IQF FRUITS MARKET ANALYSIS

IQF fruits are fruits prepared by using IQF method technology where individual fruits are sent to the blast-freezers for fast freezing in order to enhance the shelf-life of fruits and preserve them for a longer period 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$ 11.43 Bn in terms of value in 2023.

Drivers:

Growing demand for convenience food

The growing demand for convenience food due to busy lifestyles along with the rising number of working women is projected to fuel the global IQF fruits market growth. 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 wastage and ensures the optimal usage of fruits. All these factors are boosting the market growth of IQF fruits.

Advantages such as preventing lumping of frozen fruits especially pulpy fruits

Advantages such as preventing the lumping of frozen fruits especially pulpy fruits are expected to augment the IQF fruits market growth. 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 dominated the global IQF fruits market in 2023, accounting for 31% shares in terms of value, followed by APEJ and Western Europe, respectively.

 Figure 1. Global IQF Fruits Market, Revenue Share (%), By Region, 2023

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Market Restraints

High power and freight costs associated with frozen food technology

High power and freight cost associated with frozen food technology as it requires special conditions, such as equipment, is expected to hinder the market growth of IQF fruits.

Lack of proper infrastructures

Lack of proper infrastructures, such as shortage of power, poor road, and lack of warehouses, across developing countries is a major challenge for the global IQF fruits market growth. Moreover, the lack of cold chain retail outlets across developing countries is further expected to restrict the market growth.

Market Opportunities

Opportunity 1

Growth in the logistic sector across developing regions such as India coupled with the rising per capita income of the populations is expected to serve major growth opportunities. The rising demand for frozen fruits from the dairy industry for preparing flavored yogurt and beverages, such as milkshakes, smoothies, and energy drinks, is fueling the market growth Also, the growing demand for healthy candies and jellies are further expected to augment the global IQF fruits market growth.

Opportunity 2

Strict rules and regulations imposed by the government for reducing the use of artificial ingredients in food is expected to provide lucrative growth opportunities for the global IQF fruits market growth. 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 boosting the demand for IQF fruits as these can be stored for 12 months.

Figure 2. Global IQF Fruits Market, Revenue Share (%), By Product Type, in 2023

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On the basis of product type, strawberry dominated the global IQF fruits market in 2023 with around 44% of market share in terms of revenue, followed by blueberry and peach.

Market Trends

Partnerships and agreements between the key manufacturers is a major trend in the market, and this trend is expected to propel the global IQF fruits market growth. 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 their consumer base, thus boosting the global IQF fruits market growth over the forecast period.

Key Takeaways

For instance, in May 2022, Dole Packaged Foods, LLC opened a frozen fruit plant in McDonough, Georgia. It is Doles' third factory in the U.S. The new facility is around 60,000 square feet and is completely automated, with four manufacturing lines producing 60 million pounds of frozen fruit annually.

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 the 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 

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, General Mills, Inc.