Global Processed Vegetable Market 2019–2023| Increasing Online Presence of Processed Vegetable Vendors to Boost Growth| Technavio
The global processed vegetable market is expected to post a CAGR of over 8% during the period 2019–2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increase in demand for processed vegetables. Processed vegetables can be classified into fresh cut, canned, and frozen vegetables. These vegetables are processed within a few hours of harvest, which helps to lock their nutrients for a longer period, while fresh vegetables tend to lose their nutrients during shipping and shelving. Thus, such factors are driving the demand for processed vegetables across the world. Some of the other prominent factors driving the growth of processed vegetables market are improved market access for vendors and consumers, changing consumer preference for convenient and healthy food, a more professional retail network between manufacturers and retailers, and a combination of improved logistics, (controlled-atmosphere) storage, and cold-chain facilities.
As per Technavio, the increasing online presence of processed vegetable vendors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global processed vegetable market 2019–2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019–2023.
Global Processed Vegetable Market: Increasing Online Presence of Processed Vegetable Vendors
The rise in penetration of smartphones, coupled with improved accessibility to the internet is promoting the sale of processed vegetables online. E-commerce platforms give liberty to consumers to choose from a wide range of brands. Moreover, the speedy delivery and hassle-free purchase experience encourages more consumers to purchase processed vegetables via e-commerce channels. Furthermore, the rise in the number of vendors who provide processed vegetables through online platforms is mainly due to the factors such as easy access to market, reduced overhead cost by minimizing the need for retail premises and labor. Besides, selling products online provides vendors an opportunity to expand market share in regions where the company cannot reach physically. Therefore, the increasing online presence of processed vegetable vendors will spur market growth during the forecast period.
“Apart from the increasing online presence of processed vegetable vendors, private-label brands are registering significant growth in the global retail market. Competitive pricing and easy availability are the major factors driving the sale of private-label food and beverage products. Also, factors such as perceived high quality and lower price are expected to drive the sale of private-label processed vegetables in the global market. Thus, the significant growth of private-label brands will drive the growth of the market in focus during the forecast period,” says a senior analyst at Technavio.
Global processed vegetable market: Segmentation analysis
This market research report segments the global processed vegetable market by product (canned vegetables, frozen vegetables, and fresh-cut vegetables) and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. However, during the forecast period, the North American and European region are expected to register the highest incremental growth due to the increased demand for processed vegetables and a corresponding rise in the import and consumption of canned vegetables.
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