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Global IQF fruit market revenue expected to register CAGR of 5% by ’28
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Monday, 11 November, 2019, 15 : 00 PM [IST]
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In terms of value, the global IQF (individually-quick frozen) fruits market is projected to register a healthy CAGR (compound annual growth rate) of five per cent during the forecast period (between 2018 and 2028).
These were the findings of PMR’s recent study, which were published in its recent report, titled, IQF Fruits Market: Global Industry Analysis 2013-2017 and Forecast 2018-2028.
On the basis of fruit type, the red fruits and berries segment is expected to maintain its dominance in the IQF fruits market, with a significant CAGR of 5.1 per cent during the forecast period.
The increasing tendency for developing countries to adapt to food trends has resulted in the worldwide growth of faster-to-prepare food products, resulting in the increased consumption of IQF fruits.
IQF fruits are prominent due to the fact that each single piece of fruit or a fruit is frozen individually from the others, which is the USP (unique selling proposition) of this freezing technology. This is fuelling the increasing demand for IQF fruits in the market.
The global IQF fruits industry grew to $7,821.5 million in 2017. The IQF method for fruits sends each food item on a type of conveyor belt into a blast-freezer, which freezes the product very rapidly.
IQF fruits, because of their high nutritional value and increased shell-life, are consumed more than fruits frozen by any other conventional freezing technique. The steady growth of the fruit industry is expected to account for a steady growth in the demand for IQF fruits over the forecast period.
Global fruit production in 2017 stood at 675 metric tonne. With an increase in the GDP (gross domestic product), and increasing health awareness among consumers, the consumption of IQF fruits and products using IQF fruits as an ingredient, such as cheesecakes and other bakery products, is on the rise in developing countries.
IQF fruits are extensively used in jams and jellies, smoothies, and a lot of food products, owing to their longer shelf-life and high nutritional value. As the demand for clean label and health food is increasing, globally, it aids the growth of the IQF fruits market.
Freight and power costs in the frozen fruit sector are much higher than those of other sectors of fruit preservation. Freight cost is high because of the special conditions required for transportation, like refrigerated/cold containers. High freight cost can diminish the growth of the IQF fruits market.
Developing countries, such as India, South Africa, and Brazil, offer great opportunities for the global IQF fruits industry to expand. However, infrastructural challenges, such as shortage of power and poor roads in these countries, are restraining the growth of the IQF fruits industry.
Increasing role of food service providers
Europe has many importers, but the IQF fruits market is consolidating. Supermarkets are increasingly organising incorporated supply chains with a limited number of favoured dealers or service providers.
Larger importing dealers will also often act as food service providers to superstores, capitalising on added-value services like ripening, packaging, and mixing.
Frozen berries are gaining popularity
In the last five years, the maximum growth in the import value of IQF fruits was observed in frozen berries (seven per cent).
Though, traditionally, the highest quantities of IQF fruit berries are supplied from South-East European nations and Poland, there is constant development of manufacturing in other emerging regions such as Latin American countries, Mexico, and China.
Supermarkets rule sales of IQF fruits
The global market is allocated into different sales channel, with superstores being the most imperative sales channel for IQF fruit consumers and online concepts as a new development in fresh produce.
The report covered the trends driving each segment, and offered analysis and insights of the potential of the IQF fruits market in specific regions.
The APAC region is expected to register the highest growth rates between 2018 and 2028, and is also expected to gain significant share in the IQF fruits market in terms of value in the years to come.
According to market attractiveness, North America and Europe are relatively more attractive markets in the IQF fruits market. Based on fruit, the IQF fruits market is segmented as red fruits and berries, tropical fruits, and citrus fruits.
Detailed profiles of providers are also included in the scope of the report, to evaluate their long-term and short-term strategies, key offerings, and recent developments in the IQF fruits space.
Key players in the IQF fruits market, include SunOpta Inc, Ravifruit (Kerry Group), Fruitex Australia Pty Ltd, Sicoly Cooperative, DMH Ingredients, IngredienTrade, Colomo Frozen Fruits, Inventure Foods Inc, and Dirafrost Frozen Fruit Industry N V, among others.
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