[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.

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Frozen Vegetables Market: Strategic Insights

Frozen Vegetables Market

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  CAGR (2019 - 2027)

  4.3%
• Market Size 2019
  US$ 18.18 Billion
• Market Size 2027
  US$ 25.38 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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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

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

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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.

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.

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.

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.

Frozen Vegetables Market Report Scope

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• Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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