At 5.4% CAGR, Asia Pacific Frozen Vegetables Market is Projected to be Worth US$ 14,754.46 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific frozen vegetables market was valued at US$ 9,716.68 million in 2023 and is expected to reach US$ 14,754.46 million by 2031, registering a CAGR of 5.4% from 2023 to 2031. Growing demand from the foodservice sector and increasing preference for plant-based diets are among the critical factors attributed to driving the Asia Pacific frozen vegetables market growth.

Restaurants, cafes, hotels, and catering services strive to meet consumer preferences for high-quality ingredients. In such a scenario, frozen vegetables emerge as a practical solution to ensure consistency, convenience, and cost-effectiveness in their operations.  Frozen vegetables preserve their freshness and nutritional value. Frozen produce is often picked and flash-frozen at its peak growth, locking in nutrients and flavors. This allows chefs and kitchen staff to access a wide range of frozen vegetables regardless of seasonal limitations, ensuring a consistent supply of ingredients for different food items. For instance, restaurants can offer seasonal exotic vegetable-based dishes throughout the year by incorporating various frozen exotic vegetables into their recipes. By utilizing frozen ingredients, restaurants can save preparation time, minimize food waste, and maintain consistent quality, especially during peak dining hours. Catering services for events, hotels, and institutional food providers also propel the demand for frozen vegetables. Large-scale operations catering to weddings, conferences, and banquets in major regions rely on the convenience and versatility of frozen produce to meet the volume and quality standards expected by their clients. Thus, the growing demand for frozen vegetables from the foodservice sector boosts market growth.

On the flip side, supply chain challenges hamper the growth of Asia Pacific frozen vegetables market.

By type, the Asia Pacific frozen vegetables market is segmented into corn cob, corn kernels/sweet corn, green peas, baby corn, carrot, cauliflower, green beans, spinach, broccoli, onions, brussel sprouts, mixed vegetables, and others. The others segment held 27.0% share of Asia Pacific frozen vegetables market share in 2023, amassing US$ 2,621.83 million. It is projected to garner US$ 3,459.97 million by 2031 to register 3.5% CAGR during 2023–2031.

In terms of category, the Asia Pacific frozen vegetables market is bifurcated into organic and conventional. The conventional segment held 87.3% share of Asia Pacific frozen vegetables market share in 2023, amassing US$ 8,479.28 million. It is projected to garner US$ 12,806.00 million by 2031 to register 5.3% CAGR during 2023–2031.

Based on end user, the Asia Pacific frozen vegetables market is segmented into food processing, food retail, and food service. The food retail segment held 47.8% share of Asia Pacific frozen vegetables market share in 2023, amassing US$ 4,642.67 million. It is projected to garner US$ 6,854.93 million by 2031 to register 5.0% CAGR during 2023–2031.

Based on country, the Asia Pacific frozen vegetables market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 41.4% share of Asia Pacific frozen vegetables market in 2023. It was assessed at US$ 4,018.82 million in 2023 and is likely to hit US$ 5,962.28 million by 2031, registering a CAGR of 5.1% during 2023–2031.

Key players operating in the frozen vegetables market are Alasko Food Inc.; Ardo Foods NV; B&G Foods; Bonduelle SA; Dawtona Frozen; General Mills Inc; Goya Foods Inc; Grupo Virto; Hanover Foods; La Fe Foods; McCain Foods Ltd; Mondial Foods BV; Mother Dairy Fruit & Vegetable Pvt. Ltd; Seneca Foods Corp; and Simplot Global Food., among others.

• In 2024: McCain Foods completed the acquisition of Irish plant-based frozen food manufacturer Strong Roots. The acquisition follows McCain and Strong Roots' strategic partnership, which began in 2021 and resulted from a $55 million investment.

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