USD 632.54 billion
Report ID: SQMIG30I2344 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 67 | Figures: 66
Fresh Vegetables Market size was valued at USD 632.54 billion in 2021 and is poised to grow from USD 650.25 billion in 2022 to USD 811.01 billion by 2030, growing at a CAGR of 25.2% in the forecast period (2023-2030).
The fresh vegetables market is a dynamic and essential sector within the global food industry. Characterized by a wide variety of produce, including leafy greens, vibrant fruits, and nutritious root vegetables, this market caters to the increasing consumer demand for healthy, natural, and nutrient-rich dietary options. The growing emphasis on wellness, coupled with rising awareness of the benefits of fresh vegetables, fuels the market's expansion. Urbanization and lifestyle changes have led to a surge in demand for convenient yet nutritious food, further driving the market.
The impact of the COVID-19 pandemic has underscored the significance of a resilient and efficient supply chain in ensuring the availability of fresh vegetables. Despite initial disruptions due to lockdowns and distribution challenges, the market demonstrated its resilience by adapting to changing consumer needs.
Additionally, ongoing technological advancements in agricultural practices, including precision farming, sustainable cultivation methods, and improved post-harvest handling, are enhancing the quality, shelf life, and overall market viability of fresh vegetables. As dietary preferences shift, health-conscious consumers, the pursuit of sustainable eating, and the continuous innovations within the fresh vegetables market are expected to drive steady growth, making it a pivotal segment in the global food landscape.
US Fresh Vegetables Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 632.54 billion
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The Global Fresh Vegetables Market is segmented on the basis of Product, Distribution Channel, and Region. Based on Product the market is segmented as, Tomato, Onion, Cabbage, Cucumber, Eggplant, Beans, Carrot, Others. Based on Distribution Channel the market is segmented as, Offline, Online. Based on Regional the market is segmented as, North America, Asia Pacific, and Latin America.
Fresh Vegetables Market Analysis By Product
In 2022, the tomato segment emerged as the largest contributor to the global market revenue, accounting for a significant share of 18.84%. This segment is anticipated to maintain a steady growth trajectory with a Compound Annual Growth Rate (CAGR) of 3.1% from 2023 to 2030. The increasing consumption of fresh tomatoes and tomato-based products, recognized for their convenience as quick sources of energy and nutrition, stands as a pivotal driving force for this segment. Furthermore, heightened consumer awareness about the numerous health benefits associated with tomatoes plays a significant role in propelling market growth. Tomatoes are known for being rich in antioxidants, reducing the risk of cancer and heart disease, thus underpinning the projected segment expansion over the forecast period.
On the other hand, the onion segment is poised to exhibit the fastest growth rate of 3.4% during the same period. This remarkable growth can be attributed to evolving consumer lifestyles, preferences, and tastes, resulting in an increased demand for fresh onions. The availability of nutritious fresh products through retail channels is a driving factor. Additionally, the surging popularity of fresh food, coupled with rising disposable incomes among consumers, significantly contributes to the robust growth of this market segment.
Fresh Vegetables Market Analysis By Distribution Channel
In 2022, the offline distribution channel dominated the global fresh vegetables market, contributing to a substantial share of more than 80%. Consumers exhibit a preference for offline channels when purchasing food products like vegetables, as this allows them to physically inspect and verify product quality. The convenience of easy access and the ability to browse various vegetable options in physical stores has been a key driver of this segment's growth in recent years. Furthermore, the well-established and continually improving distribution network for offline channels across the globe is expected to maintain this dominance in the forecast period.
Conversely, the online segment of the fresh vegetables market is poised to exhibit the fastest growth, registering a robust Compound Annual Growth Rate (CAGR) of 3.4% from 2023 to 2030. This growth is attributed to the significant increase in internet penetration rates, particularly in developing countries, leading to substantial growth in the e-commerce sector worldwide. Many suppliers are capitalizing on this trend by offering their products on both their websites and various e-commerce platforms, driving further market expansion in the online segment. The combination of increased internet connectivity and the proliferation of online shopping options contributes significantly to the growth prospects of this segment.
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In 2022, Asia Pacific held the largest share of the global market, accounting for over 65%. This dominance can be attributed to the substantial consumer base in countries like China, India, and Japan, where the demand for fresh vegetables is significant. Additionally, the region's role as both the largest producer and consumer of fresh vegetables contributes to the overall market growth. These factors, combined with increasing health concerns, rising disposable incomes, and a growing population with higher purchasing power, indicate that Asia Pacific is poised to maintain its dominant position throughout the forecast period.
North America stands out as the fastest-growing market, expected to witness a robust Compound Annual Growth Rate (CAGR) of 4.1% from 2023 to 2030. This growth is fueled by increased consumption of fresh food products in the United States and Canada, driven by the high nutritional quality of such products. Changing dietary preferences aligned with shifting lifestyles and rising disposable incomes are boosting the demand for healthy, fresh vegetables in the region. Additionally, growing consumer awareness about health, combined with the ease of access to fresh vegetables, is expected to further support market growth during the forecast period.
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Fresh Vegetables Market Drivers
Fresh Vegetables Market Restraints
Supply Chain Vulnerability:
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The competitive landscape of the fresh vegetables market is characterized by a diverse array of players, ranging from local growers and producers to multinational corporations and retailers. This market thrives on the ability to provide high-quality, fresh produce to meet the growing demands of health-conscious consumers globally. Established players with extensive distribution networks, such as major supermarkets and grocery chains, leverage their strong presence to dominate a significant portion of the market share. These retailers often source fresh vegetables from a network of suppliers, ensuring a consistent supply to meet consumer needs.
Fresh Vegetables Market Top Player’s Company Profile
Fresh Vegetables Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global fresh vegetables market analysis; the global fresh vegetables market is robust, with Asia Pacific leading the way, accounting for a significant share. Countries like China, India, and Japan are driving demand due to their large consumer base and being major producers and consumers of fresh vegetables. The market is divided into offline and online segments. Offline channels dominate, driven by consumers' preference for physically inspecting product quality. Online sales, however, are rapidly growing due to increased internet penetration, e-commerce expansion, and suppliers offering products online. Key drivers include health consciousness, population growth, urbanization, and the convenience of online shopping. These factors, coupled with rising disposable incomes and the appeal of nutritious, locally-sourced options, support the market's steady growth.
|Market size value in 2021||USD 632.54 billion|
|Market size value in 2030||USD 811.01 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Fresh Vegetables Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fresh Vegetables Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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