The Processed & Frozen Vegetables Market within The Food market in G20 has seen minimal growth, impacted by factors such as changing consumer preferences, increasing competition, and rising production costs. Despite these challenges, the market is expected to slowly grow due to the convenience and health benefits of frozen and processed vegetables.
Customer preferences: As the demand for healthier and more convenient food options continues to rise, there has been a noticeable shift towards plant-based diets and vegetarianism. This has led to a growing demand for processed and frozen vegetables, as they offer a convenient and time-saving solution for busy individuals looking to incorporate more vegetables into their diets. Additionally, with the rise of veganism and plant-based diets, there has been an increasing demand for innovative and flavorful vegetable-based products, further driving the growth of the Processed & Frozen Vegetables Market within the Vegetables Market of The Food market.
Trends in the market: In the G20, the Processed & Frozen Vegetables Market of the Vegetables Market within The Food market is experiencing a surge in demand for plant-based and vegan options. This trend is driven by increasing health consciousness and sustainability concerns among consumers. Industry players are responding by expanding their product portfolios to include more plant-based options and investing in sustainable packaging and distribution methods. These developments are expected to continue, creating new opportunities for growth and innovation in the market.
Local special circumstances: In the Processed & Frozen Vegetables Market of the Vegetables Market within The Food market, unique local factors play a significant role in shaping market dynamics. For instance, in Japan, a high demand for convenience and healthy food options has led to the popularity of frozen vegetables among busy working professionals. In South Korea, the government's strict regulations on food safety have resulted in a strong demand for processed and frozen vegetables from trusted sources. In Canada, the growing trend of plant-based diets has driven the demand for frozen vegetable products, while in Mexico, the popularity of frozen vegetables is driven by the convenient and affordable options they offer for busy households.
Underlying macroeconomic factors: The Processed & Frozen Vegetables Market of the Vegetables Market within The Food market is greatly influenced by macroeconomic factors such as consumer spending, economic growth, and government policies. With the rise in disposable income and changing consumer preferences towards convenience and healthy food options, the market for processed and frozen vegetables is experiencing significant growth. Additionally, government initiatives promoting the adoption of frozen vegetables as a solution for food waste and increasing focus on sustainable agriculture practices are further driving market growth. Furthermore, the increasing demand for processed and frozen vegetables in emerging economies due to rapid urbanization and changing dietary habits is also contributing to market expansion.
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.
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