As per a study by FMI, the global IQF vegetables market is expected to reach a valuation of USD1,560.1m in 2021. It also is forecast to exhibit a CAGR of 4.5% during the forecast period of 2021 to 2031. According to FMI, growth prospects for the market remain positive owing to the improvements in global food supply chain infrastructure. The global IQF vegetables market rose at 2.8% during its historical period of 2016 to 2020. IQF potato products are expected to emerge as top selling product category and account for 20% of the global market in 2021.
Advancement of technology to preserve food has encouraged key players to expand their product portfolio. As demand for convenient food is on the rise, sales prospects for IQF vegetables will improve.
Consumers are increasingly demanding simple, hygienic vegetable products that can aid in reducing conventional hassles of slicing and cleaning fresh vegetables. As increasing number of people are focusing on better food quality, key players in the IQF market have lucrative opportunities to capitalize on.
Demand for IQF vegetables is increasing as consumers are seeking food with superior nutritional value, flavor, and quality. However, the market is expected to face restrains owing to lack of strong distribution network and supply chain.
North America is expected to lead the global IQF vegetables market due to immaculacy of vegetable supply chains in Canada and the U.S. The market in this region is expected to further expand owing to the availability of farm-fresh vegetables across numerous retail outlets in Canada and the U.S.
“Innovations in the freezing technologies such as introduction of IQF freezing and cold store freezing are gaining momentum. This will offer attractive opportunities for key players in the global market to capitalize on. Besides this, availability of advanced technologies also will help them expand their overall product portfolio,” says a FMI analyst.