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Global IQF Vegetable Market Poised to Reach $2 Billion by 2026
USAgNet - 04/11/2017

The commercial advantage of keeping individually quick frozen (IQF) vegetables in stock continues to drive their demand among retailers, grocery stores and independent vegetable & fruit vendors from around the world. The global demand for IQF vegetable is expected to rise on the account for their longer shelf lives, speedy processing of foods, and robust supply chain. Future Market Insights, Valley Cottage, N.Y., projects that such factors will instrument a steady growth in global consumption of IQF vegetables. By the end of 2026, more than 25 thousand tonnes of IQF vegetables will be sold across the globe, bringing in revenues worth over US$ 2,000 Mn.

Future Market Insights' report, titled "IQF Vegetable Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," estimates that the global market for IQF vegetables is presently valued over US$ 1,288.3 Mn, recording global sales of a little over 16,900 tonnes of IQF vegetable in the world. However, in terms of volume and value, the global IQF vegetable market is expected to showcase a moderate growth over the forecast period. Registering a value CAGR of 4.5% and a volume CAGR of just over 4%, the global demand for IQF vegetable is expected to be inhibited by

- increasing risk of consuming Listeria monocytogene bacteria through IQF vegetable,

- strict regulations that forbid the use of IQF vegetable due to rising occurrence of bacteria and viruses, and

- fluctuating prices & availability of raw materials

The report also reveals that out of prominently consumed IQF vegetables in the world, IQF potatoes, tomatoes and broccoli & cauliflower will remain in great demand. Although, peas are expected to be observed as top-selling vegetable in the global market, registering fastest revenue growth at 5.8% CAGR.

Over 70% of global IQF vegetable revenues are anticipated to be accounted by food applications. During the forecast period, the demand for IQF vegetable in food production is expected to gain traction. Towards the end of 2026, close to 60% of global IQF vegetable revenues accounted by food applications will be accounted by cooking food applications. Among the beverage applications of IQF vegetables, juices are expected to dominate global revenues by the end of 2026.

Large population coupled with preference towards frozen food and high disposable income contributed to a large share of U.S. in IQF vegetable market. Around 71% of vegetables sold in U.S. are in frozen form due to knowledge of frozen food and high income of individuals in the country. Many developing countries such as India and Russia are following the footsteps of U.S. and people living in these countries started preferring frozen vegetables. Since a large portion of population in India and Russia can afford locally produced IQF Vegetable, the market will foresee a rise in demand.

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