Study: Global IQF fruits market expected to reach $13.4B by 2028
The increasing tendency for developing countries to adapt to food trends has resulted in the worldwide growth of ready-to-eat food products.
The global individually-quick frozen (IQF) fruits market is projected to register a CAGR of 5% during the forecast period, according to analysis by Persistence Market Research, New York.
The report, “IQF Fruits Market: Global Industry Analysis 2013-2017 and Forecast 2018-2028,” reveals that the red fruits and berries segment is expected to maintain its dominance in the IQF fruits market, with a significant CAGR of 5.1% during the forecast period. The increasing tendency for developing countries to adapt to food trends has resulted in the worldwide growth of ready-to-eat food products. IQF fruits are also prominent due to the fact that each single piece of fruit is individually frozen from the others, making it ideal for many end uses and applications.
Global fruit production in 2017 stood at 675 million metric tons. With an increase in GDP 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.
However, freight and power costs in the frozen fruit sector are higher than those of other sectors of fruit preservation because of the special conditions required for transportation, like refrigerated/cold containers. High freight cost can diminish the growth of the IQF fruits market.
Yet, developing countries such as India, South Africa, and Brazil offer great opportunities for the global IQF fruits industry to expand, even if infrastructural challenges such as shortage of power and poor roads restrain growth.
Increased role of foodservice providers
Europe has many importers, but the IQF fruits market is consolidating. Supermarkets are increasingly organizing incorporated supply chains with a limited number of favored dealers or service providers. Larger importing dealers will also often act as foodservice providers to superstores, capitalizing on value-added services like ripening, packaging and mixing.
Frozen berries gain popularity
In the last five years, the maximum growth in the import value of IQF fruits was observed in frozen berries (7%). Though, traditionally, the highest quantities of IQF fruit berries are supplied from Southeast European nations and Poland. There is also constant development of manufacturing in other emerging regions such as Latin American countries, Mexico, and China.
Supermarkets dominate in sales of IQF fruits
Superstores are the most imperative sales channel for IQF fruits.
In fact, the APAC region is expected to register the highest growth rates between 2018-2028. North America and Europe are relatively more attractive markets in the IQF fruits market.