Iqf Vegetable Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, China, France, UK - Size and Forecast 2024-2028

IQF Vegetable Market Size 2024-2028 

The IQF vegetable market size is estimated to grow by USD 839.8 million at a CAGR of 3.27% between 2023 and 2028. Fast-food restaurants have gained immense popularity due to their convenience and affordability, offering quick meals for consumers on-the-go. A key offering of these establishments is their ability to provide consistent menu items, ensuring customer satisfaction. Additionally, the increasing demand for food with longer shelf-life has led to the growth of the frozen food industry. Frozen vegetables, for instance, are now widely available during off-seasons, enabling consumers to enjoy a diverse range of nutritious options throughout the year. This trend not only benefits consumers but also fast-food chains, as they can maintain a steady inventory and reduce food waste. The frozen food industry's expansion has become a crucial factor in the success and sustainability of the fast-food sector.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market is witnessing significant growth due to changing lifestyle and eating habits. Major retail chains are increasingly stocking up on frozen meals, including IQF vegetables, due to their longer shelf life and convenience factor. The freezing technique used in IQF vegetables prevents bacterial growth, ensuring hygienic vegetable products for consumers. Historical analysis shows that the market position of IQF vegetables has been strengthening due to advances in technology, enabling better freezing techniques and improved taste and texture of frozen food products. The global IQF vegetable market is expected to continue its growth trajectory, with a forecast outlook of steady sales in the coming years. The convenience factor of IQF vegetables is particularly appealing to consumers with time restrictions. Frozen fruits and vegetables are increasingly being used in fast-food restaurants and quick-service restaurants, further boosting market growth. The use of IQF technology in freezing vegetables and fruits ensures that they retain their nutritional value and natural taste. The market for IQF vegetables is expected to witness technological improvement, with innovations in freezing techniques and the development of new products. The market is expected to remain competitive, with major players focusing on expanding their market position and offering high-quality products to consumers. Overall, the IQF vegetable market is poised for growth, driven by changing consumer preferences and technological advances. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Increase popularity of fast-food restaurants is notably driving market growth. The market is witnessing significant growth due to the increasing popularity of fast-food and convenience food industries. With the rise of modern communities and an expanding working population, the need for time-saving meal solutions has become imperative. As a result, the demand for IQF vegetables has surged, particularly among commercial establishments such as fast-food restaurants and B2B suppliers. These vegetables offer numerous benefits, including the elimination of the need for washing, chopping, or peeling, making them an ideal choice for both residential and commercial consumers.

Furthermore, the availability of online stores has made it easier for businesses in the LAMEA (Latina America, Middle East, and Africa) region to procure IQF vegetables, thereby expanding the market's reach. Organic IQF vegetables are also gaining traction as consumers increasingly prefer healthier and more natural food options. Overall, the IQF vegetable market is poised for continued growth as the demand for convenient and healthy food solutions persists. Thus, such factors are driving the growth of the market during the forecast period.

Significant Market Trends

Increasing consumers demand for convenience food is the key trend in the market. In today's fast-paced world, the demand for convenient and ready-to-eat food solutions has significantly increased. This trend is reflected in various food categories, including frozen foods, canned goods, ready-to-eat snacks, meals, and chilled items. Consumers are seeking products that cater to their nutritional needs, offer customization, and maintain a natural and health-conscious approach. As a result, the market for convenience foods is witnessing considerable growth. The organic segment of this market is particularly gaining traction, as more individuals prioritize health and wellness.

Furthermore, both commercial and residential consumers, including businesses (B2B) and individual households, are turning to online stores for their convenience food needs. The pandemic has further accentuated this trend, with restrictions and regulations leading to the closure of traditional grocery stores and a surge in demand for pre-packaged foods. Manufacturers and retailers must capitalize on this opportunity by delivering high-quality, flavorful, and nutritious convenience food options that cater to diverse consumer preferences. Thus, such trends will shape the growth of the market during the forecast period.

Major Market Challenge

Health risks associated with the consumption of frozen vegetables is the major challenge that affects the growth of the market. The market is witnessing significant growth due to the increasing demand for organic and healthier food options. However, concerns regarding the potential loss of nutrients and contamination risks associated with IQF vegetables cannot be overlooked. Unlike fresh produce, IQF vegetables undergo heat processing, which can lead to a decrease in nutrient content, particularly vitamins. Additionally, during transportation from processing units to commercial and residential establishments, there is a risk of contamination due to improper freezing or temperature fluctuations in cold storage containers.

