In 2022, the global market for IQF vegetables was estimated to have reached a sum close to USD 1.68 billion. The IQF vegetables industry is growing quickly due to changes in lifestyle, eating habits, and the expansion of many major retail chains. It is thus anticipated to have generated USD 2.81 billion by 2033, along with a CAGR of 4.8% from 2023 to 2033.
The IQF vegetable industry is anticipated to grow in response to the rising demand for frozen meals. The food's shelf life is extended by freezing since it prevents bacterial growth. IQF is a technique for improved and quicker food freezing, which keeps food items fresh.
When using the IQF freezing technique, rapid freezing creates smaller crystals of ice in the frozen meal, preserving its flavor and texture rather than the larger ice crystals which could form during slower freezing processes. People are drawn to the rapid freezing methods that use this technique.
For instance, the United States-based national trade organisation of the frozen food sector, the American Frozen Food Institute, estimates that in 2020, United States frozen food sales climbed by 13.3% in units along with 21% in dollars in order to reach $65.1 billion in sales at retail.
A crucial trend that is becoming more and more popular in the IQF vegetable industry is technological improvement. To improve their market position, major players in the IQF vegetable industry are concentrating on technical developments.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 1.68 billion |
| Expected Market Value (2023) | USD 1.76 billion |
| Projected Forecast Value (2033) | USD 2.81 billion |
| Anticipated Growth Rate (2023 to 2033) | 4.8% CAGR |
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The global IQF vegetable market rose at a CAGR of 3.1% during 2018 and 2022 and is further expected to grow at a CAGR of 4.8% during the forecast period of 2023 to 2033.
Advances in technology to preserve food have allowed market players to make goods available to consumers around the globe. The convenience factor, which has become increasingly important in today's society has been aiding sales of IQF vegetables.
Customers are increasingly seeking simple and hygienic vegetable products such as IQF items that can rid them of conventional hassles of cleaning and slicing fresh vegetables, thereby avoiding the all-important time restrictions of traditional cooking. Their changing preferences have played a crucial role in fuelling the demand in the market.
Longer Shelf Life of IQF Vegetables to Act as a Significant Growth Parameter for the Market
Frozen food is witnessing a rise in demand. Thanks to the technologies being used for their production, handling, and storage, frozen food market is forecast to expand in the coming years.
IQF and BQF (cold storage) technologies have influenced the ability to safely store fruits and vegetables for longer period of time when maintained in specific temperature conditions. Cold storage method control moisture, but IQF technology uses nitrogen to freeze each individual vegetable unit.
The shelf life of IQF vegetables ranges from a few weeks to months depending on the source, allowing storage, without spoilage concerns. In IQF procedures, the long shelf life of vegetables is achieved by fast freezing, which converts all liquid to a frozen form without damaging vegetable cells.
Approval from regulatory agencies has created opportunities for IQF vegetable manufacturers who identified the potential of this business and started the supply of new age products. Companies such as B&G Foods Holdings Corp., Dole Food Co., SunOpta Inc., and ConAgra Brands are producing IQF vegetables.
Principal Consultant
Consumers are exhibiting a growing preference for convenience foods that can help them save time in the kitchen. A busy lifestyle and an aging population are driving the need for convenience food. They prioritize ease of use, packaging, nutritional value, safety, variety, and product appeal, driven primarily by rising disposable incomes.
Some of the most favored vegetables in IQF format are broccoli, potatoes, and tomatoes, which have wide availability and easy-to-cook characteristics. Most vegetables can be processed with the help of IQF technology, which preserves nutritional contents, while maintaining the texture and taste of the vegetable for a longer period of time.
Manufacturers are focusing on production of IQF vegetables to gain a better market share in this segment due to the high demand. The rapid growth of the food service industry in various developing markets is also expected to fuel the demand for convenience foods, and IQF fruits and vegetables.
Risk of Pathogens in IQF Vegetables Expected to Impact and Impede Growth
Japan and some countries in North America have been facing the issue of bacteria and viruses present in frozen fruits and vegetables. The listeria monocytogenes bacteria caught global attention due to the recall of IQF vegetable products. The United States and China, are facing bacteria contamination issues due to high pollution levels.
Most manufacturers in the United States recalled IQF vegetable products due to a listeria monocytogenes outbreak, and this phenomenon occurs every year. Listeria monocytogenes is a species of pathogenic bacteria which causes the infection listeriosis that kills an average of 300 people every year globally.
Most American companies are taking additional precautions, even as buyers are always worried about their health while purchasing vegetables, which will play a key role in market developments for the foreseeable future.
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Potatoes will gain Significance during the Forecast Period
Among vegetable types, potato is most preferred in the IQF sector and it held a dominant share of more than 26.2% in 2023. The segment is expected to grow at a CAGR of 4.4% over the forecast period.
Potatoes are a popular staple, coming in fourth place behind wheat, rice, and maize in terms of global output. On a commercial basis, it is consumed as fresh potatoes or as processed potatoes.
IQF potatoes are one of the most common varieties of processed potatoes. They're quick to prepare and offer a variety of nutrients and vitamins in a naturally maintained form with a long shelf life. The demand for IQF potatoes is rapidly increasing owing to the increase in number of fast food restaurants and increased global food processing capacity.
IQF Vegetables can become a Convenient Option in the Food Products Segment
Food products using IQF vegetables are expected to hold a market value share of 76.4% in 2033, and is anticipated to grow at a CAGR of 4.9% throughout the forecast years 2023 to 2033.
