Frozen vegetables and fruit represent an important component of the European frozen foods industry, and one of the steadiest in terms of consumption and sales. And that should remain unchanged in the near future, as the market is expected to show a stable annual growth. Still, changes in the consumption patterns of European consumers may come from factors such as the desire to replace food of animal origin with vegetable alternatives.
As per a 2021 study by FMI, the global IQF vegetables market had an estimated value 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. 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 US. 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 US.
Meanwhile, 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. Additionally, 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”.
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