Frozen Sweet Corn Market

The global market for frozen sweet corn is expected to grow steadily from 2022 to 2030, with both consumption and production on the rise. The United States leads both in consumption and production, followed by countries like Japan and China. Import and export trends show growth in overseas purchases and shipments. Prices are also expected to increase over the forecast period, impacting both imports and exports.

Market Forecast

Driven by increasing demand for frozen sweet corn worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.0% for the period from 2022 to 2030, which is projected to bring the market volume to 1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market value to $1.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Sweet Corn

In 2022, the amount of frozen sweet corn consumed worldwide rose to 945K tons, increasing by 1.7% compared with the previous year's figure. Overall, consumption saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 1.7%. Global consumption peaked in 2022 and is likely to see steady growth in years to come.

The global frozen sweet corn market size rose to $1.2B in 2022, growing by 2.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 7.1% against the previous year. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The country with the largest volume of frozen sweet corn consumption was the United States (425K tons), comprising approx. 45% of total volume. Moreover, frozen sweet corn consumption in the United States exceeded the figures recorded by the second-largest consumer, Japan (52K tons), eightfold. The third position in this ranking was held by the UK (51K tons), with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in the United States was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: Japan (+0.8% per year) and the UK (+1.0% per year).

In value terms, the United States ($557M) led the market, alone. The second position in the ranking was held by Japan ($87M). It was followed by the UK.

In the United States, the frozen sweet corn market increased at an average annual rate of +1.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+1.5% per year) and the UK (+1.2% per year).

In 2022, the highest levels of frozen sweet corn per capita consumption was registered in New Zealand (7.8 kg per person), followed by Hungary (3.1 kg per person), Israel (1.5 kg per person) and the United States (1.3 kg per person), while the world average per capita consumption of frozen sweet corn was estimated at less than 0.1 kg per person.

In New Zealand, frozen sweet corn per capita consumption plunged by an average annual rate of -3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hungary (+7.7% per year) and Israel (+1.9% per year).

Production

World Production of Frozen Sweet Corn

For the sixth year in a row, the global market recorded growth in production of frozen sweet corn, which increased by 0.5% to 990K tons in 2022. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 1.8%. Global production peaked in 2022 and is expected to retain growth in the immediate term. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, frozen sweet corn production dropped to $1B in 2022 estimated in export price. In general, production showed modest growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 9.5% against the previous year. Over the period under review, global production hit record highs at $1.1B in 2021, and then shrank modestly in the following year.

Production By Country

The country with the largest volume of frozen sweet corn production was the United States (455K tons), comprising approx. 46% of total volume. Moreover, frozen sweet corn production in the United States exceeded the figures recorded by the second-largest producer, China (73K tons), sixfold. Hungary (72K tons) ranked third in terms of total production with a 7.3% share.

In the United States, frozen sweet corn production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+1.2% per year) and Hungary (-0.5% per year).

Imports

World Imports of Frozen Sweet Corn

In 2022, overseas purchases of frozen sweet corn increased by 5.1% to 402K tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 6.9% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, frozen sweet corn imports expanded significantly to $518M in 2022. The total import value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, the UK (52K tons), Japan (52K tons), Belgium (38K tons) and the United States (36K tons) represented the largest importer of frozen sweet corn in the world, achieving 44% of total import. It was distantly followed by Chile (19K tons), committing a 4.7% share of total imports. Germany (13K tons), Colombia (12K tons), Australia (10K tons), Spain (10K tons), Canada (10K tons), China (8K tons), Hungary (8K tons) and Russia (7.9K tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +17.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen sweet corn importing markets worldwide were Japan ($88M), the UK ($62M) and the United States ($41M), together accounting for 37% of global imports. Belgium, Chile, Germany, Australia, Colombia, Canada, China, Hungary, Spain and Russia lagged somewhat behind, together comprising a further 31%.

Hungary, with a CAGR of +21.1%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average frozen sweet corn import price stood at $1,289 per ton in 2022, growing by 4.4% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 5.3%. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($1,696 per ton), while Spain ($822 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+2.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Sweet Corn

In 2022, overseas shipments of frozen sweet corn increased by 1.9% to 447K tons, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 11%. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, frozen sweet corn exports rose significantly to $517M in 2022. The total export value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 15% against the previous year. The global exports peaked in 2022 and are likely to continue growth in years to come.

Exports By Country

The biggest shipments were from the United States (67K tons), China (53K tons), Hungary (50K tons), Spain (36K tons), France (35K tons), Poland (31K tons), Belgium (29K tons), India (23K tons), Thailand (22K tons), Canada (18K tons), Serbia (16K tons) and Vietnam (14K tons), together amounting to 88% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Serbia (with a CAGR of +14.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the United States ($93M), Hungary ($56M) and China ($46M) appeared to be the countries with the highest levels of exports in 2022, together comprising 38% of global exports. Spain, Belgium, France, Poland, Thailand, India, Canada, Vietnam and Serbia lagged somewhat behind, together comprising a further 47%.

In terms of the main exporting countries, India, with a CAGR of +16.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average frozen sweet corn export price stood at $1,157 per ton in 2022, surging by 4.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 6.6% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($1,393 per ton), while China ($855 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform