At 3.2% CAGR, South & Central America Frozen Vegetables Market is Projected to be Worth US$ 1,694.65 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the South & Central America frozen vegetables market was valued at US$ 1,313.41 million in 2023 and is expected to reach US$ 1,694.65 million by 2031, registering a CAGR of 3.2% from 2023 to 2031. Growing inclination toward a healthy diet and growing demand from the foodservice sector are among the critical factors attributed to driving South & Central America frozen vegetables market growth.
Frozen vegetables are perceived as nutritious alternatives to fresh produce, as they are harvested at peak growth and flash-frozen to retain essential nutrients, vitamins, and antioxidants. This perception propels the demand for frozen vegetables among health-conscious consumers looking to incorporate vegetables into their daily meals.
As urbanization and changing lifestyles lead to dietary shifts, frozen vegetables provide a convenient way for consumers to maintain dietary traditions while adapting to modern demands. With rising concerns about food safety and access to fresh produce, frozen options offer a reliable and hygienic alternative, particularly in areas where access to fresh produce might be limited. The trend of consuming a healthy diet is also reflected in the development of specialized products tailored to specific dietary preferences and wellness goals. Innovative packaging solutions and portion-controlled servings make it easier for consumers to manage their calorie intake and adhere to healthy eating guidelines. By leveraging this trend and offering a wide range of nutritious, convenient frozen vegetables, companies can tap into a growing market and position themselves as leaders in promoting health and wellness through frozen foods. Therefore, the rising inclination toward a healthy diet is expected to emerge as a prominent trend in the frozen vegetables market during the forecast period.
On the flip side, supply chain challenges hamper the growth of South & Central America frozen vegetables market.
By type, the South & Central America 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 a 21.7% share of South & Central America frozen vegetables market share in 2023, amassing US$ 284.79 million. It is projected to garner US$ 314.02 million by 2031 to register 1.2% CAGR during 2023-2031.
In terms of category, the South & Central America frozen vegetables market is bifurcated into organic and conventional. The conventional segment held 89.4% share of South & Central America frozen vegetables market share in 2023, amassing US$ 1,174.26 million. It is projected to garner US$ 1,507.54 million by 2031 to register 3.2% CAGR during 2023-2031.
Based on end user, the South & Central America frozen vegetables market is segmented into food processing, food retail, and foodservice. The food retail segment held 52.6% share of South & Central America frozen vegetables market share in 2023, amassing US$ 690.68 million. It is projected to garner US$ 871.62 million by 2031 to register 3.0% CAGR during 2023-2031.
Based on country, the South & Central America frozen vegetables market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 54.3% share of South & Central America frozen vegetables market in 2023. It was assessed at US$ 713.32 million in 2023 and is likely to hit US$ 927.82 million by 2031, registering a CAGR of 3.3% 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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