ID: MRFR/F-B & N/4978-HCR | February 2021 | Region: Global | 90 pages
The IQF fruits & vegetables market is forecasted to generate a market size of USD 13 billion within the present forecast period. The CAGR or growth rate for the same is currently at 5.5%, which is subject to increase.
The demand for conventional, organic, and frozen food and beverages has increased in the past few years. The consumption rate is high in European and North American countries. As a result, the industry is throwing in its application in most industries across this globe.
The residential consumption is also high for the IQF fruits & vegetables market. The demands are substantially increasing in India, and the export potential is tremendous in Middle East & Africa. The global market is overcoming the pandemic challenges and is setting its pace to achieve the predicted revenue.
The report focuses on market growth potential based on market segmentation, analysis segments, regional analysis, recent developments, and other such factors. With the potential growth, the IQF fruits & vegetables market is expected to go beyond the previously recorded market size. In addition, the key players are about to play a major role in it.
As of COVID 19, all of the industries were affected to some measure. The IQF fruits & vegetables market is not explicit. Most of the companies broke down due to the lack of manpower and export services. The fruits and vegetables were not able to ship from the farms to processing units. As a result, the supply rate was lowered, but the demand was already on a high scale.
Therefore, the industry suffered a substantial loss in the middle months of 2020. But as the COVID Pandemic lowered its effects over time, the manpower was restored, and the products started reaching the processing & packaging units. Hence, the demand rates are met with high scale as of now. It implies that the IQF fruits & vegetables market size is increasing in the present forecast years.
Chief variables existing in the market
The food sector is growing fast and the ultimate market driver for this global IQF fruits & vegetable industry. With this market driving potential, the rising food sector across hotels and restaurants are demanding more fruits & vegetables over time. And to meet the demand rate, the key players are boosting their immense supply potential. Moreover, they are also setting up new productive measures to speed up the pace.
Apart from that, the consumption of natural products is also increasing amongst the residents and common people. It is due to the rising health concerns that arise due to the consumption of chemical-infused foods. Therefore, the fruits & vegetable market is implementing organic measures for producing a variety of fruits and vegetables to meet the natural consumption needs of the individuals.
The IQF fruits & vegetables market is continuously witnessing some hurdles due to the fluctuating market price of fresh vegetables and fruits. And due to that, the demand for natural and organic food products is somehow trembling. The key players are helpless to regulate the prices against the market fluctuations.
Therefore, the key players are implementing balanced production for both organic and conventional fruits and vegetables. Hence, when the demand for organic fruits reduces due to pricing, the conventional products experience a surge of demand due to lower pricing. And that is what the industry uses as prominent tactics.
Immense opportunities are being generated for the aspiring key players of this market. The demand for hotels and restaurants is increasing at a high pace. As most entrepreneurs are trying to start their business domains as hotels, restaurants, cafes, and other foodservice providers, the demand for this industry products also increases.
As a result, the more the restaurants and food hubs, the higher the sales rate of fruits & vegetables will be. Therefore, the industry is counting on these opportunities to make good money by the end of the present forecast years. The key players are also giving in their collective contribution to achieving the predicted market size.
The IQF fruits & vegetables market is highly categorizing the production of frozen fruits & vegetables. But the price for such items is so high that the normal consumers are restraining themselves from buying them. They are diverting their focus towards buying only fresh fruits and vegetables.
Hence, this is a possible restraint for the global market, as the players need to reduce the profit percentage and lower the cost of frozen fruits & vegetables to improve its sales. Moreover, the restraint factor is the overall income rate, which states that only 1 out of 10 adults are getting enough fruits or vegetables in their diet. And this is a probable restraint as well.
Cumulative evaluation of the market
As per the cumulative evaluation of the IQF fruits & vegetables market, the market drivers, challenges, opportunities, and restraints play a major role in deciding the position of this industry over the revenue scale. This evaluation states that the key players across various regions of the globe are trying to meet the demand and supply rate by overcoming the restraints and challenges. At the same time, they are also accepting the market driving potential and opportunities to set the industry on an immense earning stage in the present forecast years.
IQF Fruits & Vegetables Market Segments
Based on the product classification, the global IQF fruits and vegetable market is classified into fruits and vegetables. Some of the fruits that are high on demand are berries, bananas, apples, papaya, mango, and others. The demanding vegetables for the industry are potato, tomato, broccoli, cauliflower, and others.
The global IQF fruits and vegetable market is classified into organic and conventional categories based on the category classification. Organic fruits and vegetables are accountable for acquiring high demands, as health concerns are frequently rising. The conventional measures of producing fruit and vegetables are in low demand but are still contributing to the overall market boost.
The global IQF fruits and vegetable market is classified into household and industrial applications based on the application classification. The residents across the globe make use of vegetables and fruits for their food consumption and livelihood. But the industrial sectors make use of fruits and vegetables for running their restaurant and food services.
IQF Fruits & Vegetables Market Regional analysis
Based upon the regional classification, the IQF fruits & vegetables market analysis states that the industry is widely spread across various regions of the globe. The countries where the industry is thriving are North America, Europe, Asia-Pacific, and other parts.
North America dominated the industry with the highest IQF fruits & vegetables market share as of 2018. With the continued rise in demand for organic foods and vegetables, the key players across the region have forecasted to attain the highest revenue by the end of the present forecast years. All of the other regions are also giving in their moderate contributions to meet the predicted range.
IQF Fruits & Vegetables Market Competitive Landscape
Here is the list of major market players that have been setting up the IQF Fruits & Vegetables Market trend since the past forecast periods and continue to make a statement in the present years. The players are:
Apart from all of the major key players, Ardo N.V. is one of the thriving players contributing immensely to increasing organic foods & vegetable production. This company is trying its best to suppress chemicals in the fruits& vegetables manufacturing process. Instead, they are revolutionizing the upgraded food production pace to meet the rising supply.
Recent market developments
This report states the overall market exposure of the IQF Fruits and Vegetable market. It states the market highlights, restraints, challenges, and other such insights, to give a productive reflection of how the industry would perform in the forthcoming forecast years. It also has a regional classification that states the exposure of this industry and players across different regions of the globe. With cumulative analysis, it is concluded that the market is about to generate high revenue by the end of the present period.
Key Industrial segments
By Product Type:
Frequently Asked Questions (FAQ) :
IQF fruits & vegetables market is projected to grow at a 5.5% CAGR between 2020- 2027.
North America is expected to dominate the IQF fruits & vegetables market.
The IQF fruits & vegetables market is predicted to touch USD 13 billion by 2024.
Growing fast food sector and demand for frozen food and beverages are the key factors driving the IQF fruits & vegetables market.
Notable players profiled in the IQF fruits & vegetables market include AXUS International LLC. (US), Alasko Foods Inc. (Canada), Shimla Hills Offerings Pvt. Ltd. (India), Frutex Australia Pty Ltd. (Australia), Milne Fruit Products Inc. (US), Rosemary & Thyme Ltd.(UK)., BS Foods B.V. (the Netherlands), Uren Food Group Ltd. (UK), Capricorn Food Products India Ltd. (India), SunOpta Inc. (Canada), and Ardo N.V. (Belgium).