LONDON--(BUSINESS WIRE)--The global processed vegetable market is expected to grow by USD 60.49 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 11%.
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Market estimates include pre- and post-COVID-19 impact on the processed vegetable market - Request free sample pages
The spread of the COVID-19 pandemic is expected to positively impact the growth of the global processed vegetable market. The extension of lockdown and containment efforts worldwide have led people to stock up essential food products such as processed vegetables. The growing demand is encouraging several online retail companies to deliver essential food products, including processed vegetables and thus strengthen their presence. For instance, in India, Flipkart has set up a novel food retail company called Flipkart FarmerMart Pvt. Ltd. to deliver food products, including processed vegetables to help people during the pandemic situation. These factors are providing significant growth opportunities for market players.
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The market is driven by the increasing demand for processed vegetables. In addition, increased internet penetration is anticipated to boost the growth of the processed vegetable market.
Processed vegetables can be stored for a longer period without losing nutrients. Factors such as improved market access for vendors and consumers, changing consumer preferences, the strong retail network between manufacturers and retailers, and a combination of improved logistics, storage, and cold-chain facilities have increased the demand for processed food over recent years. For instance, during 2017 and 2018, the production of processed vegetables in the US grew by over 7%. Similarly, in 2017, Germany witnessed a 14% growth in the demand for frozen and convenience foods such as processed vegetables. This can be attributed to the growing demand for vegetarian and vegan food products in the country. Therefore, the rising demand for processed vegetables is expected to drive the growth of the market during the forecast period.
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Major Five Processed Vegetable Companies:
Amazon.com Inc. operates its business through segments such as North America, International, and Amazon Web Services. The company offers 365 Everyday Value. It includes a wide range of canned vegetables such as 365 Everyday Value Sliced Beets and 365 Everyday Value Artichoke Hearts.
B&G Foods Inc.
B&G Foods Inc. operates through a unified business segment. The company offers a wide range of peas, carrot, tender asparagus, and other vegetables in silver cans.
Conagra Brands Inc.
Conagra Brands Inc. operates its business through segments such as Grocery and Snacks, Refrigerated and Frozen, International, Foodservice, Pinnacle foods, and Commercial Foods. Birds Eye Fresh Frozen Select Vegetables Cauliflower Florets, Birds Eye Fresh Frozen Deluxe Vegetables Sugar Snap Peas, Birds Eye Fresh Frozen Select Vegetables Chopped Spinach, and Birds Eye Fresh Frozen Select Vegetables Cooked Winter Squash are some of the frozen vegetables offered by the company.
Cooperatie Koninklijke Cosun UA
Cooperatie Koninklijke Cosun UA operates its business through segments such as Sugar activities, Potato activities, and Other activities. The company offers processed carrots, kale, spinach, red beet, and pumpkin.
Del Monte Pacific Ltd.
Del Monte Pacific Ltd. operates its business through segments such as Packaged fruit and vegetable, Beverage, Culinary, and Fresh fruit and others. The company offers a range of canned vegetables such as sliced mushrooms, garden peas, white and baked beans, artichokes, chickpeas, red kidney beans, and sweet corn.
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Processed Vegetable Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Canned vegetables
- Frozen vegetables
- Fresh-cut vegetables
Processed Vegetable Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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