New York, NY, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “IQF Vegetable Market By Product Type (Beans, Peas, Corn & Baby Corn, Broccoli & Cauliflower, Potato, Onion, Tomato, Carrot, and Others) and By End-User (Retail and Industry (Food and Beverage)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global IQF vegetable market was valued at around USD 1,149.33 million in 2017 and is expected to reach approximately USD 1,669 million by revenue by 2024, growing at a CAGR of around 6.67% between 2018 and 2024.
IQF vegetables stand for individually quick frozen vegetables. IQF vegetables have good nutritional value and quality as compared to other frozen vegetables. In addition, IQF vegetables have good flavor and texture as compared to other frozen vegetables. Tiny crystals are formed within the vegetables that keep the vegetables fresh for a longer duration. The IQF process of freezing vegetables is better than the conventional process.
Browse through 37 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global IQF Vegetable Market: By Type, Size, Industry Share, Trends and Forecast, 2017 – 2024”.
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Increasing population and growing preference toward frozen food are driving the IQF vegetable market growth globally. Increasing demand for food products with longer shelf life and growing demand for seasonal fruits and vegetables across the year are anticipated to fuel the expansion of the IQF vegetable market in the future. In addition, increasing globalization and trade across borders is also anticipated to contribute to this market’s growth globally.
On the basis of product type, this market can be classified into beans, onion, corn and baby corn, peas, broccoli and cauliflower, tomato, potato, and carrot. The peas segment is anticipated to grow at the fastest CAGR, owing to the increasing demand for peas. The IQF vegetable market can be segmented on the basis of end-user as retail and industry. The industry segment is further sub-segmented as food and beverage. In terms of revenue, the food sub-segment is anticipated to dominate the IQF vegetable market during the forecast period. However, beverage application of IQF vegetable is projected to dominate the IQF vegetable market in the near future.
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North America is anticipated to lead the IQF vegetable market, owing to increasing demand for frozen vegetables in the region. In addition, increasing demand for IQF vegetable especially in the U.S. and Canada and growing awareness regarding various advantages of IQF vegetables are anticipated to boost the expansion of the IQF vegetable market. Furthermore, increasing health awareness and changing food habits of people are anticipated to drive the IQF vegetable market growth in the near future. Hectic lifestyles have led the consumers to look for hygienic and healthy vegetable products and have reduced the hassles of chopping and cooking vegetables. Growing technological advancements in packaging and longer shelf lives of products are drawing customers’ attention toward IQF vegetables.
Asia Pacific is the major market for IQF vegetables. The prominent factor driving the IQF vegetable market in this region is the adoption of the western lifestyle. In addition, growing health awareness among the people regarding health benefits of IQF vegetable is anticipated to boost the IQF vegetable market growth. There is a huge market for IQF vegetable in developing countries, like India and China, owing to the growing population. Moreover, there is an increasing need for IQF vegetables rather than conventional frozen vegetables especially in India due to the varied atmosphere in the different region of the country.
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Europe is a significant market for IQF vegetables. In Europe, the demand for IQF vegetable is growing owing to the increasing demand for healthy and convenient food. Growing interest in advanced and sustainable solution from private vegetable processors is driving the IQF vegetable market in the region. There is a huge demand for nutrient-rich vegetables, such as broccoli. Simply delivering such products to the marketplace is not enough, which might hamper the product quality. Europe consumers are highly interested in the nutritional value of products, their texture, and quality. Increasing consumers’ desire for convenient and faster-to-prepare foods is driving the IQF vegetable market growth. EU is the major importer of IQF vegetables. The biggest consuming countries are in Western Europe followed by Eastern European countries.
Latin America is anticipated to show considerable growth in the IQF vegetable market owing to the increased tourism in the region. Increasing use of IQF vegetable in the food and beverage industry is driving the demand for IQF vegetable in the region. In addition, various advantages of IQF vegetables, such as nutritional value, ease of transport, longer shelf life etc., are anticipated to boost this market’s growth in the region. The Middle East and African region are anticipated to be the most lucrative for this market growth owing to increasing middle-class population and their growing incomes.
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The global IQF vegetable market comprises chief players that accounted for a major market share in 2017. The key players of this market have been investing in research & development, increasing production capacity, reducing the price of vegetables, technological advancement, maintaining standards, and product innovation in order to retain their dominance in the market. Some key players are Uren Food Group Limited, SunOpta Inc., Kerry Group Plc., J.R. Simplot Co., Greenyard NV, and B&G Foods Holdings Corp.
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This report segments the global IQF vegetable market as follows:
Global IQF Vegetable Market: Product Type Segment Analysis
- Beans
- Corn & Baby Corn
- Broccoli & Cauliflower
- Potato
- Onion
- Tomato
- Carrot
- Others
Global IQF Vegetable Market: End-User Segment Analysis
- Retail
- Industry
- Food
- Beverage
Global IQF Vegetable Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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