IQF Vegetable Market Expected to be worth US$ 2,000 Mn by 2026 End
Posted: Apr 24, 2017
The commercial advantage of keeping individually quick frozen (IQF) vegetables in stock continues to drive their demand among retailers, grocery stores and independent vegetable & fruit vendors from around the world. The global demand for IQF vegetable is expected to rise on the account for their longer shelf lives, speedy processing of foods, and robust supply chain. Future Market Insights projects that such factors will instrument a steady growth in global consumption of IQF vegetables. By the end of 2026, more than 25 thousand tonnes of IQF vegetables will be sold across the globe, bringing in revenues worth over US$ 2,000 Mn.
Future Market Insights’ report, titled "IQF Vegetable Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," estimates that the global market for IQF vegetables is presently valued over US$ 1,288.3 Mn, recording global sales of a little over 16,900 tonnes of IQF vegetable in the world. However, in terms of volume and value, the global IQF vegetable market is expected to showcase a moderate growth over the forecast period. Registering a value CAGR of 4.5% and a volume CAGR of just over 4%, the global demand for IQF vegetable is expected to be inhibited by
increasing risk of consuming Listeria monocytogene bacteria through IQF vegetable,
strict regulations that forbid the use of IQF vegetable due to rising occurrence of bacteria and viruses, and
fluctuating prices & availability of raw materials
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The report also reveals that out of prominently-consumed IQF vegetables in the world, IQF potatoes, tomatoes and broccoli & cauliflower will remain in great demand. Although, peas are expected to be observed as top-selling vegetable in the global market, registering fastest revenue growth at 5.8% CAGR.
Over 70% of global IQF vegetable revenues are anticipated to be accounted by food applications. During the forecast period, the demand for IQF vegetable in food production is expected to gain traction. Towards the end of 2026, close to 60% of global IQF vegetable revenues accounted by food applications will be accounted by cooking food applications. Among the beverage applications of IQF vegetables, juices are expected to dominate global revenues by the end of 2026.
Global IQF Vegetable Market: Regional Insights
Large population coupled with preference towards frozen food and high disposable income contributed to a large share of U.S. in IQF vegetable market. Around 71% of vegetables sold in U.S. are in frozen form due to knowledge of frozen food and high income of individuals in the country. Many developing countries such as India and Russia are following the footsteps of U.S. and people living in these countries started preferring frozen vegetables. Since a large portion of population in India and Russia can afford locally-produced IQF Vegetable, the market will foresee a rise in demand.
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Key findings in the report currently indicate Western Europe as the largest market for IQF vegetable in the world. However, the region will witness a marginal decline in its market share towards the end of 2026. North America’s IQF vegetable market is also expected to show a sluggish revenue growth at 2.2% CAGR. Latin America and the Asia-Pacific excluding Japan (APEJ) region, on the other hand, are projected to remain fast-growing IQF vegetable markets, depicting an impressive value CAGR of over 7%. The most lucrative region for growth of IQF vegetable will be Middle East & Africa (MEA), revenues from which are slated to soar at 8.7% CAGR.
Global IQF Vegetable Market: Vendor Insights
Capricorn Food Products India Ltd. is trying to increase the production of IQF vegetables from their existing facilities located in India
ConAgra Foods Inc. is continuously buying small scale IQF vegetable manufacturers of China to increase the supply and reduce the prices
In 2015, Dole Food Co. and Pinnacle Foods Inc. imposed a collective company share of nearly 25% on global IQF vegetable market
Other key players of global IQF vegetable market include B&G Foods Holdings Corp., Greenyard NV, J.R. Simplot Co., Kerry Group Plc., SunOpta Inc., and Uren Food Group Limited.
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