Global IQF fruit market expected to reach $8B in 2016
North America remains the largest market for IQF fruit, with a share of close to 40% in the global market.
Worldwide consumption of individually-quick frozen (IQF) fruits is expected to reach 2.3 million ton, according to a study released by Persistence Market Research, New York.
The global health-and-wellness trend will continue to influence the demand for IQF fruits, with global revenues expected to reach close to $8 billion in 2016. Rising awareness on the potential impact of artificial additives and ingredients plays a key role in shaping up consumer behavior, with uptake of natural and organic products witnessing an upsurge. Demand for IQF fruits will especially be strong in the bakery and confectionery sector, where IQF is gaining traction over other preservation methods, such as canning or drying.
Demand for IQF fruits will also be positively influenced by increasing industrial demand for IQF fruits as a raw material. Rising adoption among dairy processors is also anticipated to drive the growth of the global IQF fruits market.
By product type, strawberries will continue to hold dominant revenue share; however, blueberry revenues are expected to witness strong year-over-year growth. In terms of revenue, the strawberry segment is expected to reach $578 million in 2016, whereas blueberry revenues are anticipated to increase at a year-over-year growth of about 10%. Increasing demand for berries as an ingredient in smoothies will continue to support the growth of the market in 2016 and beyond.
IQF fruit revenues in North America, the largest market for IQF fruits, are expected to reach about 870 thousand ton in 2016, witnessing a year-over-year growth of 5.9% over 2015.
Rising awareness, increasing purchasing power and availability of a wide range of flavors will continue to propel the growth of the market in North America. Western Europe will maintain its position as the second-largest market for IQF fruits in 2016, with the market valued pegged to reach 1.3 billion. Demand for IQF fruits in Eastern Europe is anticipated to witness a decrease owing to market saturation. And, advancement in IQF technology, combined with higher adoption in populous countries in Asia Pacific is expected to offer new growth avenues to manufacturers.