Fresh Vegetables - G20

G20

Highlights

Revenue in the Fresh Vegetables market amounts to US$568.30bn in 2024. The market is expected to grow annually by 6.00% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$101bn in 2024).
In relation to total population figures, per person revenues of US$114.30 are generated in 2024.
In the Fresh Vegetables market, volume is expected to amount to 395.00bn kg by 2029. The Fresh Vegetables market is expected to show a volume growth of 4.4% in 2025.0.
The average volume per person in the Fresh Vegetables market is expected to amount to 66.7kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Fresh Vegetables market within The Food market in G20 is witnessing minimal growth, influenced by factors such as fluctuating consumer preferences, challenges in supply chain efficiency, and increasing competition from processed alternatives impacting demand.

Customer preferences: Consumers are progressively prioritizing fresh, locally sourced produce, reflecting a growing awareness of sustainability and health. This trend is particularly strong among millennials and Gen Z, who are more inclined to support organic farming practices and seek transparency in food sourcing. Additionally, the rise of plant-based diets is reshaping preferences, as individuals embrace vegetables for their nutritional benefits. Social media platforms further amplify these shifts, inspiring culinary creativity and encouraging a more adventurous approach to vegetable consumption.

Trends in the market: In the global Fresh Vegetables Market, there is a noticeable shift towards organic and locally sourced produce, driven by a heightened consumer focus on sustainability and health. In North America, millennials and Gen Z are increasingly demanding transparency in food sourcing, leading to a surge in farmers' markets and community-supported agriculture (CSA) initiatives. In Europe, plant-based diets are reshaping culinary preferences, resulting in a spike in vegetable-centric products and innovative recipes shared on social media. This trend presents significant opportunities for industry stakeholders to engage with health-conscious consumers and enhance supply chain transparency.

Local special circumstances: In Japan, the Fresh Vegetables Market is characterized by a strong emphasis on quality and aesthetics, influenced by cultural practices that prioritize visually appealing produce. The country's unique geographical conditions, including limited arable land and a focus on urban agriculture, drive innovation in vertical farming and hydroponics. Additionally, stringent food safety regulations foster consumer trust and contribute to the demand for locally sourced, seasonal vegetables. These local factors create a distinct market dynamic, emphasizing premium quality and sustainability in food choices.

Underlying macroeconomic factors: The Fresh Vegetables Market in Japan is significantly influenced by macroeconomic factors such as national economic stability, consumer spending patterns, and global trade dynamics. Japan's robust economy, characterized by low unemployment and moderate inflation, supports higher disposable incomes, leading to increased demand for premium quality vegetables. Additionally, global trends towards sustainability and health consciousness are driving consumer preferences for organic and locally sourced produce. Fiscal policies that promote agricultural innovation and urban farming initiatives further enhance market growth. Exchange rate fluctuations and trade agreements also impact import costs and competition, shaping the overall market landscape.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.