The Asia Pacific IQF Fruits and Vegetables Market was worth USD 1.7 billion in 2021 and estimated to be growing at a CAGR of 6.2%, to reach USD 2.29 billion by 2026.
Individual quick freezing (IQF) is a technology through which fresh fruits and vegetables freeze at very low temperature (-30°C to - 40°C). This process enables to preserve fresh fruits and vegetables for a longer period of time even more than a year maintaining the same colour, flavour, and texture till it lasts. IQF fruits and vegetables are stored at low temperature or in the refrigerator. IQF technology is ideal for preserving seasonal fruits and vegetables. IQF fruits and vegetables comprise same nutritional value after freezing as it possesses in a fresh form which is supporting its growth worldwide. Also, easy storage properties and availability at a low price are expected to drive the demand for IQF fruits and vegetables across the globe.
The frozen fruits and vegetables market in the world contributes a meager percentage to the total consumption of fruits and vegetables. In the developed markets like Europe and US, frozen vegetables are 10% to the total vegetable consumption. In the underdeveloped and developing markets, its share is much lower. However, in the recent years, this category has gained importance due to some basic advantages it offers in comparison to fresh fruits and vegetables. With a strong back up from the technological innovations, the advantages of frozen fruits and vegetables have made it much more reachable and affordable to the consumers around the globe.
Drivers and Restraints:
The major factors affecting the Asia Pacific IQF Fruits and Vegetables Market include the fast-paced modern lifestyles that have led consumers to look for easy and hygienic fruit products that eliminate the conventional hassles of cleaning and chopping fresh fruits. Other factors include growing inclination towards healthy food, technological advancements in packaging and longer shelf life. Moreover, increasing demand for food manufacturers for preserving food product for a longer period so that they could use it as an ingredient in their final product is also fuelling the demand of IQF fruits and vegetables market during the forecast period. As for the restraints, there are none except for the slight difficulty in manufacture.
Asia Pacific IQF Fruits and Vegetables Market Segmentation Analysis:
The Asia Pacific IQF Fruits and Vegetables market is broadly classified by Type into Fruits which include Berries, Bananas, Mango, Apple, Papaya, Pineapple, Kiwi and Others and Vegetables which include Carrots, Beans, Peas, Corn, Potato, Broccoli, Cauliflower and Others, by Distribution into Retail Outlets, Online Stores and Hypermarkets and based on End Users Hotels/Catering and Food Manufacturers.
Based on geography, the Asia-Pacific market is divided into India, China, South Korea, Japan and Australia. Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. In addition to having the highest growth rate, the region also has the third highest market share. The rapid growth of the region can be attributed to the developing stature of countries such as India and China.
Key Players in the Market:
Major key players in the Asia Pacific IQF Fruits and Vegetables Market are
The Asia Pacific IQF Fruits and Vegetables Market is highly competitive with a large number of players. Key market players dominating the market with their products are SunOpta Inc, Fruktana Ltd, Capricorn Food Products India Ltd., Breukers Schamp Foods, Alasko Foods Inc, AXUS International LLC, Rasanco Ltd and Nimeks Organics among others.
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