Global Frozen Vegetables Market Expected to Reach $34,973 Million by 2023, Says Allied Market Research
PORTLAND, Oregon and PUNE, India, May 24, 2018 /PRNewswire/ --
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, 2017-2023", the global frozen vegetables market was valued at $25,179 million in 2016, and is projected to reach $34,973 million by 2023, registering a CAGR of 4.7% from 2017 to 2023. In 2016, the frozen corn segment accounted for approximately one-third share of the global market, in terms of both value and volume.
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The freezing procedure preserves the vegetables for an extended time period without any preservatives and prevents microbial growth that may cause food decomposition. The ability to preserve the food by freezing has enabled the producer to make their products available to consumers anywhere worldwide. Vegetables such as asparagus, broccoli, green peas, mushrooms, spinach, corn, green beans can be made available to consumers in all seasons by freezing them.
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A hectic lifestyle and high disposable income of individuals have increased the popularity of convenience food, which drives the frozen vegetable market. Growth of the retail network in emerging economies, such as India, China, Brazil, has led to increased availability of frozen vegetables, 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 and rural areas may impede the market growth.
In 2016, the frozen corn segment generated the highest revenue, registering a CAGR of 6.0% from 2017 to 2023. Frozen corns are used at the commercial level via quick service restaurants (QSRs) such as McDonald's, Burger King, Pizza Hut, Dominos, and Subway.
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Key Findings of the Frozen Vegetables Market:
- Asia-Pacific is expected to grow at the highest CAGR of 7.0% from 2017 to 2023, followed by LAMEA, in terms of value.
- In 2016, the frozen broccoli segment accounted for one-tenth share, in terms of value, and is expected to grow at a significant CAGR of 5.8%.
- U.S. generated the highest revenue, accounting for approximately one-fifth share of the global market in 2016.
- In 2016, retail customers end-user segment generated the highest revenue, and is expected to grow at a CAGR of 4.8%.
- In 2016, Europe generated the highest revenue, accounting for approximately two-fifths market share, in terms of value.
- In terms of value, Asia-Pacific and LAMEA collectively contributed approximately one-third share of the global market in 2016. The rise in number of supermarkets/hypermarkets and growing food service industry in Asia-Pacific and LAMEA region drives the market growth.
The key players operating in the global frozen vegetable market are Cargill Incorporated, Cullise, Folba Oil Limited SDN, Mackintosh of Glendaveny, Ola Oils, Pacific Coast Canola, RISOIL S.A., ConAgra Foods Inc., Yorkshire Frozen Vegetable, and The Archer Daniels Midland Company.
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