Australia: Market for Vegetables (Preserved, Frozen) 2024

Market Size for Vegetables (Preserved, Frozen) in Australia

In 2022, the Australian preserved and frozen vegetable market increased by 15% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +33.8% against 2020 indices. Preserved and frozen vegetable consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Vegetables (Preserved, Frozen) in Australia

In value terms, preserved and frozen vegetable production expanded to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 56%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Vegetables (Preserved, Frozen)

Exports from Australia

After two years of growth, shipments abroad of vegetables (preserved, frozen) decreased by -17.8% to X tons in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 31%. As a result, the exports attained the peak of X tons, and then reduced sharply in the following year.

In value terms, preserved and frozen vegetable exports fell to $X in 2022. Overall, exports, however, enjoyed a perceptible expansion. The pace of growth was the most pronounced in 2017 with an increase of 47%. Over the period under review, the exports reached the peak figure at $X in 2021, and then dropped in the following year.

Exports by Country

New Zealand (X tons) was the main destination for preserved and frozen vegetable exports from Australia, accounting for a 76% share of total exports. Moreover, preserved and frozen vegetable exports to New Zealand exceeded the volume sent to the second major destination, the United States (X tons), eightfold. Vietnam (X tons) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand totaled -1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+159.8% per year) and Vietnam (+19.6% per year).

In value terms, the largest markets for preserved and frozen vegetable exported from Australia were New Zealand ($X), the United States ($X) and Papua New Guinea ($X), together comprising 91% of total exports.

The United States, with a CAGR of +220.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average preserved and frozen vegetable export price amounted to $X per ton, increasing by 4.7% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved and frozen vegetable export price increased by +19.1% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 57% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+23.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vegetables (Preserved, Frozen)

Imports into Australia

In 2022, overseas purchases of vegetables (preserved, frozen) increased by 8.7% to X tons, rising for the second consecutive year after three years of decline. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 23%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, preserved and frozen vegetable imports expanded significantly to $X in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.2% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 31% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

The Netherlands (X tons), Belgium (X tons) and New Zealand (X tons) were the main suppliers of preserved and frozen vegetable imports to Australia, together accounting for 81% of total imports. The United States, Argentina, China and Canada lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +90.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved and frozen vegetable suppliers to Australia were Belgium ($X), the Netherlands ($X) and New Zealand ($X), with a combined 70% share of total imports. The United States, China, Argentina and Canada lagged somewhat behind, together accounting for a further 17%.

Argentina, with a CAGR of +93.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average preserved and frozen vegetable import price amounted to $X per ton, picking up by 3.5% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved and frozen vegetable import price increased by +69.1% against 2015 indices. The growth pace was the most rapid in 2017 when the average import price increased by 19%. The import price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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