Processed Vegetable Market size is set to grow by USD 89.9 billion from 2024-2028, Increasing demand for processed vegetables to boost the market growth, Technavio

NEW YORK, June 20, 2024 /PRNewswire/ -- The global processed vegetable market size is estimated to grow by USD 89.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 11.04% during the forecast period. Increasing demand for processed vegetables is driving market growth, with a trend towards processed vegetable manufacturers and distributors venturing into private-label marketplace. However, threat from unorganized players and intense competition among vendors poses a challenge. Key market players include Amazon.com Inc., Archer Daniels Midland Co., Ardo Coordination Center NV, B and G Foods Inc., Charoen Pokphand Foods PCL, Conagra Brands Inc., Cooperatie Koninklijke Cosun UA, Dole plc, Farmers Market Foods Inc., J.D. Irving Ltd., Libbys Brand Holding, Mitsubishi Corp., Ninos Fresh Cut Fruit and Veg LLC, NutriAsia Inc., Del Monte Pacific Ltd., Seneca Foods Corp., Smith Frozen Foods Inc., Sprouts Farmers Market Inc., Sysco Corp., and The Fresh Gourmet Co..

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Key Market Trends Fueling Growth

Private-label brands, such as Whole Foods' 365 Everyday Value and Sysco's FreshPoint, are experiencing substantial growth in the global retail market for processed vegetables. Key factors include competitive pricing and easy access. Consumers perceive these brands as offering high quality at lower prices, particularly for products like Organic Cut Green Beans, Sliced Beets, and Hearts of Palm (Salad Cut). Major vendors and distributors are expanding their product offerings with private-label brands to meet this demand and gain a competitive edge. 

The processed vegetable market is experiencing notable trends in several areas. Consumers are increasingly seeking convenient and nutritious food options, leading to a rise in demand for processed vegetables. The use of modern technology in production processes, such as freezing and canning, enables longer shelf life and maintains vegetable quality. Additionally, the focus on reducing food waste has led to the development of new processing techniques, like vacuum packaging and modified atmospheric packaging. Furthermore, the convenience of ready-to-eat and ready-to-cook products is driving growth in this market. The market is also witnessing a shift towards organic and natural processed vegetables, as consumers become more health-conscious. Overall, the processed vegetable market is evolving to meet changing consumer preferences and demands. 

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Market Challenges

• The processed vegetable market faces challenges from unorganized players, particularly in India and China, where cottage-scale industries dominate. This fragmented structure hinders the adoption of standardization and integration, making it difficult for vendors to compete against global and regional players. Intense competition and high purchase volumes encourage new entrants, further intensifying competition. These factors may hinder the growth of the global processed vegetable market during the forecast period.
• The processed vegetable market faces several challenges. Production processes involve complex steps like conveying, sorting, cleaning, blanching, and freezing. Costs for these processes can be high, especially for small-scale producers. Additionally, maintaining consistent product quality is crucial to meet customer expectations. Regarding distribution, logistics and transportation costs can be significant. Furthermore, competition from other processed food industries and changing consumer preferences pose challenges. Sustainability and eco-friendliness are increasingly important factors, requiring investments in energy-efficient technologies and biodegradable packaging. Regulations and certifications also add to the complexity and costs. Overall, the processed vegetable market requires continuous innovation and adaptation to overcome these challenges.

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Segment Overview 

This processed vegetable market report extensively covers market segmentation by

1. Product 
• 1.1 Canned vegetables
• 1.2 Frozen vegetables
• 1.3 Fresh-cut vegetables
2. Distribution Channel
• 2.1 Hypermarkets and supermarkets
• 2.2 Independent retailers and convenience store
• 2.3 Speciality food stores
• 2.4 Online retailers
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Canned vegetables- The processed vegetable market experiences consistent growth due to increasing consumer demand for convenient and nutritious food options. Supermarkets and retailers stock a wide range of canned, frozen, and dried vegetables to cater to this demand. Manufacturers employ modern processing techniques to ensure product quality and safety. The market is competitive, with key players focusing on innovation, pricing strategies, and distribution networks to gain an edge. Overall, the processed vegetable market is a thriving business sector that continues to expand.

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Research Analysis

The processed vegetable market has witnessed significant growth due to the increasing demand from consumers for convenient and nutritious food options. With urbanisation and modernisation, there is a higher preference for processed vegetables that offer mineral, protein, fibre, vitamin content. Heat treatment and the addition of natural ingredients are common methods used in processing to maintain the vegetable's nutritional value. The market includes a wide range of products such as canned vegetables, frozen vegetables, and convenience foods. The rise in busy lifestyles and disposable incomes have led to an increase in the consumption of processed vegetables, both in supermarkets/hypermarkets and through online retailing and e-commerce platforms. The reduction in product diversity due to imports is a challenge for the market, but the focus on organic and natural fresh products is expected to drive growth.

Market Research Overview

The Processed Vegetable Market encompasses a wide range of products derived from various vegetables through various methods such as freezing, canning, and drying. These methods help preserve the nutritional value and extend the shelf life of vegetables. The market is driven by factors such as increasing consumer awareness about health and nutrition, changing dietary preferences, and the convenience offered by processed vegetables. The market also faces challenges such as the high cost of raw materials and the need for advanced technology to ensure product quality. The market is segmented based on the type of vegetables, processing methods, and regions. The future of the processed vegetable market looks promising with the increasing demand for healthy and convenient food options.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Canned Vegetables
• Frozen Vegetables
• Fresh-cut Vegetables
• Distribution Channel
• Hypermarkets And Supermarkets
• Independent Retailers And Convenience Store
• Speciality Food Stores
• Online Retailers
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio