IQF Fruits Market: Introduction
IQF fruits are frozen fruits prepared by using IQF technology. In the IQF method, individual fruits are sent on a type of conveyer belt to a blast-freezer that freezes the fruit very fast. Because the fruits are single pieces when they move in, they stay single even after they’ve been frozen and eventually an IQF fruit is obtained.
In terms of volume, the red fruits and berries segment constitutes a much larger share in the IQF fruits market than any other segment. The improved per capita expenses on food, owing to the rise in disposable income in many developing countries, is swelling the demand for IQF fruits. Customer demand is fixated on the quality and durability of the products that they purchase. IQF fruits, being recognized as GRAS by the FDA, and a safe option for all manufacturers. IQF fruits are an integral component of modern bakery products like jams and jellies. Furthermore, the demand for berry types of fruits has been on the constant rise from matured markets such as Europe is stimulating the growth of IQF fruits.
The growing demand for IQF fruits in the food and beverages industry is powered by the growing awareness among consumers regarding healthy and exotic food products. Also, the growth in the demand for IQF fruits in dairy products is greatly endorsed by the growing demand for high quality dairy products such as yogurt, etc. Consumer focus on veganism is one of the key drivers shifting their preference for fruits, thus stimulating the growth of the IQF fruits market.
In terms of value, the global IQF fruits market is expected to represent an incremental opportunity of 13.36 Bn by 2028 end. By fruit, the tropical fruits segment is expected to register a CAGR of 5.9 % in the IQF fruits market. The North American region is expected to register relatively low growth in the IQF fruits market, due to the size of the market, which is already larger than all of the other regions.
IQF Fruits Market: Drivers & Restraints
Red tart cherries, also produced as an IQF fruit, are grown in the U.S. are also known as sour cherries, and are bright red when harvested. They have a sour-sweet flavour, which is attracting more and more consumers across many countries. Major manufacturers are observing an increased interest in red tart cherries in IQF fruits. In domestic and in overseas markets, demand is on the rise, as consumers are recognizing that not only do red tart cherries taste great while having a unique blend of tart and sweet flavour, they also look great with their attractive bright red colour, besides the fact that they are very good for health. Red tart cherries seem like a hot prospect in the IQF fruits market, and an upsurge is expected in their consumption in the years to come.
Relatively buoyant income growth in emerging markets of Southeast Asia, Latin America, and Eastern Europe is driving disposable income, especially of the middle-class population in these regions. This, in turn, is increasing consumer spending on new goods and services. Growing income, exposure to new tastes and flavors, and the rising demand for diverse food products are surging the demand for numerous seasonal fruits such as diced oranges and blackberries preserved using the IQF technique, which, in turn, is boosting the IQF fruits market.
There has been so much innovation observed in freezing technologies in the past few years such as the introduction of IQF technology for IQF fruits. The frozen fruits market is large, and is one of the most vibrant sectors in the food industry. The two major types of freezing techniques are cold store freezing and IQF freezing. These are two completely different methods, with visible dissimilarities in the final product. Cold store freezing is used for big volumes of products like whole chicken, meat, etc., whereas IQF fruit freezing is used for small food products like berries, fruits, vegetables, etc. Cold store takes a long time until the product is frozen to the core. IQF technique freezes the product much faster to the center. One of the most important facets of freezing with IQF technology is food safety. Zero contact between the product and the worker is achievable in IQF technology, whereas, in cold store freezing, everything has to be done manually. These factors are expected to drive the IQF fruits market.
IQF Fruits Market: Analysis by Region
On the basis of region, the market in North America is anticipated to dominate the global IQF fruits market in 2018, and lose a significant amount of market share to Europe mostly by the end of the forecast period. Europe is expected to gain significant market share in revenue terms by 2028 end, and is expected to hold the highest share by 2028. In terms of CAGR, APAC is expected to showcase the highest CAGR during the forecast period in the IQF fruits market.
Report Description for the IQF Fruits Market
This report provides forecast and analysis of the global IQF Fruits market. It provides estimated data of 2017, and forecast data up to 2028 in terms of revenue (US$ Mn). The report also includes macroeconomic indicators, along with an outlook on IQF Fruits for the global market. It includes the drivers and restraints of the global IQF Fruits market, and their impact on each region during the forecast period. The report also comprises the study of the current issues with consumers, and opportunities for IQF Fruits product. It also includes value chain analysis.
In order to provide the users of this report with a comprehensive view of the market, we have included detailed competitiveness analysis, and IQF Fruits market key players and strategy overview. The dashboard provides a detailed comparison of IQF Fruit manufacturers on parameters such as total revenue, product offerings, and key strategies. The study encompasses IQF Fruits market attractiveness analysis by fruits and region.
The report includes company profiles of the IQF fruits market, and the revenue generated from companies across North America, Latin America, Europe, APAC, and MEA. For the calculation of market size, the total consumption of fruits in different regions was considered. This was followed by the total number of frozen fruits imported in different countries. For the evaluation of the consumption of IQF fruits, trusted government statistics were considered. The prices of the products have been collected at the retailer level to arrive at the market size for IQF fruits.
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, and Hoovers, and company annual reports_bk_01_01_2020 and publications. The report provides detailed competitive and company profiles of key participants operating in the global market.
The report provides detailed competitive and company profiles of the key participants operating in the global IQF fruits market. Some of the major companies operating in the global IQF fruits market are Brecon Foods, Uren Food Group Ltd., Dirafrost Frozen Fruit Industry N.V., Inventure Foods, Inc., SunOpta Inc., Cal Pacific Specialty Foods, Capricorn Food Products India Ltd., Rosemary & Thyme Limited, Milne Fruit Products Inc., Ravifruit (Kerry Group), Frutex Australia Pty Ltd., and Venus Processing and Packaging Limited (Sympli), among others.
IQF Fruits vendors are directed towards enhancing their sourcing process and technologies used. This is further supported by agreements with local participants across different regions. Also, companies are focused towards proliferating product portfolio in accordance with customers of varied applications.
Global IQF Fruits Market – By Fruit
Global IQF Fruits Market – By End Use
Global IQF Fruits Market – By Sales Channel
Based on Fruit segmentation, the global IQF fruits market is segmented into Red Fruits and Berries, Tropical Fruits, and Citrus Fruits. Red Fruits and Berries is expected to dominate the IQF fruits market in terms of value and volume contribution throughout the period of forecast.
Based on End-use segmentation, the global IQF fruits market is segmented into Food Industry, Retail (Household), and HoReCa (Food Service Providers). Food Industry segment is predicted to record the highest CAGR in terms of both value and volume and is projected to hold highest share in the IQF fruits market.
Based on Sales Channel, the global IQF fruit market is segmented into Direct Sales, and Indirect Sales. The Indirect Sales segment is expected to lead the market in terms of both value and volume both, owing to the dominance of supermarkets. The domination and centralized purchasing of the leading superstores have improved their commercial power on the marketplace as well as in product requirement.
Region wise, the APAC is expected to register a whopping CAGR of more than 7% in terms of value and is projected to hold a healthy market share of more than 20% by the end of forecast period. In terms of market value share, Europe is expected to grasp more than 35% of the IQF fruit market, overtaking North America during the period of forecast.