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Press Release: IQF Fruits Market to grow at a CAGR of 6.5% during the forecast period (2020 to 2027)
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
IQF fruits are fruits prepared by using IQF method technology where individual fruits are sent to the blast-freezers process for fast freezing in order to enhance the shelf-life of the fruits and preserve it for a longer time. This technology preserves the fruit without changing the structure and flavor of the fruit.
Statistics:
The global IQF fruits market is estimated to account for US$ 9,490.9 Mn in terms of value and 2,715.2 Thousand Tons in terms of volume in 2019.
Drivers:
Driver 1
Growing demand for convenience food due to busy lifestyle along with the rising number of working women is projected to fuel the market growth IQF fruits. IQF fruits do not require further preparation and portion of the fruits can be consumed and rest can be repacked using the same packaging for later consumption. This also minimizes the wastage and ensures the optimal usage of fruit. All these factors are boosting the market growth of IQF fruits.
Driver 2
Advantages such as preventing lumping of frozen fruits especially pulpy fruits are expected to augur the market growth of the IQF fruits. Moreover, it also preserves the crucial attributes of fruits such as texture, color, and flavor. Thus, all these advantage offered by IQF fruits is shifting manufacturer preferences towards this technology from traditional preserving technology. This is expected to foster the market growth of IQF fruits.
Statistics:
North America region dominated the global IQF fruits market in 2019, accounting for 29.8% share in terms of value, followed by APEJ and Western Europe, respectively
Figure 1. Global IQF Fruits Market, Revenue Share (%), By Region, 2019
Market Restraints
Restraint 1
High power and freight cost associated with the frozen food technology as it requires special condition such as equipment etc. is expected to hinder the market growth of IQF fruits.
Restraint 2
Lack of proper infrastructures such as shortage of power, poor road, and lack of warehouses across developing countries is a major challenges for the market growth of IQF fruits. Moreover, the lack of cold chain retails outlets across developing countries is further expected to restrict the market growth of IQF fruits.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 9,490.9 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.5% | 2027 Value Projection: | US$ 15,772.5 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Nestlé S.A., Parmalat S.p.A., Danone, Fonterra Co-operative Group Limited, FrieslandCampina N.V., Arla Foods, Dean Foods, Saputo, Inc., Coca-Cola Company, PepsiCo, Inc., Mondelez International, Inc., Hindustan Unilever Limited and General Mills, Inc. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
Figure 2. Global IQF Fruits Market – Opportunity Analysis
Opportunity 1
Growth in the logistic sector across developing regions coupled with the rising per capita income of the populations is expected to serve major growth opportunities. Rising demand for frozen fruits from the dairy industry for preparing flavored based yogurt and beverages such as milkshakes, smoothies, energy drinks, etc. is fueling the market growth Also, the growing demand for healthy candies and jellies are further expected to augment the market growth of IQF fruits.
Opportunity 2
Strict rules and regulation by the government for reducing the use of artificial ingredients in food is expected to serve lucrative opportunities for the market of IQF fruits. IQF fruits are free from preservatives which are boosting their demand around the globe. Lack of fruit production across the Middle East and Africa region is further creating demand for IQF fruits as these can be stored for 12 months.
Figure 3. Global IQF Fruits Market, Revenue Share (%), By Product Type, in 2019
On the basis of product type, strawberry dominated the global IQF fruits market in 2019 with around 42.6% of market share in terms of revenue, followed by blueberry and peach, respectively
Market Trends/Key Takeaways
Trend 1
Partnership and agreements by the key manufacturer is a major trend in the market and this trend is expected to propel the market growth of IQF fruits. For instance, in May 2019, Greenyard Frozen UK has entered a new partnership with supermarket chain Tesco in order to supply its full assortment of frozen fruits, vegetables, and herbs to the retail giant. The partnership will also allow the supermarket giant to offer its customers the widest frozen fruit portfolio with around 25 premium quality frozen fruit stock-keeping units.
Trend 2
The growing consumption of exotic fruits is expected to be a major trend in the market. Moreover, various manufacturers are focusing on promotions and attractive packaging of IQF fruits for increasing consumer base is further expected to foster the market growth of IQF fruits over the forecast period.
Regulations
Australia
Businesses must date temperature recordings and store these for at least one year or longer, depending on the nature and shelf-life of the QFF
Global IQF Fruits Market - Impact of Coronavirus (Covid-19) Pandemic
There have been unprecedented variations in the global sales of food products owing to the changes in purchase patterns among consumers. Rising trends of bulk buying and stockpiling of convenience foods has led to certain foods being in very limited supply, which in turn has led to price fluctuations in global IQF fruits market. This scenario is expected to hinder the growth rate the market till the early months of 2021.
Competitive Section:
Company Names
The global IQF fruits market is growing at substantial rate, owing to the rising popularity of non-seasonal fruits across the globe. In addition to this, growing demand for convenience foods due to busy lifestyle is expected to foster the growth of the market during the forecast period. IQF fruits are available for various product types such as strawberry, peach, prune and blueberry.
Market Dynamics
The global IQF fruits market has witnessed significant growth in recent past years, owing to the changing consumer lifestyles which have led to a shift in food preference. For instance, growing demand for processed and convenience foods is expected to fuel the growth of the global IQF fruits market during the forecast period. Further, individual quick freezing (IQF) process is applied to smaller pieces of fruits where the fruit pieces undergo fast freezing individually and avoids formation of larger ice crystals.
Major players in the global IQF fruits market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various product types such as strawberry and peach, among others. This scenario is expected to fuel the market during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective
* Browse 45 market data tables* and 30 figures* on "Global IQF Fruits Market” – global forecast to 2027
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