Revenue generated from the global frozen fruits market was valued at USD11bn in 2020 and is estimated to rise at a CAGR of 5.6%, to reach USD21bn by 2030, according to a new study by Transparency Market Research (TMR), a global market intelligence company providing business information reports and services.
The global pandemic of Covid-19 has a deep impact on the frozen fruit industry, as coronavirus crisis hammers economies. Lockdowns and other stringent measures taken by governments have drastically changed the market for frozen fruits. The lockdown imposed to limit COVID-19 spread has also adversely weakened many players’ networks (supply chain). The uncertainty caused by the outbreak of COVID-19 has interrupted the import and export of frozen fruits due to the closing of international borders.
On the other hand, the rising demand for seasonal fruits and consumer awareness about clean label products with a longer shelf life is expected to support the growth of the frozen fruits market. According to the World Bank, over 60% of the world population lives in urban areas. Rise in the hectic lifestyle and slummy health conditions, owing to unhealthy eating habits is driving consumers to demand for special dietary needs and high nutrition products. Consumers are switching to healthy snacking due to
convenience and nutrition offered by such products, as round-the-clock snacking is the new “normal”.
Healthy snacking also helps in keeping blood sugar levels in check throughout the day, helping to avoid the infamous nap-inducing slumps in between meals, losing weight, and boosts immune system. Frozen fruits are widely being used as and in snacks. Frozen fruits-based snacks are available in different fruit options and packaging to grab consumer attention. Moreover, vacuum frying and freeze drying methods are gaining momentum in the frozen fruits market, as companies are adopting these technologies in the snack industry to retain original flavor, original shape of the product, and provide maximum nutrition.
An increasing number of the global working population is creating a new requirement for convenience foods due to time constraints. Frozen fruits also offer ease of use, storage, and further processing. Consumers are trying different tastes and flavors and offering for fruit flavors in their products, especially in bakery and confectioneries. This is driving the demand for various seasonal fruits in end-use industries such as bakery, confectioneries, smoothies, RTD beverages, and others.
The report also mentions that consumers can now shop frozen products online, including imported fruits that are not grown or sold locally. The growth of online retailing has resulted in a widespread supply of frozen fruits through cold storage and large network leading to easy availability and accessibility of frozen fruits to consumers.