The IQF vegetable market has witnessed a remarkable ascent, reaching an estimated value of US$ 1.68 billion in 2022 and projecting an even more impressive figure of US$ 2.81 billion by 2033. This surge is attributed to evolving lifestyles, changing eating habits, and the expansion of major retail chains. The industry’s robust growth is fueled by the rising demand for frozen meals, with IQF technology playing a pivotal role.
IQF, or Individual Quick Freezing, is a technique that ensures faster and improved freezing, maintaining the flavor and texture of vegetables. The extended shelf life of IQF vegetables, ranging from weeks to months, adds to their allure, driven by the convenience-seeking consumer base. Technological advancements have become a key trend, with major players focusing on innovation to enhance market positions.
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The market’s demand is primarily driven by the longer shelf life of IQF vegetables. IQF and BQF (cold storage) technologies allow safe storage, influencing the surge in frozen food demand globally. Consumers, seeking convenience and hygienic vegetable options, are turning to IQF items that eliminate the hassles of cleaning and slicing, aligning with the fast-paced modern lifestyle.
Key Takeaways from the Market Study
- From 2018 and 2022, the worldwide IQF vegetable market grew at a CAGR of 3.1%.
- In the IQF industry, potato is the most popular vegetable type, with a controlling share of more than 26.2% in 2023.
- Food items containing IQF veggies are predicted to account for more than 76.4% of the market in 2033.
- In 2022, the US market for IQF vegetables will be worth $479.5 million.
- With an estimated volume of roughly 878 MT in 2022, the United Kingdom is one of Europe’s top markets for IQF vegetables.
“The main factors driving the market for IQF vegetables are consumers’ rising preferences for frozen goods, their curiosity about novel concepts, and their enthusiasm to sample foods with various nutritional profiles,” remarks an FMI analyst.
Competitive Landscape
Technologies are being developed by businesses to enable the introduction of before undiscovered fruits and vegetables that can maintain their nutritional content while lowering manufacturing costs. A growing number of businesses, including Capricorn Food Products India Ltd., Dole Food Co., and J.R. Simplot Co., are making investments in developing innovative IQF vegetable products.
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Prominent players in the IQF vegetables market are:
- B&G Foods Holdings Corp.
- Capricorn Food Products India Ltd
- ConAgra Foods Inc.
- Dole Food Co.
- Greenyard NV
- R. Simplot Co.
- Kerry Group Plc.
- Pinnacle Foods, Inc.
- SunOpta Inc.
- Uren Food Group Limited
Some key developments of the leading companies in this market are:
- In 2022, TOMRA, a supplier of technology-driven solutions for sophisticated collecting and sorting technologies and food processing with headquarters in Norway, introduced TOMRA 5C, a high-end produce sorting machine using BSI technology. Precision frozen vegetable sorting is made possible by the machine’s innovative design, which features one-of-a-kind high-resolution lasers combined with biometric signature identification (BSI) technology. The system compares good and poor materials using BSI technology and even detects minor flaws.
- In May 2022, Growers Express, LLC’s frozen vegetable production activities were purchased by B&G Foods, Inc., a US-based manufacturer of premium, branded easily stored and frozen foods, for an undisclosed sum. B&G Foods and Growers’ combined resources should improve innovation initiatives and speed to market through this transaction. Revolutionary frozen vegetable product maker, producer, and retailer Growers Express, LLC is situated in the United States.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global IQF vegetables market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the IQF vegetables market, the market is segmented on the basis of IQF vegetables by type (potato, onion, tomato, carrot), application (food, beverage, concentrate) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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