As per a study by FMI, the global IQF vegetables market is expected to reach a valuation of US$ 1,560.1 Mn in 2021. It also is forecast to exhibit a CAGR of 4.5% during the forecast period of 2021 to 2031. According to FMI, growth prospects for the market remain positive owing to the improvements in global food supply chain infrastructure. The global IQF vegetables market rose at 2.8% during its historical period of 2016 to 2020. IQF potato products are expected to emerge as top selling product category and account for 20% of the global market in 2021. Advancement of technology to preserve food has encouraged key players to expand their product portfolio. As demand for convenient food is on the rise, sales prospects for IQF vegetables will improve.

Consumers are increasingly demanding simple, hygienic vegetable products that can aid in reducing conventional hassles of slicing and cleaning fresh vegetables. As increasing number of people are focusing on better food quality, key players in the IQF market have lucrative opportunities to capitalize on. Demand for IQF vegetables is increasing as consumers are seeking food with superior nutritional value, flavor, and quality. However, the market is expected to face restrains owing to lack of strong distribution network and supply chain. North America is expected to lead the global IQF vegetables market due to immaculacy of vegetable supply chains in Canada and the U.S. The market in this region is expected to further expand owing to the availability of farm-fresh vegetables across numerous retail outlets in Canada and the U.S.

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“Innovations in the freezing technologies such as introduction of IQF freezing and cold store freezing is gaining momentum. This will offer attractive opportunities for key players in the global market to capitalize on. Besides this, availability of advanced technologies also will help them expand their overall product portfolio,” says a FMI analyst.

Key Takeaways

• Demand in food product will increase in the coming years. FMI projects this category to account for a share of 73% in the market by 2031.
• Potato is the most preferred vegetable type and it is expected to hold 23.4% of the market in 2021. The segment is expected to grow at a CAGR of 4.2% through 2031 as is it one of the most staple food across the globe.
• The U.K market is expected to register growth at 2.7% CAGR in terms of value for 2021 to 2031 and contribute over 10% to the Europe vegetable market in 2031.
• Japan is expected to account for 5.5% market share in terms of value in 2021. Presence of some of the leading private labels will continue fuelling demand in the market.
• The France IQF vegetables market is expected to account for 14.8% of the Europe market by 2031. The diverse and sophisticated retail distribution system will continue supporting expansion in France.

Key Drivers

• Decline of traditional family meals and rising prevalence of single-portion products due to active and nuclear family lifestyle are expected to boost demand for IQF vegetables.
• IQF vegetables are rising in popularity as they are known as convenient and healthy source of processed food. They are widely used in meals and as complimentary food.
• The ability to preserve nutrients, texture, and taste of vegetables for a long period of time is a major factor bolstering adoption of IQF vegetables.

Key Restrains

• Outbreak of COVID-19 in low-and middle-income countries has negatively impacted the sales of IQF vegetables.
• Risk of pathogen such as listeria monocytogenes bacteria is expected to hinder market growth as buyer are concerned about the infection and potential side effects.

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Competitive Landscape

The global IQF vegetables market is gaining from recent technological advancements.  Players are investing in research and development activities to expand their product portfolio and consumer base.

For instance, Turkey-based Fine Food acquired Buhler’s SORTEX FA series machines to expand its production capacity while focusing attention on distribution and export requirements.

In March 2021, REMS Frozen Foods was unveiled. The company is all set to import frozen food ingredients that are IQF specialized in Eastern Europe, Egypt, the U.S., Spain, and China.

The key players operating in the global IQF vegetables market as profiled by FMI are:

• B&G Foods Holdings Corp.
• Capricorn Food Products India Ltd
• ConAgra Foods, Inc
• Dole Food Co.
• Greenyard NV
• J.R. Simplot Co.
• Kerry Group Plc.
• Pinnacle Foods, Inc.
• SunOpta Inc.
• Uren Food Group Limited

More Insights on the IQF Vegetables Market:

FMI provides an unbiased analysis of the IQF vegetables market, presenting historical demand data (2016-2020) and forecast statistics for the forecast period from 2021-2031. The study divulges compelling insights on the global IQF vegetables market with a detailed segmentation on the basis of:

Type

• Beans
• Peas
• Corn and Baby Corn
• Broccoli and Cauliflower
• Potato
• Onion
• Tomato
• Carrot

Application

• Food
  • Bakery, Confectionary & Snack Food
  • Dairy & Dessert
  • Cooking food
  • Ready to Eat Food
  • Beverage
• Juice
  • Other Non-alcoholic Beverages
  • Concentrate

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

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Key Questions Covered in the IQF Vegetables Market Report

• The report offers detailed insights into IQF vegetables demand outlook for 2021-2031
• The market study also highlights projected sales growth for IQF vegetables market between 2021 and 2031
• IQF vegetables market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
• IQF vegetables market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others