According to a new report published by Allied Market Research, titled, “IQF Vegetable Market by Product Type and Application: global opportunity analysis and industry forecast, 2021–2030,” the global IQF vegetable market size was valued at $4.7 billion in 2020, and is projected to reach $7.1 billion by 2030, registering a CAGR of 4.2%. from 2021 to 2030. IQF vegetable are types of frozen food products, which are preserved by using IQF technique that uses the fluidization approach. This results in freezing vegetable for 10–12 minutes and keeps the vegetable fresh for longer period of time. From the past few years, rise has been witnessed in the demand for IQF vegetable from the residential sectors. This is attributable to their availability throughout the year, and they minimize preparation time.
The global IQF vegetables market growth is expected to be driven by surge in demand for IQF vegetable from the food service industry, owing to the various benefits offered by IQF vegetable such as reduced preparation time and availability in all seasons.
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COVID-19 impact analysis
The outbreak of the COVID-19 pandemic has shown a negative impact on the market.
Recent declaration regarding the shutdown of notable proportion of the food service industry, including full-service restaurants and quick service restaurants, has dramatically hampered the sale of IQF vegetable.
Trade restrictions imposed by several countries across the globe to curb the outbreak of COVID-19 has significantly affected global logistics and transportation, which has affected on the IQF vegetable market.
The global IQF vegetable market is segmented into nature, end user, distribution channel, and region. By nature, the market is classified into organic and conventional. On the basis of end user, it is categorized into commercial and residential. Depending on distribution channel, it is segregated supermarket/hypermarket, B2B, online store, and others. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Argentina, and rest of LAMEA).
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By nature, the conventional segment accounted the highest market share in 2020. This is mainly attributed to the easy availability of conventional IQF vegetable in the market through distributors. However, the organic segment is expected to be the fastest growing segment during the IQF vegetable market forecast period in terms of value sales.
On the basis of end user, the commercial segment was the major share contributor in 2020. This is attributed to the fact that IOF vegetable require less time for preparation and reduce customer waiting time, thus, fast food chains and quick service restaurants have adopted them as substitutes to fresh vegetable. This acts as a key driving force of the commercial segment. However, the residential segment is expected to be the fastest growing segment during the forecast period in terms of value sales.
Depending on distribution channel, the market is segregated into supermarket/hypermarket, B2B, online store, and others. In 2020, B2B segment accounted for the highest IQF vegetables market share in the global IQF vegetable market. This is attributed to surge in demand for IQF vegetable from the food service industry. However, the online store segment in the IQF vegetable market is expected exhibit the highest growth during the forecast period in terms of value sales.
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Key findings of the study
By nature, the conventional segment accounted for the highest IQF vegetables market share in 2020, and is estimated to grow at a CAGR of 4.1%.
On the basis of end user, the commercial segment was the share contributor in 2020, and is expected to grow at a CAGR of 4.1% from 2021 to 2030.
Depending on distribution channel, B2B was the prominent segment in 2020, and is projected to exhibit a CAGR of 3.5% during the forecast period.
Region wise, North America occupied the maximum share in the market in 2020, and is expected to be the dominating segment during the IQF vegetables forecast period.
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Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. Agreement with key stakeholders is expected to be a key strategy to sustain in the market. In the recent past, many leading players opted for product launch to strengthen their foothold in the market. To understand the key IQF vegetable market trends, strategies of leading players are analyzed in the report. Some of the key players in the IQF vegetable market analysis include Dole Food Co., Capricorn Food Products India Ltd., J.R. Simplot Co., Cardinal Foods LLC, B&G Foods Holdings Corp., ConAgra Foods, Inc., Kerry Group Plc., Uren Food Group Limited, Greenyard NV, and Pinnacle Foods, Inc.
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