Consumer awareness is on the rise regarding the consumption of IQF vegetables through various food applications. Most regions are witnessing a surge in demand due to the nutritional benefits of IQF vegetables. According to a new report by Future Market Insights (FMI) the IQF vegetables market is set to display a moderate CAGR of 4.5%, reaching a US$ 2.4 billion valuation by the end of the assessment period.
The individually quick-frozen (IQF) vegetable market is forecast to exhibit steady growth, with its overall valuation reaching US$ 1,560.1 Mn in 2021. As per Future Market Insights (FMI) analysis, IQF vegetable sales are expected to surge at 4.5% CAGR over the course of the assessment period, from 2021 to 2031.
Growth prospects for the market are likely to remain positive, thanks to improvements in the global food supply chain infrastructure. IQF potato products will emerge top-selling, accounting for more than 20% of the global market in 2021.
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Key Takeaways from the IQF Vegetable Market Study
- The U.K and Germany have been forecast to hold 38.2% share in the Europe market in 2021.
- GCC countries are expected to witness the highest Y-o-Y growth rate ranging from 5.4% to 10.2% from 2021-2031, aided by investments in industry infrastructure.
- IQF tomato products are expected to reflect strong growth, supported by positive consumer perception towards puree products.
- Broccoli and cauliflower products will register a CAGR of 5.1%, aided by demand in the food service sector across Europe and North America.
- India and China will emerge as high potential market, supported by a vast consumer base, albeit being restricted by inadequate cold chain infrastructure.
“IQF technology has created a novel growth opportunities in the frozen food ecosphere. Vegetables processed by IQF technology have longer shelf lives. The increasingly fast-paced lifestyles of working-class consumers have resulted in high demand for convenience foods, which in turn has helped the IQF vegetable market grow through 2021,” says a lead analyst at FMI
Ready-to-eat Food Applications to Create Growth Opportunities
Globally, the value and volume share of ready-to-eat food applications to the overall IQF vegetables market will rise significantly in the coming decade. This can be attributed to the strong demand for IQF vegetables by end-user industries due to consumer preference for convenience foods particularly in urban areas.
Ready-to-eat food producers in North America, Europe, and APEJ are reflecting faster growth due to the fast-paced life of the working-class population who are using IQF vegetables to reduce output time, while also reducing operational time and costs. Innovation and the launch of new ready-to-eat food products will boost the IQF vegetable market for the foreseeable future.
Who is Winning?
Concentrates being produced from IQF vegetables is an emerging trend in the global IQF vegetable market. Processes such as heating and drying are consequently gaining traction.
Vegetable concentrate manufacturers prefer IQF vegetables, owing to a long shelf life. Leading producers in the market are largely focusing on capacity and geographical expansion strategies, to leverage unexplored opportunities in emerging economies.
Some of the leading companies offering IQF Vegetable 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, and other.
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Get Valuable Insights into IQF Vegetable Market
Future Market Insights, in its new offering, provides an unbiased analysis of the IQF vegetable market, presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). The study divulges compelling insights on the IQF vegetable market based on type (beans, peas, corn and baby corn, broccoli and cauliflower, potato, onion, tomato, and carrot), by application (food, beverage, and concentrate) across ten major regions North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA.
Key Points Covered in IQF Vegetable Market Study
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on IQF Vegetables and How to Navigate
- Recommendation on Key Winning Strategies
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.