Executive Summary

The frozen vegetables market has witnessed steady growth in recent years, and this trend is expected to continue in the coming years. The market is driven by factors such as increasing health consciousness among consumers, busy lifestyles, and the availability of a wide variety of frozen vegetables. However, the market is also facing challenges such as the perception that frozen vegetables are not as healthy as fresh ones and concerns about the environmental impact of frozen food packaging.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

• The global frozen vegetables market is expected to grow at a CAGR of 4.5% during the forecast period 2021-2026.
• The Asia-Pacific region is expected to witness the highest growth rate in the market due to increasing demand for convenient and healthy food products.
• The market is dominated by a few key players, including Conagra Brands, Inc., General Mills Inc., Nestle SA, and Pinnacle Foods, Inc.
• Frozen vegetables are most commonly used in the food service industry, followed by households and retail stores.

Market Drivers

1. Increasing health consciousness among consumers: Consumers are becoming more aware of the health benefits of eating vegetables. Frozen vegetables offer a convenient way to get the recommended daily intake of vegetables without the hassle of preparing fresh ones.
2. Busy lifestyles: People are leading increasingly busy lifestyles, which has led to an increase in demand for convenient and quick-to-prepare food options. Frozen vegetables are easy to store and can be quickly prepared, making them a popular choice among busy consumers.
3. Availability of a wide variety of frozen vegetables: The frozen vegetables market offers a wide variety of vegetables that are not always available fresh. This has led to an increase in demand for frozen vegetables among consumers who want to include a wider variety of vegetables in their diet.

Market Restraints

1. Perception that frozen vegetables are not as healthy as fresh ones: Some consumers believe that frozen vegetables are not as healthy as fresh ones. This perception has led to a decrease in demand for frozen vegetables in some regions.
2. Concerns about the environmental impact of frozen food packaging: The packaging used for frozen food products has raised concerns about the environmental impact of the frozen food industry. This has led to a push for more sustainable packaging options.

Market Opportunities

• Rising health consciousness: With growing awareness around nutrition and balanced diets, consumers are increasingly turning to frozen vegetables as a convenient, healthy alternative to processed foods. This opens new avenues for market players.

• Busy urban lifestyles: Hectic work schedules and limited cooking time have boosted the demand for quick, easy-to-prepare frozen vegetable options, presenting growth potential for brands.

• Expansion of retail and online grocery channels: The rapid growth of modern retail outlets and e-commerce grocery platforms is making frozen vegetables more accessible, offering companies an opportunity to broaden their market reach.

Market Dynamics

The frozen vegetables market is driven by a combination of factors, including increasing health consciousness among consumers, busy lifestyles, and the availability of a wide variety of frozen vegetables. However, the market is also facing challenges such as the perception that frozen vegetables are not as healthy as fresh ones and concerns about the environmental impact of frozen food packaging. Companies in the market are responding to these challenges by offering sustainable packaging options and promoting the nutritional benefits of frozen vegetables.

Regional Analysis

The global frozen vegetables market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region is expected to witness the highest growth rate in the market due to increasing demand for convenient and healthy food products. The region is also home to a large population that is increasingly interested in plant-based diets and is expected to drive the demand for frozen vegetables in the coming years.

Competitive Landscape

Leading Companies in the Frozen Vegetables Market:

1. Birds Eye
2. Conagra Brands, Inc.
3. Pinnacle Foods, Inc.
4. Bonduelle Group
5. Greenyard NV
6. McCain Foods Limited
7. H.J. Heinz Company
8. Lamb Weston Holdings, Inc.
9. General Mills, Inc.
10. Nomad Foods Limited

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The frozen vegetables market can be segmented based on product type, distribution channel, and region. By product type, the market can be divided into corn, peas, green beans, carrots, broccoli, and others. By distribution channel, the market can be divided into food service, households, and retail stores.

