Asia-Pacific Frozen Vegetables Market Forecast to 2027 – COVID-19 Impact and Analysis – By Type (Potato, Green Peas, Spinach, Mushrooms, Corn, Mixed Vegetables, Broccoli, Carrot, and Others) and End User (Foodservice and Food Retail)
The frozen vegetables market in Asia-Pacific was valued at US$ 4480.30 million in 2019 and is projected to reach US$ 6596.56 million by 2027; it is expected to grow at a CAGR of 5.0% from 2019 to 2027. Rising demand for convenience food is one of the key factors expected to drive the frozen vegetables market in Asia-Pacific. Owing to the changing consumer lifestyle, the demand for convenience food is also on a rise. The demand for convenience food is increasing as the consumers are leading a hectic and busy lifestyle. There has been significant growth in the woman employment rate across the world. As the women's employment is increasing, it becomes difficult for them to manage the household work as well as the office work. It becomes difficult for them to cook meals because of the lack of time. According to the data cited by the International Labour Organization, woman women account for nearly 40% of the employed population in China. Owing to which, the demand for convenience food like frozen products, which includes frozen vegetables has increased in the recent years. Along with the growth in woman employment, there has been a significant rise in the number of single-person households, which also is contributing to the demand for convenience food, including frozen vegetables. Rising number of nuclear families, along with increasing number of young professionals who live alone are boosting the demand for food products that can be easily cooked and prepared such as frozen vegetables. Frozen vegetables cater to such needs of the consumers and also provide them with nutrition. Hence, all these factors contribute to the growth of the frozen vegetables market. The expansion of quick service restaurants is among the other factor expected to positively influence the frozen vegetables market.
The mixed vegetable segment led the Asia-Pacific frozen vegetables market based on type in 2019. Mixed vegetables mainly refer to the ready-to-use combination of cut vegetables. The vegetables can be chopped, sliced, cubed, and diced. The typical vegetables included in the mixed vegetables are cauliflower, cabbage, carrots, French beans, broccoli, and green peas. Frozen mixed veggies have significant demand among consumers since it is very convenient to cook and eat cut vegetables within a short period. There is no burden of peeling, washing, and cutting in case of picking up frozen mixed vegetables from stores. In this COVID 19 pandemic the frozen vegetables market has slowed down due to the lockdown in countries like Australia, China, India, and many more. The majority of the countries have imposed lockdown or restricted human movement causing the industries to face a severe impact on production as a result of less labor footfall.
The overall Asia-Pacific frozen vegetables market size has been derived using both 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. The process also serves the purpose of obtaining overview and forecast for the Asia-Pacific frozen vegetables market with respects to all the segments pertaining to the region. 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 who typically take part in such a process include industry expert 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 vegetables market are Conagra Brands Inc., Goya Foods, Inc., Foodnet Ltd, Bonduelle, and Ardo.