Frozen Vegetable Market

The article discusses the trends in the global frozen vegetable market, with an emphasis on consumption, production, imports, and exports. It provides data on market performance, forecasted growth in market volume and value, as well as insights into key consuming and producing countries. The analysis also includes information on the types of frozen vegetables dominating the market and trends in average prices for imports and exports.

Market Forecast

Driven by increasing demand for frozen vegetables worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.6% for the period from 2022 to 2030, which is projected to bring the market volume to 40M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $53.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Vegetables

In 2022, approx. 35M tons of frozen vegetables were consumed worldwide; dropping by -6.4% compared with 2021 figures. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak volume of 38M tons, and then dropped in the following year.

The global frozen vegetable market size declined slightly to $38.9B in 2022, waning by -3.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, consumption attained the peak level of $40.3B, and then contracted in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (5.9M tons), the United States (4M tons) and India (2.6M tons), together accounting for 35% of global consumption. The UK, Germany, Japan, Brazil, France, Italy, Pakistan, Spain, Turkey and Egypt lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +2.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen vegetable markets worldwide were China ($6.7B), the United States ($4.9B) and the UK ($2.3B), with a combined 36% share of the global market.

The UK, with a CAGR of +3.2%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of frozen vegetable per capita consumption in 2022 were the UK (28 kg per person), Italy (17 kg per person) and Spain (16 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Japan (with a CAGR of +2.3%), while consumption for the other global leaders experienced more modest paces of growth.

Consumption By Type

Frozen potatoes (26M tons) constituted the product with the largest volume of consumption, comprising approx. 74% of total volume. Moreover, frozen potatoes exceeded the figures recorded for the second-largest type, frozen vegetables other than potato and corn (7.9M tons), threefold.

For frozen potatoes, consumption remained relatively stable over the period from 2012-2022. For the other products, the average annual rates were as follows: frozen vegetables other than potato and corn (+0.7% per year) and frozen sweet corn (+0.3% per year).

In value terms, frozen potatoes ($25.6B) led the market, alone. The second position in the ranking was taken by frozen vegetables other than potato and corn ($11.4B).

For frozen potatoes, market remained relatively stable over the period from 2012-2022. With regard to the other consumed products, the following average annual rates of growth were recorded: frozen vegetables other than potato and corn (+1.4% per year) and frozen sweet corn (+0.9% per year).

Production

World Production of Frozen Vegetables

In 2022, global frozen vegetable production reduced to 36M tons, which is down by -5.6% against the previous year's figure. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 13% against the previous year. As a result, production reached the peak volume of 38M tons, and then dropped in the following year.

In value terms, frozen vegetable production fell to $34.5B in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 16% against the previous year. Global production peaked at $38.3B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (7.2M tons), Belgium (4.5M tons) and the United States (2.9M tons), with a combined 41% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Belgium (with a CAGR of +4.7%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

Frozen potatoes (26M tons) constituted the product with the largest volume of production, accounting for 74% of total volume. Moreover, frozen potatoes exceeded the figures recorded for the second-largest type, frozen vegetables other than potato and corn (8.3M tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of the volume of frozen potatoes production was relatively modest. For the other products, the average annual rates were as follows: frozen vegetables other than potato and corn (+1.1% per year) and frozen sweet corn (+0.8% per year).

In value terms, frozen potatoes ($22.2B), frozen vegetables other than potato and corn ($11.2B) and frozen sweet corn ($1B) constituted the products with the highest levels of production in 2022.

Frozen vegetables other than potato and corn, with a CAGR of +1.8%, saw the highest growth rate of market size among the main produced products over the period under review, while production for the other products experienced mixed trends in the production figures.

Imports

World Imports of Frozen Vegetables

In 2022, global imports of frozen vegetables rose to 16M tons, picking up by 4.2% compared with the year before. The total import volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when imports increased by 5.3%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, frozen vegetable imports rose rapidly to $19.3B in 2022. The total import value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (2.3M tons), followed by the UK (1.3M tons), France (1.2M tons), Japan (1.1M tons) and Germany (1M tons) were the key importers of frozen vegetables, together achieving 44% of total imports. The Netherlands (680K tons), Belgium (643K tons), Italy (600K tons), South Korea (524K tons), Spain (474K tons), Brazil (398K tons), Mexico (252K tons) and Australia (236K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mexico (with a CAGR of +5.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.1B), Japan ($2.1B) and the UK ($1.5B) were the countries with the highest levels of imports in 2022, together comprising 35% of global imports. France, Germany, Italy, Belgium, the Netherlands, South Korea, Spain, Brazil, Australia and Mexico lagged somewhat behind, together comprising a further 35%.

Mexico, with a CAGR of +7.9%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, frozen potatoes (9.2M tons) represented the main type of frozen vegetables, mixing up 59% of total imports. It was distantly followed by frozen vegetables other than potato and corn (6.1M tons), generating a 39% share of total imports. Frozen sweet corn (402K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for frozen potatoes (with a CAGR of +4.2%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported frozen vegetables were frozen potatoes ($10.4B), frozen vegetables other than potato and corn ($8.4B) and frozen sweet corn ($518M).

Frozen potatoes, with a CAGR of +5.9%, recorded the highest growth rate of the value of imports, in terms of the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average frozen vegetable import price amounted to $1,236 per ton, growing by 8.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was frozen vegetables other than potato and corn ($1,391 per ton), while the price for frozen potatoes ($1,130 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by frozen potato (+1.7%), while the other products experienced more modest paces of growth.

Import Prices By Country

The average frozen vegetable import price stood at $1,236 per ton in 2022, surging by 8.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($1,863 per ton), while the Netherlands ($925 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Vegetables

In 2022, the amount of frozen vegetables exported worldwide totaled 16M tons, with an increase of 5.9% on the previous year. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when exports increased by 6.8%. The global exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, frozen vegetable exports soared to $19.4B in 2022. The total export value increased at an average annual rate of +4.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, Belgium (4.5M tons), distantly followed by the Netherlands (2.4M tons), Canada (1.5M tons), China (1.4M tons), the United States (1.2M tons) and Spain (0.7M tons) represented the key exporters of frozen vegetables, together generating 72% of total exports. France (698K tons), Poland (665K tons), Germany (461K tons), Mexico (370K tons) and Egypt (326K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Egypt (with a CAGR of +7.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen vegetable supplying countries worldwide were Belgium ($4.5B), the Netherlands ($2.7B) and China ($1.9B), with a combined 47% share of global exports. Canada, the United States, Spain, France, Poland, Germany, Mexico and Egypt lagged somewhat behind, together accounting for a further 38%.

Among the main exporting countries, Egypt, with a CAGR of +6.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Frozen potatoes (9.5M tons) and frozen vegetables other than potato and corn (6.4M tons) dominates exports structure, together generating 97% of total exports. Frozen sweet corn (447K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exported products, was attained by frozen potatoes (with a CAGR of +4.1%), while the other products experienced more modest paces of growth.

In value terms, the largest types of exported frozen vegetables were frozen potatoes ($10.3B), frozen vegetables other than potato and corn ($8.6B) and frozen sweet corn ($517M).

Among the main exported products, frozen potatoes, with a CAGR of +5.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average frozen vegetable export price amounted to $1,187 per ton, increasing by 8.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was frozen vegetables other than potato and corn ($1,351 per ton), while the average price for exports of frozen potatoes ($1,083 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by frozen potato (+1.7%), while the other products experienced more modest paces of growth.

Export Prices By Country

The average frozen vegetable export price stood at $1,187 per ton in 2022, picking up by 8.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($1,507 per ton), while Poland ($931 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform