IQF products Market Size, Share, Growth, and Industry Growth, By Type (IQF Fruits, IQF Vegetables, and IQF Seafood), By Application (Direct Consumption and Processing Consumption), Regional Forecast By 2031

Updated On: 13 November 2023

IQF products Market Report Overview

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The global IQF products market size was USD 11.53 billion in 2021.  As per our research, the market is projected to touch USD 20.56 billion by 2031, exhibiting a CAGR of 5.8% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with IQF products experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A sort of frozen food product known as IQF vegetable is made using the individual rapid freezing (IQF) method, which preserves vegetables and fruits for a lengthy period of time. IQF employs the fluidization method, which results in the vegetable being frozen for 10–12 minutes. The flavor, appearance, and texture of the fruits and vegetables are unaffected. Following the IQF procedure, the food can be stored at low temperatures, reducing the issues associated with the traditional approach, which results in food products spoiling at low temperatures. Due to the fast freezing procedure used in the IQF method of food freezing, the vegetable's color, texture, and firmness are preserved. The IQF process is, therefore, more effective than traditional freezing techniques.

IQF products are processed using the IQF method technology, in which each fruit is transferred to a blast freezer for quick freezing to extend its shelf life and preserve it for longer. Fruit is preserved with this approach without having its structure or flavor altered. Food preservation is a crucial step in extending the shelf life of consumables like fruits and vegetables. The freezing of food products is a vital method for food preservation. This required method preserves the food's fundamental flavor and structure. Traditional food preservation methods, including smoking, drying, salting, and pickling, cause the food to change in both structure and flavor. Thus, freezing is regarded as a key method of food preservation.

COVID-19 Impact: Change in Consumer Buying Behavior Impeded Market Growth

Due to changes in consumer buying habits, there have been unheard-of fluctuations in the global sales of food products. Certain foods are now in extremely short supply due to rising tendencies of bulk purchasing and storing convenience foods, which has caused price volatility in the worldwide IQF fruits market. This situation is anticipated to slow the market's growth until the first quarter of 2021.

LATEST TRENDS

"Growing Demand for Frozen Food to Surge Growth in the Market"

Frozen food is on a constant rise due to the rising demand for instant foods. The technologies are being used for production, storage, and handling, which is estimated to prosper IQF products market growth. The IQF and BQF technologies influence the safe storage of food, fruits, and vegetables for a longer time. The cold storage technology controls the moisture, but IQF technology uses nitrogen to freeze every fruit and vegetable. The demand from food manufacturers to preserve food for a long time and utilize it as a component in finished goods is fueling the expansion of the global IQF fruit market. The working class will continue contributing significantly to the predicted period's revenue growth. The IQF fruits have several essential qualities that aid in preventing deterioration during difficult transit.

IQF products Market Segmentation

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• By Type Analysis

By type, the market is segregated into IQF fruits, IQF vegetables, and IQF seafood.

• By Application Analysis

Based on application, the market is classified into direct consumption and processing consumption

DRIVING FACTORS

"Expanding Demand for Food that Can Be Stored to Surge the Product Demand"

Demand for red tart cherries is increasing both domestically and abroad because consumers realize that, in addition to tasting excellent and having a distinctive balance of tart and sweet flavor, they also look wonderful with their beautiful, brilliant red color and are very healthy. A rise in their consumption is anticipated in the upcoming years. Red tart cherries appear to be a hot potential in the IQF fruit industry. The major factors impacting the IQF products market growth are consumers' increased preference for frozen goods, their need for greater knowledge, and the chance to try various nutritional values. When frozen, some vegetables and can be used all year round, even if they are only available during their particular seasons.

"Wide Use of E-Commerce Portals to Foster Market Growth"

Due to the product's simple use and time savings, the market is becoming increasingly well-liked among consumers, especially young professionals. This scenario is anticipated to present prospective chances for the global market by introducing new product variations. The average income of consumers has increased as a result of the recent sustained economic expansion brought on by the expanding mining sector. Additionally, restaurants worldwide are turning to individual quick freeze (IQF) fruits to match the demand for unusual cuisines as e-commerce and online delivery services gain popularity. According to this scenario, the world market will grow in the upcoming years.

RESTRAINING FACTORS

"Lack of Appropriate Infrastructure to Hinder Market Expansion"

One of the biggest obstacles to the market expansion of IQF products is the absence of adequate infrastructure, including inadequate roads, warehouses, and power in developing nations. The market expansion of IQF fruits is also anticipated to be constrained by the absence of cold chain retail outlets throughout developing countries. The market expansion of IQF fruits is anticipated to be hampered by the high power and freight costs connected with the frozen food technology as it requires unique conditions such as equipment and others. 

IQF products Market Regional Insights

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"North America to Be the Dominant Region Due to the Presence of Key Players"

North America is forecasted to lead the global IQF products market share as the region faces various bacterial issues in frozen vegetables and fruits. The countries are facing the issue of bacterial contamination due to rising pollution levels. The presence of major key players is expected to foster regional growth.

Asia Pacific is estimated to show significant growth in the regional market due to the changing eating habits, the rising influence of western food, a hike in disposable income, and an increasing population of working-class people. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

Businesses are developing new technology to offer easier ways to increase product portfolios. Key players focus on developing innovative technologies to sustain themselves in the global market. Companies are producing and designing vehicles under licensing or partnership agreements.

Companies also use innovative practices and techniques to create new technologies. To maintain market competitiveness and serve a sizable consumer base, businesses focus on extending their geographic reach. Furthermore, to get a competitive edge in the global market, many manufacturers intend to buy small businesses or collaborate with them. These are the main tactics manufacturers of industrial brakes use to boost their revenue-generating market share.

List of Market Players Profiled

• Superior Foods Companies (U.S.)
• SunOpta (Canada)
• Simplot (U.S.)
• Titan Frozen Fruit (U.S.)
• Gaotai (China)
• Jinyuan Agriculture (India)
• Junao (U.S.)
• SCELTA (Netherlands)
• California Garlic Company (U.S.)
• Eurial (France)
• Oxford Frozen Foods (Canada)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.