The scope of our recent study on the “Frozen Vegetables Market Forecast t2027 – 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),” includes the analysis of factors governing the market growth, estimation and forecast of revenues, market share analysis, and identification of significant market players and their key developments.
The frozen vegetables market was valued at US$ 18,182.86 million in 2019 and is projected treach US$ 25,381.14 million by 2027; it is expected tgrow at a CAGR of 4.3% from 2020 t2027. The market growth is attributed tthe 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 hindering the market growth. Rise in the consumption of organic frozen vegetables is expected trender growth opportunities tthe vendors active in the global frozen vegetables market.
Based on type, the frozen vegetables market is segmented intpotato, green peas, spinach, mushrooms, corn, mixed vegetables, broccoli, carrot, and others. The mixed vegetables segment dominated the market in 2019 and is expected tmaintain its dominance throughout the forecast period. However, the corns segment is expected tregister the highest growth rate in coming years owing tthe rising consumption of corns in various meals and snacks. On the basis of end user, the market is bifurcated intfoodservice and food retail. The food retail segment dominated the market in 2019. However, the foodservice segment is expected tregister a higher CAGR during 2020–2027. Fast-food chains, hotels, and quick-service restaurants are increasingly demanding frozen vegetables and their different types. These vegetables are now beginning tbe accepted commercially on a large scale due ttheir ease of use and the reduced preparation time.
Geographically, the market is segmented intNorth America, Europe, Asia-Pacific, South America, and the Middle East and Africa. In 2019, Europe held the largest revenue share of the market. The market growth in Europe is driven by the increasing demand for convenience meal among consumers. Moreover, the rising trend of food-on-the-gin developed countries such as Germany, France, Italy, the UK, and Russia is one of the fundamental considerations for consumers while purchasing food products, which is driving the frozen vegetables market in Europe.
Impact of COVID-19 Pandemic on 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 tthe latest WHfigures, 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 tlockdowns, 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 the 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 the business collaborations and partnerships opportunities. All these factors are restraining the growth of various markets related tthe food and beverages industry.
The report includes the segmentation of the global frozen vegetables market as follows:
Frozen Vegetables Market, by Type
- Green Peas
- Mixed Vegetables
Frozen Vegetables Market, by End User
Frozen Vegetables Market, by Geography
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East &Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East &Africa
- South America
- Rest of South America
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