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IQF veg industry to rise to $2 trillion by 2026The commercial advantage of keeping individually quick frozen (IQF) vegetables in stock continues to drive their demand among retailers, grocery stores and independent vegetable & fruit vendors from around the world. The global demand for IQF vegetable is expected to rise on account for their longer shelf lives, speedy processing of foods, and robust supply chain.
Future Market Insights projects that such factors will instigate a steady growth in global consumption of IQF vegetables. By the end of 2026, more than 25 thousand tonnes of IQF vegetables will be sold across the globe, bringing in revenues worth over USD $2 billion.
Future Market Insights' report, titled "IQF Vegetable Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," estimates that the global market for IQF vegetables is presently valued over USD $ 1.288 billion, recording global sales of a little over 16,900 tonnes of IQF vegetable in the world.
However, in terms of volume and value, the global IQF vegetable market is expected to showcase a moderate growth over the forecast period. Registering a value CAGR of 4.5% and a volume CAGR of just over 4%, the global demand for IQF vegetable is expected to be inhibited by the increasing risk of consuming Listeria monocytogene bacteria through IQF vegetables, strict regulations that forbid the use of IQF vegetables due to a rising occurrence of bacteria and viruses, and fluctuating prices & the availability of raw materials.
The report also reveals that of the most prominently-consumed IQF vegetables in the world, IQF potatoes, tomatoes and broccoli & cauliflower will remain in great demand. Although, peas are expected to be observed as a top-selling vegetable in the global market, registering the fastest revenue growth at 5.8% CAGR.
Over 70% of global IQF vegetable revenues are anticipated to be accounted for by food applications. During the forecast period, the demand for IQF vegetables in food production is expected to gain traction. Towards the end of 2026, close to 60% of global IQF vegetable revenues accounted by food applications will be accounted for by cooking food applications. Among the beverage applications of IQF vegetables, juices are expected to dominate global revenues by the end of 2026.
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Tel: 347 918 3531
Publication date: 8/18/2017
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