Frozen Vegetables Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Frozen Vegetables in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Frozen Vegetables Price Trend for the Second Half of 2023

Frozen vegetables saw consistent oscillations in prices across the globe throughout the second half of the year 2023. In Q3 a rampant rise was seen in the prices as the fresh produce got more and more difficult to afford. Heavy summer months of early Q3 thus witnessed a tremendous rise in frozen vegetable prices. According to the consumer price index the prices went up by approx. 18% over the previous year. A very uneven and unseasonal monsoon this year also hampered massively with the natural crop cycles making the availability of vegetables uncertain.

Frozen Vegetables Price Chart

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As the winter months arrived the prices started to normalize again as the freezing equipment and energy costs started to decrease, thus November and December saw a marginal decline in the frozen vegetable prices. Overall, mixed market sentiments were witnessed.

Analyst insight

According to Procurement Resource, the Frozen Vegetable price trends are expected to rise in the coming months. Since the demands are rising consistently even in Agrarian countries like India, the prices are expected to rise.

Frozen Vegetables Price Trend for the First Half of 2023

Frozen vegetables experienced a surge in prices throughout the first six months of the year 2023. In the American market, California is the biggest supplier of fruits and vegetables, but since the beginning of the year, unprecedented levels of rainfall have kept the supplies hurdled and impacted the agricultural yields, raising the demand and, thereby, the prices for frozen vegetables.

In the Indian markets, as well, uneven and unseasonal rainfall kept the prices surging for frozen vegetables in the first quarter, and then the excessive heat during the summer season in the second quarter pushed the price trends. Fresh tomatoes at one point reached so high that most of the digital selling platforms observed an exponential rise in orders for frozen tomato puree. Overall, the market sentiments were very positive throughout the said period.

Analyst Insight

According to Procurement Resource, Frozen Vegetable price trends are expected to remain inclined as agricultural yields have been severely impacted by various climatic factors amid rising demand and global inflation.

Frozen Vegetables Price Trend for Second Half of 2022

The price of frozen vegetables has increased exponentially in the last two quarters of 2022. A 7.6% increase in sales over 2021 and a 31% increase over the 2019 pre-pandemic sales were registered. The key drivers of the price trend were increased accessibility, value for money, and healthier options introduced in the global market chains. The commodity witnessed a high level of demand as the consumers' needs for healthy substitutes were met. Also, the rise in inventions and changes in dietary requirements and lifestyle led to an upward trajectory in the prices of frozen foods.

The North American region is one of the significant markets of frozen foods and the growth of prices in this region is majorly exponential in demand as the lifestyle choices do not permit the use of traditional materials. The average unit price for frozen products has risen by 15% as compared to the 2021 levels. All these factors helped in achieving the upward trajectory in the prices of frozen vegetables.

Analyst Insight

According to Procurement Resource, the price trend for frozen vegetables are expected to follow an upward trajectory as the demand from the end-user market is rising exponentially.

Frozen Vegetables Price Trend For the First Half of 2022

With the unparalleled rise in fresh vegetable prices, Indian processors are struggling to get frozen vegetables in the market. With the continuing economic and geopolitical conditions, the packaging and freight costs have increased, which has made the prices of frozen vegetables inflate in the peak demand season. With the vegetables and other raw materials available at high prices, the prices of frozen vegetables witnessed a hike of 15-20%.

Pea, a very commonly consumed frozen vegetable, is now available at 20 INR/kg compared to 12 INR/kg in the past year. Demand for frozen vegetables from the export market is good as consumers hoard frozen goods due to the covid-19 lockdown situations persisting in many parts of the world. To cushion their profits, the processors are continuously increasing the prices for frozen vegetables.

Procurement Resource provides latest prices of Frozen Vegetables. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.