The global frozen vegetables market is projected to reach $34,973 million by 2023, registering a CAGR of 4.7% from 2017 to 2023, according to a new report published by Allied Market Research, Portland, Ore.
The report, "Frozen Vegetables Market by Product, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023,” revealed that in 2016, the frozen corn segment accounted for approximately one-third share of the global market, in terms of both value and volume.
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 and 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.
Key findings include:
- Asia-Pacific is expected to grow at the highest CAGR of 7% 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%.
- United States 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 foodservice industry in Asia-Pacific and LAMEA region drives the market growth.