The Asia Pacific frozen fruits market was valued at US$ 484.65 million in 2019 and is projected to reach US$ 1,628.53 million by 2027; it is expected to grow at a CAGR of 16.6% during 2020–2027.
The demand for frozen fruits is rising across Asia Pacific due to various health benefits associated with the consumption of these fruits. Frozen fruits are a rich source of various antioxidants, minerals, and vitamins. The easy availability of frozen fruits as compared to fresh fruits is another factor that is fueling the growth of the Asia Pacific frozen fruits market.
Based on product type, the Asia Pacific frozen fruits market is segmented into citrus fruits, tropical fruits, berries, and others. In 2019, the citrus fruits segment dominated the market. Based on application, the Asia Pacific frozen fruits market is segmented into confectionery and bakery, jams and preserves, fruit-based beverages, dairy, and others. In 2019, the confectionery and bakery segment accounted for the largest share in the Asia Pacific frozen fruits market.
Geographically, the Asia Pacific frozen fruits market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. In 2019, China accounted for the largest share in the Asia Pacific frozen fruits market. China is heavily contributing to this market since it is known as the manufacturing hub. The Chinese economy is flooded with manufacturing and assembly units of a few of the major manufacturers in the frozen fruits and packaging industries. The rising production capacity of these products is creating a strong market presence. China has the largest population across the region that leads to the growing demand for food and beverages, consumer goods, consumer electronics, transportation, and many other services and products, which bolsters the frozen fruits market growth in China.
Crop's Fruits NV, Dole Packaged Foods LLC., Mirelite Mirsa Co. Ltd., SunOpta Inc., Greenyard, J.R. Simplot Company, and General Mills Inc. are among the players present in the Asia Pacific frozen fruits market.
Overall size of the Asia Pacific frozen fruits market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific frozen fruits market.
Impact of COVID-19 Pandemic on Asia Pacific Frozen Fruits Market
The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. As of December 2020, India, Japan, China and Australia, are among the worst affected countries in terms of COVID-19 confirmed cases and reported deaths. The outbreak is hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The overall market breakdown, shutdown of factories, obstacle in supply chain, and downturn in world economy due to the COVID-19 pandemic are restraining the growth of the Asia Pacific frozen fruits market.