Category-wise Insights

1. Corn: Corn is the most popular frozen vegetable, accounting for a significant share of the market. It is used in various dishes such as soups, stews, and casseroles.
2. Peas: Peas are another popular frozen vegetable. They are used in various dishes such as pasta, salads, and stir-fries.
3. Green beans: Green beans are a popular side dish and are often used in casseroles and stews.
4. Carrots: Carrots are a versatile vegetable that can be used in various dishes such as stir-fries, soups, and stews.
5. Broccoli: Broccoli is a nutrient-dense vegetable that is often used in salads, stir-fries, and pasta dishes.

Key Benefits for Industry Participants and Stakeholders

1. Increased revenue opportunities: The growing demand for frozen vegetables presents an opportunity for companies to increase their revenue and market share.
2. Diversification of product offerings: Companies can expand their product offerings by adding frozen vegetable products to their portfolio.
3. Meeting consumer demands: Offering frozen vegetable products can help companies meet the changing demands of consumers who are increasingly interested in healthy and convenient food options.

SWOT Analysis

Strengths:

1. Convenience: Frozen vegetables offer a convenient and easy-to-prepare option for consumers.
2. Long shelf life: Frozen vegetables have a longer shelf life than fresh ones, which reduces food waste.

Weaknesses:

1. Perceived lack of nutritional value: Some consumers perceive frozen vegetables to be less nutritious than fresh ones.
2. Environmental concerns: The packaging used for frozen vegetables raises concerns about the environmental impact of the frozen food industry.

Opportunities:

1. Growing demand for organic and non-GMO frozen vegetables: Consumers are increasingly interested in organic and non-GMO food products.
2. Popularity of vegan and vegetarian diets: The popularity of vegan and vegetarian diets is on the rise.

Threats:

1. Competition from fresh vegetables: Fresh vegetables are still the preferred option for many consumers.
2. Volatility in raw material prices: Volatility in the prices of raw materials used in frozen vegetable production can affect the profitability of companies in the market.

Market Key Trends

1. Growing demand for plant-based food options: The popularity of plant-based diets is on the rise, and this trend is expected to continue in the coming years.
2. Rising interest in health and wellness: Consumers are increasingly interested in health and wellness, and this trend is driving the demand for healthy and nutritious food options, including frozen vegetables.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the frozen vegetables market. The pandemic led to an increase in demand for frozen vegetables as consumers stocked up on non-perishable food items. The pandemic also led to disruptions in the supply chain, which affected the availability of fresh vegetables in some regions, further driving the demand for frozen vegetables.

Key Industry Developments

1. Conagra Brands, Inc. acquired Pinnacle Foods, Inc. in 2018, which strengthened the company’s position in the frozen vegetable market.
2. Nestle SA launched a new line of plant-based frozen food products in 2020, which included a range of frozen vegetable products.

Analyst Suggestions

1. Companies in the market should focus on offering sustainable packaging options to address concerns about the environmental impact of frozen food packaging.
2. Companies should promote the nutritional benefits of frozen vegetables to address the perception that they are less healthy than fresh ones.

Future Outlook

The frozen vegetables market is expected to continue to grow in the coming years, driven by factors such as increasing health consciousness among consumers and the growing demand for plant-based food options. The market is also expected to face challenges such as the competition from fresh vegetables and concerns about the environmental impact of frozen food packaging. Companies in the market are expected to respond to these challenges by offering sustainable packaging options and promoting the nutritional benefits of frozen vegetables.

Conclusion

The frozen vegetables market has witnessed steady growth in recent years, driven by factors such as increasing health consciousness among consumers, busy lifestyles, and the availability of a wide variety of frozen vegetables. However, the market is also facing challenges such as the perception that frozen vegetables are not as healthy as fresh ones and concerns about the environmental impact of frozen food packaging. Companies in the market are responding to these challenges by offering sustainable packaging options and promoting the nutritional benefits of frozen vegetables. The future outlook for the frozen vegetables market is positive, and the market is expected to continue to grow in the coming years.