Demanding work lifestyle and an increase in the working population, coupled with the expansion of the food processing sector has supported consumer demand for ready-to-eat or convenience food products. The demand for IQF vegetables for baking, confectionary, and snack foods has increased.
Extensive Usage of these Products Will Enhance the Sales
The United States market for IQF vegetable totaled USD 479.5 million in 2022. Growing at a CAGR of 2.6%, the market is projected to reach USD 549.7 million by 2033.
IQF vegetable consumption in the United States is still the highest in the world. The demand for IQF vegetables is witnessing a surge as IQF vegetables are available round the year and are convenient to cook. Increase in consumption is influencing growth as IQF vegetables save cooking time, as they are available in ready-to-cook processed form. In the United States, IQF vegetables hold a wider market compared to IQF fruits due extensive usage, either as major part of meals or as complimentary food.
Increasing Price Sensitivity to Affect the Market Positively
The Germany IQF vegetable market will account for a value share of 18.2% of Western Europe in 2023, and is expected to grow at an approximate CAGR of 2.7% from 2023 to 2033.
The growth of IQF vegetables market in Germany is attributable to the rising price sensitivity. The consumer demographic trend in Germany is clearly skewed towards an older population and single-person households. This has led to a decline of traditional family meals and has boosted the need for single-portion products such as IQF vegetables.
Rising Demand for Frozen is Likely to Propel the Overall Market Growth
The France IQF vegetable market is estimated to hold a lion’s share in Europe through 2033. The market share of France is projected to reach 15.8% by 2033, at a compounded annual growth rate of 3.1%.
In France, IQF vegetables account for a significant part of the total production of frozen food. France’s retail distribution system is diverse and sophisticated, a network very similar to that of the United States, which will provide growth opportunities to manufacturers for the foreseeable future.
Potatoes and Corn is Likely to Gain the Lion’s Share in this Market
According to FMI’s analysis, Japan is expected to hold a market value share of 15.5% in the year 2023. IQF vegetables that are in demand throughout the year in Japan include potatoes and corn. These vegetables are not subject to seasonal price changes owing to easy access for fresh options.
Private label brands - Green Giant, Birds Eye and Pictsweet are leading in the Japanese market. Potato products and corn products enjoy a very good market share among all the IQF vegetables.
Increasing Benefits of Including Vegetables in Regular Diet is Likely to Boost Sales
The United Kingdom is among the largest Europe markets for IQF vegetable with an approximate volume of around 878 MT in 2022. The market will clock a growth rate of around 2.89% in terms of value for 2023 to 2033 and is expected to contribute over 15% to the total IQF vegetable market in Europe in 2033.
Consumers in the United Kingdom are becoming interested in eating nutritious foods as part of a lifestyle change. There has been a significant shift, away from high-fat foods and towards high-protein vegetables. In the future, the IQF vegetable market in the United Kingdom is predicted to have the strongest growth prospects. With increasing awareness about the benefits of vegetables, this category is bound to show promising growth in the future.
Companies are developing technologies for introducing previously unexplored fruits and vegetables that can retain their nutritional value, while decreasing the cost of production. Companies such as Dole Food Co., Capricorn Food Products India Ltd, and J.R. Simplot Co. are investing increasingly in creating new products of IQF vegetable.
The key players in this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.8% from 2022 to 2032 |
| Market value in 2023 | USD 1.76 billion |
| Market value in 2033 | USD 2.81 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Japan, China, Singapore, Thailand, Indonesia, Israel, GCC countries, South Africa, Australia, New Zealand |
| Key Companies Profiled | B&G Foods Holdings Corp.; Capricorn Food Products India Ltd; ConAgra Foods, Inc.; Dole Food Co.; Greenyard NV; J.R. Simplot Co.; Kerry Group Plc.; Pinnacle Foods, Inc.; SunOpta Inc.; Uren Food Group Limited |
| Customization & Pricing | Available on Request |
The global IQF vegetables market is expected to grow at a 4.8% CAGR from 2023 to 2033.
By 2023, the global IQF vegetables market is estimated to gain USD 1.76 billion.
By 2033, the IQF vegetables market valuation can reach a sum of USD 2.81 billion.
In 2022, the United States market for IQF vegetables reached USD 479.5 million
The most popular food in the IQF market is potato, which had a commanding share of more than 26.2% in 2023.
In 2033, food items employing IQF veggies are anticipated to account for more than 76.4% of the market value.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Beans 5.2. Peas 5.3. Corn and Baby Corn 5.4. Broccoli and Cauliflower 5.5. Potato 5.6. Onion 5.7. Tomato 5.8. Carrot 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Food 6.1.1. Bakery, Confectionary & Snack Food 6.1.2. Dairy & Dessert 6.1.3. Cooking food 6.1.4. Ready to Eat Food 6.2. Beverage 6.2.1. Juice 6.2.2. Other Non-alcoholic Beverages 6.3. Concentrate 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. B&G Foods Holdings Corp. 15.2. Capricorn Food Products India Ltd 15.3. ConAgra Foods, Inc 15.4. Dole Food Co. 15.5. Greenyard NV 15.6. J.R. Simplot Co. 15.7. Kerry Group Plc. 15.8. Pinnacle Foods, Inc. 15.9. SunOpta Inc. 15.10. Uren Food Group Limited 16. Assumptions & Acronyms Used 17. Research Methodology
Food and Beverage
September 2023
REP-NF-243
315 pages
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IQF Vegetables Market
