Fresh Vegetables Market Likely To Touch At $769.90 Billion By 2028: Grand View Research Inc.

 

The global fresh vegetables market size is expected to reach USD 769.90 billion by 2028, registering a CAGR of 2.8% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing consumer expenditure on fresh food products like vegetables is expected to promote market growth over the forecast period. Moreover, the increasing awareness about the benefits of fresh vegetables among consumers is propelling the market growth.

Moreover, restrictions and lockdown situation has been observed during the COVID-19 pandemic, and it showed an impact on the market due to the suspended or delayed supply of vegetables to market. However, it significantly impacts on export and import of fresh vegetables. Moreover, the increasing demand for fresh products post lockdown situation of the pandemic will create more opportunities for the market players.

The onion segment is expected to grow with the fastest growth rate of 3.4% from 2022 to 2028. Continuous changing lifestyles and eating preferences as per weather seasons of the consumers, and demand for change of taste, have increased the demand and consumption of fresh onions. Fresh vegetables contain important and convenient nutritious ingredients and vitamins which play important roles in metabolism. Thus, vendors making fresh vegetables available for consumers through retail channels are driving the growth of the market. Moreover, the growing popularity and demand for fresh food coupled with the increasing disposable income of the consumers are the significant factors of the market growth.

The online segment of the market is expected to register the fastest growth rate of a CAGR of 3.4% from 2022 to 2028. Availability of high-speed Internet penetration in developing as well as developed countries has witnessed lucrative growth in recent years which has led to the significant growth of the e-commerce sector across the globe, thereby propelling the growth of this segment. Additionally, consumers are adopting electronic devices for convenience and time-saving. Several suppliers are offering products on their websites as well as on the e-commerce platforms which in turn will drive the market growth.

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Asia Pacific made the largest contribution to the global market share with over 65% in 2021. China, India, and Japan have a huge consumer base for the consumption of fresh vegetables, which will drive the regional demand. In addition to this, the region is the largest producer and consumer the fresh vegetables which is propelling the market growth. Moreover, this region is expected to continue its dominance over the forecast period due to the increasing concern about health and the rising disposable income.

Fresh Vegetables Market Report Highlights

• Asia Pacific is expected to register the largest market share of more than 65% in 2021 owing to rising health concerns.
• The offline channel held the largest market share in 2021 and contributed more than 80% of the total revenue due to the increasing penetration of the internet and smart devices.
• North America is expected to register the fastest growth of 4.1% CAGR from 2022 to 2028 due to the rising consumption of fresh food products.

The growing food industry across the globe coupled with the increasing consumer expenditure on fresh food products like vegetables are expected to promote market growth over the forecast period. The increasing vegan population demands fresh vegetables for consumption. Moreover, the rising health concerns and increasing awareness about the benefits of fresh and healthy products among people in developing and developed countries are major driving factors of the market over the last few years.

The market consists of various established players such as Dole Food Company, Inc., Fresh Del Monte, Keelings, and Tanimura & Antle coupled with local manufacturers. Various manufacturers and suppliers are focusing on logistic development and strengthening distribution channels to grow their business. For instance, in March 2022, Fresh Del Monte launched the “Bunch of Good” campaign. The company has conducted a campaign to make the consumers aware of the importance of high-quality fresh vegetables and fruits to build a sustainable future. Such initiatives are expected to boost the adoption rate of the product among consumers around the globe. Some of the key players operating in the global fresh vegetables market include:

• Dole Food Company, Inc.
• Fresh Del Monte
• Keelings
• Tanimura & Antle
• BelOrta
• FreshPoint Inc.
• Mirak Group
• C.H. Robinson Worldwide, Inc.
• Goknur Gida
• Fruitable Fresh Sdn Bhd.