South America 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 South America was valued at US$ 1,407.33 million in 2019 and is projected to reach US$ 2,025.42 million by 2027; it is expected to grow at a CAGR of 4.7% from 2019 to 2027. Expansion of quick service restaurants is one of the key factors expected to drive the frozen vegetables market in South America. The fast-food and quick-service restaurants have now become the need of the hour for the consumers. These restaurants basically provide mass-produced foods that have been attracting an increasing number of people to these restaurants. These restaurants are becoming more and more popular due to the convenience they provide, good taste of the food, and also they are economical in terms of money and time. Growth of fast food and quick service restaurants is on a rise as they cater to changing consumer preferences. Consumers desire convenience and quick service while dining in such restaurants. Quick service restaurants cater to the need of the consumers as they offer to sit and dine along with numerous services such as drive-thru, takeout, home delivery, etc. which suits the modern lifestyle of the consumers. Due to the growth and expansion of these quick-service restaurants or QSR’s, the demand for frozen vegetables has also increased. Frozen vegetables are witnessing increasing from the QSR’s as they require less preparation time and are easy to use. This helps the QSRs to provide the consumers with their food quickly, which is basically the main strength of a quick-service restaurant. The rising demand for convenience food is among the other factor expected to positively influence the frozen vegetables market.
The food retail segment led the South America frozen vegetables market based on end- user in 2019. Frozen vegetables are now starting to be consumed more and more in households. Frozen vegetables are considered as a convenient food and are used by retail consumers due to their short preparation time and also the ease of cooking. As there is an increase in the working population of women, the demand for convenient food such as frozen vegetables and mixed vegetables is on a rise. This is because women are at work and they need products that require less time for preparation. Thus, due to this, the demand for frozen vegetables is on a rise in the household sector. Consumers also purchase frozen vegetables because it provides nutrition and also its taste is delicious. Also increasing number of supermarkets & hypermarkets, convenience stores, and specialty stores for vegetables are positively influencing the market. Growth in online retailing with advanced freezing technology is further contributing to the market growth through the food retail segment. In this COVID 19 pandemic the frozen vegetables market has slowed down due to the lockdown in countries like Brazil, Argentina, 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 South America 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 South America 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 South America frozen vegetables market are Conagra Brands Inc., Goya Foods, Inc., Foodnet Ltd, Bonduelle, and Ardo.