Frozen vegetables expected to grow at a CAGR of 5.3%, during the forecast period 2019-2025.
Posted: Mar 05, 2020
The modern lifestyle has distinctively shaped the dietary habits of the world. Demand for rare vegetables in off-seasons has led to the frozen vegetables market growth. The hard-to-find or afford fresh vegetables across the market are constantly supporting the frozen vegetables market. Moreover, the disposable income of rapidly urbanizing population coupled with advanced refrigeration technology and packaging is creating a growth in the frozen vegetable market. Since the advent of cryogenic freezing, the shelf life of frozen foods including vegetables has been extended without any preservatives. In July 2019, IceGen in alliance with JBT discovered an IceGen machine to bring advantages to juice or vegetable producers and exporters, by freezing the food without any refrigeration, keeping the color, overall quality, aroma, and taste intact. It also helps in transportation of the product without usage of any frozen storage machine. The makers are investing further on system to achieve equal success as a cold storage warehouse in freezing chunks of vegetables, without the 'frozen taste' that the consumers often complain about. Several other cryogenic technologies have surfaced, such as CCAR technology, ChillCan, and others that serve as a coolant and are less expensive than cryogen to produce frozen meal. These revolutionary technologies and food processing equipment will make a positive impact on the frozen vegetables market. Besides, Baba Ramdev's Patanjali Ayurveda, which became a brand name with its variety of herbal products plans to expand into the frozen vegetables sector. They announced that they look forward to selling frozen vegetables such as carrot, peas, cauliflower, and others and would invest a lot on its establishment. The company has also initiated a pilot launch at Rajasthan, Maharashtra, Delhi, and Haryana. ITC has also decided to join the league and plans to launch frozen vegetables soon. All these company expansions will directly contribute to the growth of the frozen vegetables market across the world.
The global frozen vegetables market size was evaluated at around $27.2 billion in 2018, which is expected to grow at a CAGR of 5.3%, during the forecast period 2019-2025.
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The global frozen food market registered a revenue of around $225 billion-$228 billion in 2018, which is expected to witness an upsurge at a CAGR of 3.5%-5%, during the forecast period 2019-2025. The rise of 'individually quick frozen' (IQF) method, which involves passing of every individual piece of food through a blast chiller on a conveyor belt is assuring freshness in food even after thawing. Recent research by the University of California demonstrates only minimal difference is visualized between fresh and frozen vegetables. Moreover, research at the University of Georgia highlights that frozen veggies have higher nutrient level than other varieties. Hence, these research reports will create a positive impact on the frozen food market in the upcoming years, paving new opportunities for market vendors.
Frozen Vegetables Market Analysis: Key Application
Corn is majorly consumed frozen vegetables. In 2016, sweet corn crop value estimated at around $9 million, while 26% of it was utilized in the processing sector. This processed sweet corn was marketed across the world as both canned and frozen. Owing to easy availability and rising demand in the quick service restaurants and other food outlets, frozen corns are highly in demand. Also, the frozen pizza market which extensively uses frozen corns for both garnishing and crust making collected revenue of around $13 billion in 2018, and is poised to witness a growth at a CAGR of 7%, during the forecast period. Frozen corn has lesser calories than the fresh corns. Hence, frozen corns are highly preferred by health-conscious people. In 2016, more than 1.9 billion adults were overweight, hence, consuming frozen corn is beneficial in controlling regular calorie intake. The frozen corn segment of the frozen vegetables market is expected to grow at a CAGR of 6.2%, during the forecast period 2019-2025.
North America Frozen Vegetables Market Overview:
The U.S. frozen food industry estimated at around $57 billion in 2018 with an annual growth of 2.6%. The increasing disposable income of the region coupled with rising demand for ready-to-eat and convenience food is boosting the frozen vegetables market. Furthermore, major brands are entering the food industry in region with novel ideas to attract consumers. The country's one of the fastest-growing pizza brand, CAULIPOWER announced its first frozen toast made from sliced and roasted sweet potatoes. It also aims to revolutionize vegetable-based foods under its umbrella brand Vegolutionary Foods. This will attract several consumers towards fresh frozen veggies influenced food products, thereby creating growth prospects for the North America frozen vegetables market players. Also, after losing out to rival LeanMeals, Nestle recognized the frozen food preferences of the millennials. Therefore, in 2018, the company decided to increase its production in US factories. The manufacturers also introduced a new variety of products, such as frozen coconut chickpea curry and sweet earth lover’s veggie pizza. These innovative products will attract the consumers, benefiting the frozen vegetables market players. Moreover, B&G Foods, Inc. has launched Green Giant Veggie Spirals such as carrots, butternut squash varieties, and zucchini as pasta alternatives. With this innovation the company is expanding its line of Green Giant frozen veggie swap-ins, thereby driving the North America frozen vegetables market. In 2018, North America had the largest frozen vegetables market share of approximately 35.4% amidst the global market. Growth drivers and trends that are contributing in North America frozen vegetables market growth are–
The U.S. Retail Grocery Sector Supporting the Frozen Vegetables Market –
There are 21,000 stores across the U.S., estimating around $131 billion annual sales contributing 1% to the U.S. GDP. Retail grocery stores sell frozen vegetables. Hence, with this array of figures, it can be deduced that a part of the sales contributes in supporting the North America frozen vegetables market growth.
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