PUBLISHER: 360iResearch | PRODUCT CODE: 1499587
PUBLISHER: 360iResearch | PRODUCT CODE: 1499587
[186 Pages Report] The Individual Quick Freezing Vegetable Market size was estimated at USD 3.02 billion in 2023 and expected to reach USD 3.28 billion in 2024, at a CAGR 8.92% to reach USD 5.50 billion by 2030.
The individual quick freezing (IQF) vegetable market encompasses the processing, distributing, and selling of frozen vegetables produced through advanced freezing technology. The individual quick freezing (IQF) method effectively preserves the texture, taste, nutritional value, and aesthetic appeal of vegetables by rapidly freezing them at extremely low temperatures, preventing the formation of large ice crystals. The primary applications include retail packaging for direct consumer use, food service industry supply, and as ingredients in ready-to-eat meals. The individual quick freezing vegetable market is driven by growing consumer demand for greens and vegetables, increasing popularity and consumption of seasonal vegetables, and the development and expansion of food retail chains and online platforms delivering IQF vegetables. Stringent regulations governing frozen vegetables and environmental concerns regarding greenhouse gas emissions hinder market growth. Companies focus on introducing new varieties of IQF vegetables and improving IQF technology to enhance freezing quality, creating growth opportunities within this market space.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 3.02 billion |
Estimated Year [2024] | USD 3.28 billion |
Forecast Year [2030] | USD 5.50 billion |
CAGR (%) | 8.92% |
Regional Insights
The individual quick freezing vegetable market in the Americas is rapidly growing due to increased demand for convenient, healthy, and nutritious food options due to changing lifestyles and dietary habits, which led to a rising preference for frozen vegetables among consumers. Additionally, government initiatives supporting sustainable agriculture practices have increased the production of organic vegetables suitable for individual quick freezing. In the EMEA region, the individual quick freezing vegetable market is experiencing a growing interest in frozen vegetables owing to their longer shelf life and nutritional value retention compared to fresh produce. The Middle East and Africa region presents opportunities for expanding the global frozen vegetable market due to its growing population and increasing urbanization rates. Regulatory support from governments towards modernizing cold chain infrastructure and promoting exports has led to many investment opportunities within these regions. Asia-Pacific offers substantial growth potential, with China being one of the largest producers and consumers of vegetables globally. Various regional governments have initiated projects to modernize agricultural practices through technological advancements, enhancing the quality of frozen vegetable products in the region. Companies in the Asia-Pacific are actively investing in R&D to develop innovative freezing technologies that retain taste and nutritional content.
Market Insights
The market dynamics represent an ever-changing landscape of the Individual Quick Freezing Vegetable Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Individual Quick Freezing Vegetable Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Individual Quick Freezing Vegetable Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Keistone Partners Buys Hansung Green Factory for USD 30.7 million
Keistone Partners, a Seoul-based private equity investment firm, has acquired 80% of Hansung Green Factory Co., South Korea's individual quick freezing (IQF) food provider. The acquisition would help Hansung Green Factory Co. maintain its position as a provider of cutting-edge vegetables with the innovative use of individual quick freezing (IQF) technology that preserves freshness by freezing produce below -40°C. This method maintains higher quality than conventional freezing techniques operating around -20°C. With its strong position in vegetable processing using advanced technologies, Hansung Green Factory currently supplies more than 100 food clients across South Korea, including large and medium-sized enterprises. [Published On: 2023-06-23]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Individual Quick Freezing Vegetable Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Individual Quick Freezing Vegetable Market, highlighting leading vendors and their innovative profiles. These include Agrarfrost GmbH & Co. KG, AL Falah Fruits Pulp Products, Ardo NV, B&G Foods, Inc., B.Y. Agro & Infra Pvt. Ltd., Birds Eye by Conagra Brands, Inc., Bonduelle Group, Brecon Foods Inc., Capricorn Food Products India Ltd., Ghousia Food Products Pvt Ltd., Green Isle Foods Limited, Greenyard NV, J.R. Simplot Company, Jain Farm Fresh Foods, Inc., Lamb Weston Holdings, Inc., McCain Foods Limited, Paris Foods Corporation, Seneca Foods Corporation, Shimla Hills SHOP Ltd., Sunimpex, Suyog Food Products, Tianjin Kunyu International Co.,Ltd., Varun Agro Processing Foods Pvt Ltd, and Zain Natural Agro India Pvt Ltd..
Market Segmentation & Coverage