The market is expected to generate an incremental $ opportunity of US$ 4,938.1 Mn between 2022 and 2032
Category: Food & Beverages Published Date : November 2022 ID: CVC-00518 Format: PDF Pages: 280
IQF Fruits and Vegetables Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global IQF Fruits and Vegetable Market grew at a CAGR of 4.8% between 2017-2021 and is estimated to be US$ 9,432.8 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.3% and is expected to reach a valuation of US$ 14,370.9 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for juicing fruits and vegetable products that are packaged in their natural form as sprouts, flours/barley, dehydrated powders, and granulated powders has increased as a result of the growing demand for healthy and nourishing food among various population segments and the increasing focus on product quality, health benefits, and sustainability.
GROWING PREFERENCE FOR EXPERIENCING DIFFERENT FOOD COMMODITIES DRIVES THE MARKET FOR IQF FRUITS AND VEGETABLES
Frozen fruits and vegetables are a convenient alternative to fresh products. They provide consumers with the same nutrition as their new counterparts but in a way that reduces spoilage so they can save space in their cupboards and come back to them when they are needed. Also, freezing is a good way to preserve the nutritional benefits of your produce.
HIGH COSTS ASSOCIATED WITH THE SYSTEM HAMPER THE MARKET GROWTH
Frozen fruits and vegetables are purchased and consumed for their shelf life. Frozen foods are perishable, which leads to the need to order them quickly. This, in turn, leads to high customer expectations, leading to credit risks, and increasing operating costs. Furthermore, frozen foods contain various preservatives that are harmful to the human body, which is another major factor expected to hinder the growth of the global fruits and vegetable market during the forecast period.
WIDE USE OF E-COMMERCE SITES WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The demand for fresh vegetables and other fresh fruits is one of the fastest-growing segments in the food industry. Product varieties such as IQF suppliers, berry suppliers, frozen vegetables, and more are among the drivers responsible for this boom. Global e-commerce companies are integrating their service platforms with food manufacturers to create a one-stop platform that help consumers discover new products and services and identify opportunities across supply chains.
The growing health concerns over COVID-19 have resulted in consumers hoarding fruits and vegetables. This has left food and beverage companies short of stocks for their market outlets. The demand for IQF products has been increasing since the start of the terror pandemic, which causes an oversupply situation in stores due to hoarding. In this scenario, demand for frozen products is likely to be tapped into, thereby enhancing growth prospects in the frozen food market. The market value might not catch up to the pre-COVID-19 value until 2027.
Market Segments Covered in Report
By Product Type :
By Region and Country:
Why are potatoes projected to ensure the most revenue during the forecast period?
At 23.4% of the market, potatoes had the greatest revenue share. Currently, IQF potatoes are used in fast food and other processed products. In recent years, as consumers want more of these potato products, there’s a growing demand for IQF potatoes. They are high in vitamins and nutrients that can be used in processed foods or added to soups and stews. Because they retain their texture without heating or boiling, they have most of the vitamins and nutrients offered by fresh potatoes.
Why is the commercial segment expected to expand the fastest during the forecast period?
In 2021, The commercial segment was anticipated to be the biggest contributor to revenue growth during the forecast period. This is attributed to the fact that IOF vegetables require less time for preparation and reduce customer waiting time. Thus, fast-food chains and quick-service restaurants have adopted them as substitutes for fresh vegetables. This acts as a key driving force of the commercial segment.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide. Businesses are reducing the cost of production by finding ways to introduce fruits and vegetables that were not previously available. Some of these products have a high pH and sweet taste but were too sour to gain market share because they had higher manufacturing costs.
Some of the key developments that have taken place in the IQF Fruits and Vegetables Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Type, End Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|