Global Frozen Baby Carrot Market - Forecast(2024 - 2030)

Key Takeaways

• Geographically, the Asia-Pacific Frozen Baby Carrot Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027. Moreover, the growth in Asia-Pacific is owing to the presence of the largest carrots producing countries and heavy consumption.
• Flourishing veganism, ascension in health cognizance of people, refining retail network in developing countries, sound disposable income, and contemporary agriculture techniques are said to be preeminent drivers driving the growth of the Global Frozen Baby Carrot Market. Harsh climate, reduced soil richness, and demand and supply gap are said to reduce the market growth.
• Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Global Frozen Baby Carrot Market report.

Global Frozen Baby Carrot Market Segment Analysis-By Freezing Type

The Global Frozen Baby Carrot Market based on the freezing type can be further segmented into blast/snap freezing, individual quick freezing (IQF), cold store freezing, and others. The IQF segment held the largest share in 2021. The growth is owing to several advantages over other freezing methods. As its name suggests, individual quick freezing is used to freeze separate pieces of various vegetables, fruit, and other products; which extends the benefit of all-round freezing without missing a spot. Unlike cold store freezing, IQF is taken into account during freezing small-size products which makes it more suitable to freeze baby carrots. In addition to that, owing to the swift freezing process, the ice formation on products is less during IQF as compared to cold store freezing. Slow freezing leads to a damaged product as big crystals of ice disturb the cell integrity of the product; therefore, IQF (fast freezing) helps in maintaining the product intact. Moreover, the IQF segment is estimated to be the fastest-growing segment with a CAGR of 4.5% over the forecast period 2022-2027. This growth is owing to efficiency in maintaining the texture and taste of the underlying product. Also, a lower dehydration rate (0.3 to 2/3 percent) of individual quick freezing keeps the value nutrient unharmed to a larger extent.

Global Frozen Baby Carrot Market Segment Analysis-By Distribution Channel

The Global Frozen Baby Carrot Market based on distribution channels can be further segmented into offline (supermarkets/hypermarkets, vegetable markets, street vendors/hawkers, and others) and online platforms. The offline segment held the largest share in 2021. The growth is owing to the across-the-board existence of offline channels. Moreover, offline channels like vegetable markets and street vendors are known for their fresh vegetables: therefore, even today majority of the consumers prefer buying from them. On another hand, unlike online platforms, consumers trust offline buying as it extends them options of instant purchase, examination, and bargaining. Nevertheless, the offline segment is estimated to be the fastest-growing with a CAGR of 4.8% over the forecast period 2022-2027. This growth is owing to the unwillingness of consumers for purchasing food products such as vegetables and fruit from e-commerce facilities. When it comes to buying accessories, electronics, furniture, and others, yes majority prefer e-commerce but not in the case of vegetables or fruit as there’s always remains doubt regarding quality and freshness. Besides, as of 2022 more than 40 percent of the world population living in rural areas with inadequate infrastructure which is the biggest setback for online platforms.

Global Frozen Baby Carrot Market Segment Analysis-By Geography

The Global Frozen Baby Carrot Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held the largest share with 39% of the overall market in 2021. The growth in this segment is owing to the factors like the existence of the world’s largest carrot-producing countries. China, Japan, India, Australia, Indonesia, and Pakistan are the biggest Asian producer. China produces more than 20.5 million tons of carrots every year. Europe holds the 2nd position after Asia. Countries like Russia, Germany, France, the UK, Poland, and Ukraine are the biggest European carrot producers with a collective annual production of more than 5.5 million tons. Furthermore, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to escalating health problems with a broadening old-age population, a high vegetarian population among many Asian countries, and growing health attentiveness among people as their living standards are altering with growing economic affluence. In addition to that, carrot dessert (halwa) is very famous among southeast Asian countries which might be a reason for the growth in the said segment.

Global Frozen Baby Carrot Market Drivers

Rising health problems are Anticipated to boost market demand

Widescale diabetes, hypertension, vision impairment, and skin problems are boosting the global frozen baby carrot market demand. Owing to the presence of macronutrients and various antioxidants like beta carotene, baby carrots have several applications in treating the aforementioned health complications. According to a WHO report, more than 2.2 billion people throughout the globe are suffering from myopia or hyper myopia. The single biggest reason behind the surge in bad vision cases is enhanced screen time. Besides, diabetes prevalence is anticipated to reach nearly 700 million by the year 2045. As a result, the overall demand for the aforementioned is augmenting year after year.

The augmenting trend of veganism, growing old-age, and strong retail network are Expected to boost market demand

As renowned animal welfare organizations like PETA, World Animal Protection, the Animal rights movement, and many more have started raising their voices against animal slaughter and cruelty, the overall vegan population worldwide is witnessing a surge. According to a report, approximately 79 million people around the world were practicing veganism in 2021; however, the number is likely to surge in the near future. Besides, around 2 billion people are expected to turn old in the foreseeable future which will further be anticipated to worsen the illnesses situation. In addition to that, growing mergers and acquisitions in the retail industry have strengthened the retail network, especially in developing countries like India and China.

Global Frozen Baby Carrot Market Challenges

Harsh climate and demand and supply chain gaps are Anticipated to hamper the market growth

The rising environmental problems are attributed to growing pollution from factories and vehicles, environmental destruction by human beings such as major deforestation, disturbed habitat due to soil and water pollution are the biggest challenge in front of the aforementioned market. According to TRVST, over 75% of the land area on earth is degraded and if the current land pollution trend persists, the percentage is estimated to rise to 95% by 2050. Severe floods, droughts, thunderstorms, hailstorms, and others are emerging as the foremost reason behind reducing the overall yield of crops and other edible items. Also, COVID-19 has created a gap in demand and supply chain which is likely to hamper the growth of the global frozen baby carrots market.

Global Frozen Baby Carrot Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Global Frozen Baby Carrot market top 10 companies include-

1. Grimmway Enterprises
2. Riviana Foods
3. Pinnacle Foods
4. McCain Foods
5. Grace Food Company
6. Orogel S.p.A. Consortile
7. Heinz Wattie's Limited
8. Oxford Frozen Foods
9. Sinonut Foodstuff
10. Xiamen Sharp Dragon International

Recent Developments

• On February 8, 2021, Kingston, Jamaica-based company GraceKennedy (a firm known for its dynamic food brands Grace and Grace Food) publicized the merger of 2 divisions that handles manufacturing operations. In this merger, GraceKennedy is combining Grace Food Processors Canning with its other manufacturing division Nalpro. The move is aimed at augmenting the overall production output and exports.
• On December 14, 2020, Texas United States-based company Riviana Foods (a subsidiary of Madrid, Spain-based firm Ebro Foods which is famous for its pasta) announced the successful sale of its business to Illinois, United States-based food processing company “TreeHouse Foods.” The total value of this transaction stands at around $242.5 million (all in cash).
• On June 3, 2019, California, United States-based company Grimmway Enterprises (a firm known for its humungous carrot production and shipping) announced that it has successfully acquired processing facilities from Georgia, United States-based Generation Farms. The financials of the transaction were kept closed; however, the acquisition has strengthened Grimmway’s Southeast business operation.

Relevant Links:

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