen vegetables market was valued at US$ 18,182.86 million in 2019 and is predicted to reach US$ 25,381.14 million by 2027. It is expected to grow at a CAGR of 4.3% from 2019 to 2027.

The global frozen vegetables market is expected to register a growth rate of 4.3% during 2020–2027. The market growth can be attributed to the growing number of fast food restaurants and increasing demand for convenience food. However, the surging demand for fresh food products, especially in the developed nations, is restraining the market growth. Hike in consumption of organic frozen vegetables is expected to render growth opportunities to the vendors active in the global frozen vegetables market.

The global frozen vegetables market in Asia-Pacific is expected to witness the highest CAGR during the forecast period. The rapid growth in the frozen vegetables market in the Asia-Pacific is attributed to the ever-increasing disposable income of the middle-income group population. Consumers in the region are willing to pay higher prices for food products, such as frozen vegetables. Changing customer-purchasing patterns and growing urban population, as well as the availability of an extensive range of frozen vegetables products bolster the growth of the frozen vegetables market in the region. In addition, the growing demand for frozen vegetables in the healthy meal category due to the rising preference for convenience food is projected to propel the market growth over the forecast period. The changing dietary patterns and rising demand for highly nutritional products play a significant role in the increasing demand for frozen vegetables in APAC. Moreover, an increasing population in emerging economies such as India, China, and Japan provides a wide consumer base for the frozen vegetables market in the region. Consumers in developed and emerging Asian countries, such as Australia, China, and India, are engaged in their professional lives; hence, they are increasingly shifting their preference to convenience food, which reduces their cooking time and provides them with nutritious foods.

Impact of COVID-19 Pandemic on Frozen Vegetables Market

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of February 2021, China, India, Russia, Italy, Iran, Spain, Republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths. The outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food processing industry is one of the major industries that are suffering serious disruptions such as factories shutdown, supply chain breaks, technology events cancellations, and office shutdowns. The shutting down of factories, machineries, and the unexpected break down of supply chain or distribution network is further impacting in the growth of frozen vegetables market.

Geographic Overview of Frozen Vegetables Market


Geographic Overview of Frozen Vegetables Market
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
 

Market Insights

Expansion of Quick Service Restaurants

The fast-food and quick-service restaurants (QSRs) have now become the need of an hour for the consumers. These restaurants are becoming more and more popular as they provide convenience and mass-produced food items with good taste, as well as they are economical in terms of money and time. Growth of fast food and QSRs is on a rise as they cater to changing consumer preferences. Consumers desire convenience and quick service while dining in such restaurants. QSRs cater to the need of the consumers as they offer to sit and dine along with numerous services such as drive-thru, takeout, and home delivery, which suits the modern lifestyle of the consumers. Frozen vegetable require less preparation time and are easy to use. Use of frozen vegetables helps QSRs provide food quickly to their consumers, which is basically the main strength of a quick-service restaurant. Due to the growth and expansion of these QSRs, frozen vegetables are witnessing increasing demand.

End User Insights

The frozen vegetables market, based on end-user, is bifurcated into foodservice and food retail. The food retail segment accounted for a larger share in the market in 2019, and the foodservice segment is expected to register a higher CAGR during the forecast period. Consumption of frozen vegetables is now increasing rapidly in households. Frozen vegetables are considered as a convenient food and are used by retail consumers due to their short preparation time and ease of cooking. There is an increase in the working population of women, and these women need food products that require less preparation time. Therefore, the demand for convenient food such as frozen vegetables and mixed vegetables is on a rise in the household sector. Consumers also purchase frozen vegetables because it provides nutrition along with delicious taste. In addition, the increasing number of supermarkets & hypermarkets, convenience stores, and specialty stores for vegetables is driving the market growth. Rising online retailing with advanced freezing technology is further contributing to the market growth through the food retail segment.

Global Frozen Vegetables Market, by End User – 2019 & 2027

Global Frozen Vegetables Market, by End User – 2019 & 2027
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Type Insights

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 accounted for the largest share in the market in 2019, and the corn segment is expected to register the highest CAGR during the forecast period. Mixed vegetables are mainly ready-to-use combination of cut vegetables. These vegetables can be chopped, sliced, cubed, and diced. Mostly, the combination of mixed vegetables comprises cauliflower, cabbage, carrots, French beans, broccoli, and green peas. There is no burden of peeling, washing, and cutting in case of picking up frozen mixed vegetables from stores. Also, they are very convenient to cook within a short period; therefore frozen mixed veggies have significant demand among consumers.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Frozen Vegetables Market: Strategic Insights

Frozen Vegetables Market

  • CAGR (2019 - 2027)
    4.3%
  • Market Size 2019
    US$ 18.18 Billion
  • Market Size 2027
    US$ 25.38 Billion

