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(HomeGarden247.com, March 30, 2020 ) Market Overview
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• The Global Frozen Vegetables Market is expected to grow at a CAGR of 5.6% during the forecasting period (2019-2026).
• Frozen vegetables are a class of vegetables whose temperature is reduced and maintained below their freezing point. Freezing is performed to increase the shelf life and hold nutritional qualities of vegetables for longer time. Apart from freezing process, vegetables undergo operations such as washing, peeling, grading, cutting, blanching of enzymatic activity depending upon the vegetable category. The key advantages associated with frozen vegetables includes longer shelf life compared with fresh vegetables (approx. 8 months), availability of unseasonal vegetables and presence of similar nutritional properties similar to fresh ones. The per capita consumption of frozen vegetables has seen a significant pump by the consumers in the U.S. and the developed European economies such as Germany, France, and Italy. Growing demand for convenience and ready-to-cook food are driving the frozen vegetables market globally.
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• High disposable income of individuals has increased the popularity of convenience food, thus increased consumption for frozen vegetables from consumers across the developed nations. The growth of the frozen vegetables market can be attributable to factors such as the growing demand for vegetables, lack of availability of fresh vegetables in winters, and rising demand for ready-to-cook vegetables. The imports of frozen vegetables has significantly increased in low-temperature prone countries across the globe. The U.S., Japan, Germany, France, U.K., and Netherlands are the largest importers of frozen vegetables. The high shelf life and preserved nutritional content are motivating the consumption of frozen vegetables, thus contributing to the growth of frozen vegetables market globally. Restaurants, food service firms, and intuitional buyers such as hospitals and prisons are increasing their spending towards establishment of modern food storage facilities to meet their consumer requirements. The provision of serving unseasonal vegetables is fueling the utilization of frozen vegetables in restaurants. Changing environmental conditions and increasing occurrence of natural disasters The per capita consumption of frozen vegetables has seen significant rise among the millennials and adult population below 40 years.
• Global frozen vegetables market is segmented on the basis of product into Asparagus, Broccoli, Green Peas, Spinach, Corn, Mixed vegetables and others. Corn is dominating the global frozen vegetables market owing to its extensive usage in household and institutional buyers in production of daily foods. Presence of huge consumer base for corn in both developed & developing nations and seasonal production nature of corn led to increased production and consumption of frozen corn across the globe. According to national Agricultural Statistics Service, processed sweet corn (both canned and frozen) accounted to 2.5 million tons with a crop value of approximately USD 255.5 million in 2015.
• By region, the global frozen vegetables market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Europe is dominating the global frozen vegetables market owing to the growing consumer demand for convenient and fast-to-prepare foods. Europe region also evolved as the largest importer of frozen vegetables with imports valued $3.34 billion and a share of 53% in global imports in 2017. Germany and France are the leading markets for frozen vegetables in Europe. The per capita consumption of frozen vegetables reached 3Kg in Spain in 2016.
• Japan frozen vegetable market has seen growth of approximately 18% over last decade and is likely to witness the highest growth in frozen vegetable market over the forecast period. The shifting Japanese consumer preferences towards convenience foods and decreased production of fresh vegetables due to frequent occurrence of natural disasters are driving the frozen vegetables market in the country. The commercial and environmental risks associated with fumigation is motivating import of frozen vegetables over fresh vegetables. According to Japan Frozen Food Association, it is estimated that Japan frozen vegetable consumption reached 1.085 million tons in 2017, with 93% of consumption being imported from China, the U.S., Thailand, and some other countries.
• The major players in global frozen vegetables market are focusing on acquiring regional players and their processing plants to improve their processing capabilities, thereby expanding their foothold in the market
• In June 2019, Bonduelle group acquired industrial assets of LLC Shock frozen vegetable company located in Belgorod region Russia as part of its business expansion in Russia. The company also entered into a strategic agreement with Seneca to acquire its processing plant in Lebanon. These acquisitions help Buonduelle enhance its global outreach in Russia and Middle East region
• In February 2019, Conagra Brands invested USD 78 million for expansion of its processing operations in Beaver Dam Plant. This investment is majorly focused on modernizing and expanding the cold storage and packaging facility in its Beaver Dam plant.
• Some of the key players in the global Frozen Vegetables market includes Birdeye, B&G Foods North America, Inc., Brecon Foods Inc., Bonduelle Group, and Cascadian Farm Organic.
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