Report : South America Frozen Vegetables Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Potato, Green Peas, Spinach, Mushrooms, Corn, Mixed Vegetables, Broccoli, Carrot, and Others) and End User (Foodservice and Food Retail)
According to a new market research study on “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),” is expected to reach US$ 2,025.42 million by 2027 from US$ 1,407.33 million in 2019 and is expected to grow at a CAGR of 4.7% from 2020 to 2027. The report provides trends prevailing in the South America Frozen Vegetables market along with the drivers and restraints pertaining to the market growth. Rising demand for convenience food is the primary factor driving the South America Frozen Vegetables market. However, rising consumer preference for fresh and natural products may hinder Frozen Vegetables growth in South America.
Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina, among others. The government of South America has taken an array of actions to protect their citizens and contain COVID-19’s spread. It is anticipated that South America will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the United States, which are important trade partners. Containment measures in several countries of South America will reduce economic activity in the manufacturing sectors for at least the next quarter, with a rebound once the epidemic is contained.
Based on type, the frozen vegetables market is segmented into potato, green peas, spinach, mushrooms, corn, mixed vegetables, broccoli, carrot, and others. The mixed vegetables segment dominated the market in 2019 and is expected to maintain its dominance throughout the forecast period. However, the corns segment is expected to register the highest growth rate during the upcoming years owing to the rising consumption of corns in various meals and snacks. On the basis of end user, the market is segmented into foodservice and food retail. The food retail segment dominated the South America frozen vegetables market in terms of value in 2019. However, the foodservice segment is expected to register a higher CAGR during the forecast period 2020–2027.
Some of the major key players operating in the frozen vegetables market include Conagra Brands Inc., Goya Foods Inc., Foodnet Ltd, Bonduelle, and Ardo among many others. The major players in the frozen vegetables market are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally. For Instance, in 2018, Conagra Brands, Inc. announced the completion of its acquisition of Pinnacle Foods. The closing of the transaction follows the approval of all Pinnacle Foods' shareholders and with the satisfaction of all terms & conditions. Through this acquisition, Conagra adds iconic brands to its portfolio, including Birds Eye, Duncan Hines, Earth Balance, and Vlasic, as well as emerging brands, such as Gardein, Glutino, Udi's, Wish-Bone, and EVOL, among others.
The Report Segments The South America Frozen Vegetables Market As Follows:
South America Frozen Vegetables Market, by Type
- Green Peas
- Mixed Vegetables
South America Frozen Vegetables Market, by End User
- Food Retail
South America Frozen Vegetables Market, by Country
- Rest of South America
Contact Person: Sameer Joshi
Email Id: email@example.com