Market Dynamics

GROWTH DRIVERS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX

Key Players

  • Conagra Brands Inc.
  • Goya Foods, Inc.
  • B&G Foods, Inc.
  • Bhanu Farms
  • Cascadian Farm Organic
  • Foodnet Ltd
  • CROP?S UK
  • Bonduelle
  • Nature?s Garden
  • Ardo

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Type
  • Potato
  • Green Peas
  • Spinach
  • Mushrooms
  • Corn
  • Mixed Vegetables
  • Broccoli
  • Carrot
  • Others
End User
  • Foodservice and Food Retail
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

The players operating in the frozen vegetables market such as—Conagra Brands, Inc. and Goya Foods Inc.—are implementing mergers and acquisitions and research & development strategies to enlarge their customer base and to gain significant market share across the world, which also permits them to maintain their brand name globally. For instance, in 2019, Birds Eye of Conagra Brands, Inc. introduced vegetable-forward takes on family favorite meals, which substitute pasta and rice for pasta made from zucchini and lentil, along with riced cauliflower. These dishes, including Chicken Alfredo Pasta, Three Cheese Ziti, Cheddar Mac & Cheese, and Cheesy Chicken & Broccoli, mainly aim to fit a low carb lifestyle & increase vegetable servings, all without sacrificing the flavor of popular meals.

Report Spotlights

  • Progressive industry trends in the global frozen vegetables market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the global frozen vegetables market from 2017 to 2027
  • Estimation of global frozen vegetables demand across various industries
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
  • Recent developments to understand the competitive market scenario and global frozen vegetables demand
  • Market trends and outlook coupled with factors driving and restraining the growth of the global frozen vegetables market
  • Decision-making process by understanding strategies that underpin commercial interest with regard to global frozen vegetables market growth
  • Global frozen vegetables market size at various nodes of market
  • Detailed overview and segmentation of the global frozen vegetables market, as well as its dynamics in the industry
  • Global frozen vegetables market size in various regions with promising growth opportunities

Frozen Vegetables Market – by Type

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


Frozen Vegetables Market – by End User

  • Foodservice
  • Food Retail


Company Profiles

  • Conagra Brands Inc.
  • Goya Foods, Inc.
  • B&G Foods, Inc.
  • Bhanu Farms
  • Cascadian Farm Organic
  • Foodnet Ltd
  • CROP’S UK
  • Bonduelle
  • Nature’s Garden
  • Ardo

Frozen Vegetables Market Report Scope

Report Attribute Details
Market size in 2019 US$ 18.18 Billion
Market Size by 2027 US$ 25.38 Billion
Global CAGR (2019 - 2027) 4.3%
Historical Data 2017-2018
Forecast period 2020-2027
Segments Covered By Type
  • Potato
  • Green Peas
  • Spinach
  • Mushrooms
  • Corn
  • Mixed Vegetables
  • Broccoli
  • Carrot
  • Others
By End User
  • Foodservice and Food Retail
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Conagra Brands Inc.
  • Goya Foods, Inc.
  • B&G Foods, Inc.
  • Bhanu Farms
  • Cascadian Farm Organic
  • Foodnet Ltd
  • CROP?S UK
  • Bonduelle
  • Nature?s Garden
  • Ardo
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type and End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Based on type, which segment is leading the global frozen vegetables market during the forecast period?

    Among the nine segments of type, mixed vegetables segment led the market in 2019. Mixed vegetables mainly refer to the ready-to-use combination of cut vegetables. The vegetables can be chopped, sliced, cubed, and diced. The typical vegetables included in the mixed vegetables are cauliflower, cabbage, carrots, French beans, broccoli, and green peas. Frozen mixed veggies have significant demand among consumers since it is very convenient to cook and eat cut vegetables within a short period. There is no burden of peeling, washing, and cutting in case of picking up frozen mixed vegetables from stores.

    Can you list some of the major players operating in the global frozen vegetables market?

    The major players operating in the global frozen vegetables market are Conagra Brands Inc., Goya Foods, Inc., B&G Foods, Inc., Bhanu Farms, Cascadian Farm Organic, Foodnet Ltd, CROP’S UK, Bonduelle, Nature’s Garden, Ardo, and many others.

    Which region held the largest share of the global frozen vegetables market?

    In 2019, the frozen vegetables market was predominant by Europe at the global level. Rapid rise in population along with increase in disposable income, busy lifestyles and changing working demographics have propelled the growth of the frozen vegetables market in the region. The growth of frozen vegetables is also driven by changes in the consumption patterns of the European consumers, including ‘ready to eat’ and ‘easy to prepare’ meals, along with the replacement of animal-based products with plant-based alternatives.

    The List of Companies -  Frozen Vegetables Market

    1. Conagra Brands Inc.
    2. Goya Foods, Inc.
    3. B&G Foods, Inc.
    4. Bhanu Farms
    5. Cascadian Farm Organic
    6. Foodnet Ltd
    7. CROP’S UK
    8. Bonduelle
    9. Nature’s Garden
    10. Ardo

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

    Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

    Trends and growth analysis reports related to Frozen Vegetables Market