News in brief:
– Global individually quick frozen vegetable market is projected to reach $7.1 billion by 2030, driven by rising demand and fluidisation techniques.
– Local farmers are expected to benefit from increased demand for convenient, year-round vegetables, despite pandemic-related challenges.
The global market for individually quick frozen (IQF) vegetables is set to soar, anticipated to hit $7.1 billion by 2030, according to a recent report from Allied Market Research. This surge, driven by escalating demand and innovative fluidisation techniques, marks a significant growth from its 2020 valuation of $4.7 billion, boasting a steady Compound Annual Growth Rate (CAGR) of 4.2%.
Demand surge despite COVID-19 impact
The COVID-19 pandemic dealt a blow to the IQF vegetable industry, disrupting supply and value chains globally. Lockdown measures across various countries hampered production and distribution, adversely affecting sales and revenue generation.
These vegetables, preserved using fluidisation techniques, offer extended freshness and convenience. Witnessing a surge in residential demand due to year-round availability and reduced preparation time, these frozen delights have become a staple in kitchens worldwide.
The market is segmented by nature, end-user, distribution channel, and region. Conventional IQF vegetables dominated in 2020, with the commercial segment leading in end-user contribution. North America held the lion’s share, with Europe and Asia-Pacific following suit.
Key findings from the report
- The conventional segment retains dominance, poised to grow at a CAGR of 4.1%.
- Commercial usage spearheads growth at a rate of 4.1%, while B2B distribution channels maintain prominence with a 3.5% CAGR.
- North America remains the frontrunner, expecting continued dominance.
Amidst fierce competition, companies are urged to innovate and collaborate. Product launches and strategic agreements are vital for market sustenance. Leading players such as Dole Food Co. and J.R. Simplot Co. are actively pursuing such strategies to fortify their market presence.
