Report Code: A08013 | Pages: 252 | Oct 2021 | 4337 Views | ||
Author(s) : Priya , Roshan D | Tables: 127 | Charts: 56 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Iqf Vegetable Market
Request Now !The global IQF vegetable market size was valued at $4.7 billion in 2020, and is projected to reach $7.1 billion by 2030, registering a CAGR of 4.2%. from 2021 to 2030.
IQF vegetable is a type of frozen food product, which is prepared by using individual quick freezing (IQF)—a technology that is used to keep fruits and vegetable fresh for a prolonged time. IQF uses the fluidization approach, which results in freezing the vegetable for 10–12 minutes. It does not alter the taste, color, and texture of the fruits and vegetable. After the IQF process, the food can be kept at low temperatures, limiting the problems faced in the conventional method wherein food products are spoilt at low temperatures. The IQF method of freezing food prevents the cell wall from breaking, due to quick freezing process, thereby retaining color, texture, and firmness of vegetable. Hence, the IQF process, in comparison to the conventional freezing methods, is considered to be an ideal process of freezing vegetable.
The IQF vegetable market growth is driven by increase in popularity of fast-food restaurants, also known as quick-service restaurants. In addition, rapid increase in number of large retail stores, including supermarkets and hypermarkets majorly in developed regions such as Europe and North America has facilitated easier availability of IQF vegetable, as these stores are equipped with deep refrigeration and improved storage facilities. However, negative consumer perception related to nutritional content in frozen foods is restricting the growth of the market. On the contrary, increase in awareness of consumers toward nutritional quality of IQF vegetable and advancements in freezing technology to retain the quality of vegetable are expected to provide opportunities to the market.
In recent years, there has been a subsequent growth of the food service sector in the emerging markets, including India, Mexico, Brazil, Saudi Arabia, and South Africa. This, in turn, is expected to offer immense opportunities for the growth of the market in terms of value sales during the forecast year.
COVID-19 impact analysis
The global IQF vegetables market is segmented into nature, end user, distribution channel, and region. By nature, the market is classified into organic and conventional. Depending on end user, it is categorized into commercial and residential. On the basis of distribution channel, it is segregated supermarket/hypermarket, B2B, online store, and others. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Argentina, and rest of LAMEA).
By nature, the conventional segment accounted the highest market share in 2020. This is mainly attributed to the easy availability of conventional IQF vegetable in the market through distributors. However, the organic segment is expected to be the fastest growing segment during the IQF vegetable market forecast period in terms of value sales.
On the basis of end user, the commercial segment was the major share contributor in 2020. This is attributed to the fact that IOF vegetable require less time for preparation and reduce customer waiting time, thus, fast food chains and quick service restaurants have adopted them as substitutes to fresh vegetable. This acts as a key driving force of the commercial segment. However, the residential segment is expected to be the fastest growing segment during the forecast period in terms of value sales.
Depending on distribution channel, the market is segregated into supermarket/hypermarket, B2B, online store, and others. In 2020, B2B segment accounted for the highest IQF vegetables market share in the global IQF vegetable market. This is attributed to surge in demand for IQF vegetable from the food service industry. However, the online store segment in the IQF vegetable market is expected exhibit the highest growth during the forecast period in terms of value sales.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2020, owing to the subsequent growth of the food service industry in this region. However, Asia-Pacific is expected to be the fastest growing market during the market forecast period.
Key players operating in the global IQF vegetable market focus on prominent strategies to overcome competition and maintain as well as improve their share worldwide. Some of the major players in the global IQF vegetable industry analyzed in this report include Dole Food Co., Capricorn Food Products India Ltd, J.R. Simplot Co., Cardinal Foods LLC, B&G Foods Holdings Corp, ConAgra Foods, Inc, Kerry Group Plc., Uren Food Group Limited, Greenyard NV, and Pinnacle Foods, Inc.
Key Benefits For Stakeholders
IQF Vegetable Market Report Highlights
Aspects | Details |
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BY NATURE |
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BY END USER |
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BY DISTRIBUTION CHANNEL |
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BY REGION |
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Key Market Players | Alfred Zindel AG, Brecon Foods, B&G Foods, Inc. (Green Giant), Capricorn Food Products India Ltd., Greenyard, Meyer Vegetable Processing GmbH, Rems frozen foods, Simplot Australia Pty. Ltd, Staple Food Group, Uren Food Group Limited |
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The market players have adopted key developmental strategies such as agreement and partnership to fuel the growth of the IQF vegetable market in terms of value sales. They further emphasize on continuous improvement in their products to keep a strong foothold in the market and to boost the demand for IQF vegetable in food service industry.
According to the key market players, from the past few years, rise has been witnessed in the demand for IQF vegetable from the residential sector, owing to their availability throughout the year and their ability to stay fresh for a longer period of time when they are refrigerated at low temperature. Moreover, manufacturers are investing in R&D activities and making continuous efforts in launching new improved IQF vegetable. Thus, this factor promotes the use of IQF vegetable in the food service industry and residential sector.
The key market players in this market adopted acquisition as their key developmental strategy to meet the rising demand from consumers. However, negative consumer perception related to nutritional content in frozen foods, including IQF vegetable is likely to hamper the growth of the IQF vegetable market in the future.
A. The global IQF vegetable market size is projected to reach $7.1 billion by 2030.
A. The forecast period in the IQF vegetables Market report was considered from the year 2021 to 2030.
A. 2020 was considered as the base year in the IQF vegetables Market report.
A. The major players in the IQF vegetable market include Dole Food Co., Capricorn Food Products India Ltd, J.R. Simplot Co., Cardinal Foods, B&G Foods, ConAgra Foods, Kerry Group, Uren Food Group, Greenyard NV, and Pinnacle Foods.
A. The commercial sector was the most influential segment in the IQF vegetables market report.
A. North America market holds the maximum market share of the IQF vegetables Market.
A. The company profiles has been selected on the basis of their revenue and products offering in the IQF vegetables Market.
A. The global IQF vegetable market size was valued at $4.7 billion in 2020.
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