Increasing Consumer Adoption to Fuel Demand for IQF Fruits Market
The demand for individual quick freeze (IQF) fruits is largely influenced by the prominent wellness and health trends in the world. Also, the rising occurrence of pancreatic disorder due to overconsumption of poorly-preserved fruits is expected to stimulate the demand for IQF fruits among consumers globally. In 2016, the global market for IQF fruits is anticipated to close in on US$ 8.0 Bn in terms of revenues, surpassing consumption of over 2.3 Mn tonnes of volumes.
To asses optimal growth opportunities of the global IQF fruits market, Research Report Insights (RRI) provides key market perceptions in the report titled, “Global Market Study on Individual Quick Freeze (IQF) Fruits: Industry Analysis and Forecast 2016-2026.” According to the report, the market value of the global IQF fruits market reached US$ 7.4 Bn in 2015, and is expected to grow exponentially in 2016 and beyond.
Growing awareness on the health benefits of consuming fruits with nutritional additives is one of the major factor driving the growth of the market. The consumption of natural and organic fruits assorted with artificial ingredients is surging, which has resulted in a positive impact on the demand for quick freeze fruits. However, the growth of the global market will face challenges owing to the lower acceptance of IQF fruits as an alternative for conventional fruit preservation processes.
By product type, the global market for IQF fruits is expected to exhibit dominance from strawberry segment. Strawberry additives will account for more than US$ 570 Mn revenues, while blueberry additives will be adopting a y-o-y growth rate of 10% and increase their revenue share by 2016-end. Increasing consumption of berries in preparation of smoothies and other fruit drinks will also influence the product growth in 2016 and beyond.
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On the basis of the buyers, the groceries and wholesaler outlets will continue to account for substantial share in the global market value. Dairy product manufacturers are also expected to increase their demand for IQF fruits in order to develop new edible and drinkable products. In 2016, cake shops and confectionary outlets will emerge as one of the key contributors for rising consumption of IQF fruits.
The global market is further segmented on the basis of geographic regions, wherein North America is estimated to lead as the most lucrative region for the expansion of the global IQF fruits market. In terms of volume, North America shall solely account for consumption of more than 850 thousand tonnes of IQF fruits by the end of 2016, resulting into a y-o-y growth of 5.9% over 2015. Western Europe is also expected to join North America as one of the leading regions, procuring market value of US$ 1.3 Bn in 2016.
The key fruit suppliers and consumer companies in the global market for individual quick freeze fruits include, Dirafrost Frozen Fruit Industry NV., Fonterra Co-operative Group Limited, Uren Food Group Ltd., Danone, Rosemary & Thyme Limited, Hindustan Unilever Limited, Nestlé S.A, and Milne Fruit Products Inc., among others.
The global IQF fruit market is projected to expand at a 6.5% CAGR in terms of revenues, during the forecast period 2016-2026. The global individual quick freeze fruits market is anticipated to be value at US$ 14.8 Bn by end of the forecast period.