Furthermore, this issue is more prominent in the LAMEA (Latin America, Middle East, and Africa) region, where infrastructure for cold chain logistics is not as developed as in other parts of the world. Despite these challenges, the B2B and online store sectors are propelling the growth of the IQF vegetable market, offering convenience and wider reach to consumers. Organic IQF vegetables are gaining popularity due to their perceived health benefits, further fueling market expansion. Hence, the above factors will impede the growth of the market during the forecast period

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AK Food International - The company offers IQF vegetables such as green peas, carrots, and french beans.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• AK Food International
• B.Y. Agro and Infra Ltd.
• Capricorn Food Products India Ltd.
• Conrax Agro And Food Pvt. Ltd.
• Cropotto Foods International LLP
• Dawtona Frozen SP Zoo
• Fujian Uniland Foods Co. Ltd.
• Ghousia Food Products Pvt. Ltd.
• Givrex
• Hongchang International Co. Ltd.
• Lizaz Food Processing Industries
• NAFOODS GROUP JSC
• Qingdao Elite Foods Co. Ltd.
• Relish Agro Food India Pvt. Ltd.
• Royal Foodstuffs Pvt. Ltd.
• Shimla Hills (SHOP Ltd.)
• Sonderjansen BV
• Varun Agro Processing Foods Pvt. Ltd.
• Vimo Foods Pvt. Ltd
• Xiamen Sinocharm Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By Distribution Channel 

The market share growth by the B2B segment will be significant during the forecast period. The market has gained significant traction in recent years due to its ability to offer a longer shelf life and maintain the freshness, color, and flavor of vegetables. Major retail chains have increasingly incorporated IQF vegetables into their offerings, as consumers' lifestyle and eating habits have shifted towards convenience and time savings.

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The B2B segment showed a gradual increase in the market share of USD 2.51 billion in 2018. The frozen food sales market is forecasted to experience continued growth, driven by technological improvements in freezing techniques and advances in BQF (Blast Freezing Quick Freezing) technologies. The IQF process involves freezing vegetables one at a time using fast freezing methods, which helps prevent bacterial growth and spoilage concerns. This technique also ensures that vegetable cells remain intact, preserving their nutritional content. The convenience factor of IQF vegetables is particularly appealing to the food service sector, including fast-food restaurants and quick-service restaurants, as well as retail stores. Historical analysis indicates that the global IQF vegetable market has been growing steadily, with an increasing demand for hygienic vegetable products. Cold storage methods and moisture control are crucial in maintaining the quality of IQF vegetables, and advances in technology have led to the use of nitrogen and specific temperature conditions to optimize the freezing process. Despite these advantages, concerns regarding the potential loss of nutritional content and the impact of freezing on the texture of certain vegetables persist. In conclusion, the IQF vegetable market is poised for continued growth due to its ability to offer longer shelf life, maintain product quality, and cater to the convenience-driven lifestyle of consumers. The use of advanced freezing techniques and technological improvements is expected to further enhance the market position of IQF vegetables, particularly in the retail and food service sectors. Additionally, the expanding application of IQF technology to fruits is expected to broaden the market scope and offer new opportunities for growth.

By Region

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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The Market has experienced significant growth in recent years due to the changing lifestyle and eating habits of consumers. Major retail chains have increasingly offered frozen meals as a convenient alternative to fresh produce, with longer shelf life being a major selling point. The freezing technique used in IQF vegetables, which involves rapidly freezing individual vegetable cells, minimizes bacterial growth and maintains the vegetable's nutritional content. Technological improvements in BQF (Blast Freezing Quenching) technologies, cold storage methods, and moisture control have further enhanced the market position of IQF vegetables. The global IQF market for vegetables and fruits is projected to continue its growth trajectory, driven by advances in technology and the convenience factor. Fast-food restaurants and quick-service restaurants have been significant consumers of IQF vegetables, as they require minimal preparation time and can maintain hygienic vegetable products. Retail stores have also seen an increase in sales of IQF vegetables due to consumer perception of longer shelf life and spoilage concerns. The frozen food market for vegetables and fruits is expected to reach new heights, with nitrogen freezing and fast freezing techniques being widely adopted to ensure the best possible quality.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Distribution Channel Outlook
  • B2B
  • Supermarket/hypermarket
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Argentina
    • Brazil
    • Chile

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Market Analyst Overview

The market is witnessing significant growth due to the increasing lifestyle trends towards convenient and healthy eating. With the rise in eating habits that prioritize ready-to-cook and ready-to-eat meals, the demand for IQF vegetables as a component in frozen meals has surged. Major retail chains have recognized this trend and have started expanding their frozen food sections to cater to this growing demand. The technological improvement in freezing techniques, such as IQF, has made it possible to preserve the nutritional content and texture of vegetables while extending their shelf life. The long shelf life of IQF vegetables is a major factor driving the market's growth. The use of specific temperature conditions, cold storage methods, and moisture control techniques, such as nitrogen, ensures that the vegetables maintain their freshness and prevent bacterial growth. The convenience factor of IQF vegetables is also a significant market position booster.

Furthermore, consumers appreciate the time savings offered by IQF vegetables, which can be easily cooked or added to meals without the need for extensive preparation. The market for IQF vegetables is not limited to retail stores alone. Fast-food restaurants and quick-service restaurants have also started incorporating IQF vegetables into their menus due to their longer shelf life and consistency in texture and taste. Despite the advantages, the IQF vegetables market faces challenges such as spoilage concerns and fast freezing techniques' impact on vegetable cells. However, advances in technology continue to address these concerns, ensuring the production of hygienic vegetable products that meet consumer perception and nutritional content expectations. The global IQF vegetables market is expected to continue its growth trajectory, with fruits also gaining popularity as IQF products. The forecast outlook for the market is positive, with increasing demand from the food service sector and the continued development of BQF technologies.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies