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 use IQF vegetables in juice production is surging, which is further used in a range of end-use industries, including personal care and cosmetics. The demand from consumers for cosmetics with natural ingredients is likely to push IQF vegetable juice production for use in foundations, mascaras, creams, and more.
Increasing use of IQF vegetable fast food, including pizzas and burgers is driving demand. Frozen vegetables are commonly used in the preparation of fast food. Many fast food producers, such as Domino’s and McDonald’s Corporation have switched to IQF vegetables in a large number of restaurants based in North America and Western Europe.
IQF vegetables are primarily used in the food and beverage industry. They have also found application in the production of concentrates. Improvements in cold storage facilities for supply chains will remain key to the growth of the industry for the foreseeable future.
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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.
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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.
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.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.