0
2021
Iqf Vegetable Market

IQF Vegetable Market

by Nature (Organic and Conventional), End User (Commercial and Residential), and Distribution Channel (Supermarket/Hypermarket, B2B, Online Store, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A08013
Pages: 252
Oct 2021 | 4337 Views
Author(s) : Priya , Roshan D
Tables: 127
Charts: 56
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COVID-19

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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. 

IQF-Vegetables--Market--2021-2030

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 outbreak of the COVID-19 pandemic has shown a negative impact on the market. 
  • Recent declaration regarding the shutdown of notable proportion of the food service industry, including full-service restaurants and quick service restaurants, has dramatically hampered the sale of IQF vegetable.
  • Trade restrictions imposed by several countries across the globe to curb the outbreak of COVID-19 has significantly affected global logistics and transportation, which has affected on the IQF vegetable market.

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.

IQF Vegetable Market
By Nature

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The conventional segment dominates the global IQF Vegetables Market and is expected to retain its dominance throughout the forecast period.

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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.

IQF Vegetable Market
By End User

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The commercial segment dominates the global IQF Vegetables Market and is expected to retain its dominance throughout the forecast period.

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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.

IQF Vegetable Market
By Distribution Channel

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The B2B segment dominates the global IQF Vegetables Market and is expected to retain its dominance throughout the forecast period.

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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.

IQF Vegetable Market
By Region

2030
North America 
Europe
Asia-Pacific
LAMEA

The North America segment dominates the global IQF Vegetables Market and is expected to retain its dominance throughout the forecast period.

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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

  • This report provides a quantitative analysis of the current IQF vegetable market trends, estimations, and dynamics of the global market for the period of 2020–2030 to identify the prevailing IQF vegetables market opportunity.
  • The key countries in four major regions have been mapped depending on their market share.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region have been mapped according to their revenue contribution to the global industry. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.
  • The report includes both regional as well as global IQF vegetable market analysis, key players, market segments, application areas, and growth strategies.

IQF Vegetable Market Report Highlights

Aspects Details
BY NATURE
  • Conventional
  • Organic
BY END USER
  • Commercial
  • Residential
BY DISTRIBUTION CHANNEL
  • Online stores
  • Supermarket/Hypermarkets
  • Business to Business(B2B)
  • Others
BY REGION
  • North America  (US, Mexico, Canada)
  • Europe  (Germany, UK, France, Italy, Spain, Russia, rest of Europe)
  • Asia-Pacific  (India, Japan, China, Australia & New Zealand, ASEAN, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Argentina, Rest of LAMEA)
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.

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FREQUENTLY ASKED QUESTIONS?

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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