IQF Fruits and Vegetables Market Projected to Grow at Steady Rate through 2025
Individual quick freezing (IQF) is a technology through which fresh fruits and vegetables are freeze at very low temperature (-30°C to – 40°C). This process enables to preserve fresh fruits and vegetables for longer period of time even more than a year maintaining the same color, flavor and texture till it lasts. IQF fruits and vegetables are stored at low temperature or in refrigerator. IQF technology is ideal for preserving seasonal fruits and vegetables. IQF fruits and vegetables comprises same nutritional value after freezing as it possess in fresh form which is supporting its growth worldwide. Also, easy storage properties and availability at low price is expected to drive the demand of IQF fruits and vegetables across the globe.
IQF Fruits and Vegetables Market Segmentation, Drivers and Key Players
IQF fruits and vegetables is segmented on the basis of types which includes IQF fruits and IQF vegetables. IQF fruits is further sub-segment as berries, banana, mango, apple, papaya, pineapple, kiwi and others (guava and pomegranate). Among all these sub-segment berries is expected to be the highest in terms of revenue contribution. Berries are further categorized as strawberry, raspberry, blueberry and cranberry. Extensive usage of frozen berries in food industries such as in bakery products, desserts and others is expected to support its growth during the forecast period. Moreover, mango is expected to account for the healthy growth due to its high usage by dessert and juice manufactures. IQF vegetables is further sub- segment as carrot, beans, peas, corn, potato, broccoli, cauliflower and others (tomato, brinjal and cabbage). Among all these sub-segment peas is expected to be dominant in terms of revenue contribution followed by carrot and beans during the forecast period.
IQF fruits and vegetables is segmented on the basis of distribution channel which includes retail outlets, online stores and hypermarket/supermarket. Among all the segments hypermarket/supermarket is expected to occupy the dominant position on the pie in terms of market share followed by retail outlet. Increased consumption of seasonal frozen fruits and vegetables by end consumer is expected to support the growth of IQF fruits and vegetables through retail outlet. The major end-users of IQF fruits and vegetables are hotel/restaurant/catering and food manufacturers. Among all these end-user segment food manufacturers is expected to be dominant contributor in terms of revenue in the IQF fruit and vegetable market during the forecast. Increased usage of frozen fruits and vegetables primarily in desserts such as ice-cream, smoothies and also in juices is expected to support the demand of IQF fruits and vegetables market through food manufacturers.
Globally among all the regions North America is expected to account for the major market for IQF fruits and vegetables. The U.S. is expected to be the major revenue contributor in the IQF fruits and vegetables market followed by Canada. Increased usage of exotic fruits is expected to be the major factor driving the growth of IQF fruits and vegetables in North America region during the forecast period. Moreover, Asia Pacific is expected to account for the double digit CAGR during the forecast period. This growth is attributed to the increased disposable income and rising inclination of the consumer for more packaged and convenience food product across the region.
Rising demand of food products with longer shelf life coupled with the increasing demand of seasonal fruits and vegetables across the year is expected to support the growth of IQF fruit and vegetables market during the forecast period. Moreover, increasing demand of food manufacturers for preserving food product for longer period so that they could use it as an ingredient in their final product is also fuelling the demand of IQF fruits and vegetables market during the forecast period.
Some of the key players operating in IQF fruits and vegetables market includes SunOpta Inc, Fruktana Ltd, Capricorn Food Products India Ltd., Breukers Schamp Foods, Alasko Foods Inc, AXUS International LLC, Rasanco Ltd and Nimeks Organics among others.
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