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The vegetables are one of the major consumable products among the consumers in their daily diet, as it is a rich source of nutrients such as mineral, protein, fibre, and vitamin. Similarly, the processed vegetable market is also rising and has an immense potential to grow exponentially over the coming years. The rising modernisation and urbanisation among consumers have led to an increase in the popularity of processed vegetables across the world. is The demand increasing due to its promising properties and various convenience factors offered by the processed products, which is making the product more engaging with the consumers.
The processing of vegetables includes canning, flavouring, drying, and juice preparation, which gives the value-added product in the market. The processed vegetable market is growing decently because of its escalating demand among the consumers, owing to its natural taste and more-or-less the same nutritional properties. The processed vegetable market is expected to grow in the forecast year (2019-2026).
Key Market Driver -
Health Benefits along with Convenience over Purchasing of Conventional Vegetables
Key Market Restraint -
Reduced Natural Properties of Vegetables after its Processing
The processing of vegetables offers the preserved perishable products in a stable form. The convenience and longer shelf life of the processed vegetables are the key drivers for its increasing demand in the market. The manufacturers are able to store and deliver it in the cold market during every month of years. The processing of vegetables also offer the varied flavours added with natural ingredients which are enticing consumers to buy the products.
Vegetable processing includes heat treatment and other additives in the process. It results in the reduction of its natural and nutritional properties and benefits. While, in various countries, consumers are more diverting towards organic and natural fresh products, which is expected to decrease in the popularity of processed vegetables in the region.
Some of the key companies that are present in the processed vegetable market include Ardo N.V., H.J. Heinz Company, Conagra Brands, Inc., Dole Food Company Inc., Rhodes Food Group Holdings Limited, Seneca Foods Corporation, Del Monte Foods, Inc., Tropical Food Industries, and Shandong Wanlilai Foodstuff Co., Ltd. The competition between the key players is majorly based on price, which has led to encouraging key players to improve their product diversity to remain attractive among the buyers.
Among the product types, the frozen and dried segment is projected to witness continuous demand growth in the global processed vegetable market, owing to its better portability and convenience factor. The consumers are buying processed juice and canned vegetables for their diet and breakfast, such as aloe vera juice, sprouts, beans, and others. Canned vegetables are other segments which are also expected to grow in the upcoming years, owing to its long shelf life of vegetables.
The supermarkets/hypermarkets are the main channel of product distribution in the market. Supermarkets/ hypermarkets are emerging as a centre of attraction for purchasing groceries, due to offerings and schemes that are available in the stores for bulk buyers. The availability of focused product shelves in the supermarkets for processed vegetables attracts consumer attention to purchase. Another emerging platform for purchasing of groceries and other products is online retailing or e-commerce, which enabled consumers to experience convenient buying through Mobile applications.
In developing countries, agriculture is the base of its economy. The production of vegetables is abundant in those countries. Asia Pacific is witnessed as the major producer of processed vegetables, that export in various developed countries such as the U.S., Germany, and Russia. The countries such as India and China are majorly contributing to the total production and exports of the region. According to the report of Indian agricultural exports authority, the country has exported processed vegetables of US$ 354.6 Million during the year 2018-19. The varied seasonal and field conditions in India are beneficial to produce a variety of crops. The processed vegetables include preserved onion, cucumbers, dehydrated garlic, potato dried, dehydrated coconut, and others.
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Europe and North America are the major consumers of processed vegetables across the globe, which has a stronghold on overall developments of the global market. These regional markets are driven by factors such as high dependability of consumers on convenience foods, busy lifestyles, and high disposable incomes. The rising demand for the products results in the imports of processed vegetables from various countries such as India and China. The overall processed vegetable market is expected to grow due to its escalating demand in the regions.
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