Frozen Vegetables Market to hit $25,381.14 Million, Globally, by 2028 at 4.3% CAGR with Top Key Players are Conagra Brands, Goya Foods, Foodnet, Bonduelle and Ardo

According to the new research report published by The Insight Partners, titled "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)," the market was valued at US$ 18,182.86 million in 2019 and is projected to reach US$ 25,381.14 million by 2027; it is expected to grow at a CAGR of 4.3% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

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

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The global frozen vegetable market is expected to register a significant growth rate during the forecast period owing to the surging demand for convenience food and a growing number of fast food restaurants. The growth of fast food and quick service restaurants is on the rise as they cater to changing consumer preferences. Consumers desire convenience and quick service while dining in such restaurants. Frozen vegetables require less preparation time and are easy to use; therefore, they are witnessing increasing demand from quick-service restaurants. In addition, the demand for convenience food- such as frozen products, including frozen vegetables-is increasing as consumers are leading a hectic and busy lifestyle. However, the rising demand for fresh vegetables is hampering the market growth. There is an increase in the demand for frozen vegetables in emerging economies in Asia-Pacific, such as China and India, which is providing lucrative opportunities for this market.

Among the nine segments of type, the mixed vegetable 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.

Impact of the COVID-19 Pandemic on the Frozen Vegetables Market

The COVID-19 outbreak was first reported in Wuhan (China) in December 2019. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are 108,484,802 confirmed cases and 2,394,323 total deaths globally. The outbreak has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

The food & beverage industry is one of the major industries suffering serious disruptions such as supply chain breaks and production facility shutdowns. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia-Pacific, South America, and the Middle East and Africa is restricting the global supply chain and hindering manufacturing activities, delivery schedules, and various goods sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering business collaborations and partnership opportunities. All these factors are restraining the growth of various markets related to the food and beverages industry.

The List of Companies -  Frozen Vegetables Market

Conagra Brands Inc.; Goya Foods, Inc.; B&G Foods, Inc.; Bhanu Farms; Cascadian Farm Organic; Foodnet Ltd; CROP'S UK; Bonduelle; Nature's Garden; and Ardo are among the well-established players in the frozen vegetable market.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

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