Global IQF products market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. IQF stands for “Individual Quick Frozen” is a method of freezing food products extremely quickly and causes smaller ice crystals to develop within the product without damaging cells and tissue.
The factors that are playing a major role in the growth of IQF products market are high demand from food manufacturers to increase the shelf life of food products, growing working class population, easy storage properties, and rising demand for packaged IQF products. However, high investment cost and availability of alternatives may restrain overall market growth in the years to come. The market is segmented based on type, application, end-user, distribution channel, and region.
Seafood, fruits, vegetables, meat & poultry, and other types are explored in IQF product market. Fruits sector comprises kiwi, berries, pineapple, banana, papaya, mango, apple, pomegranate, guava, and others. Whereas, vegetable sector comprises cauliflower, carrot, broccoli, beans, potato, peas, corn, and others.
The market is categorized based on applications like processing consumption and direct consumption. Food manufacturers, hotel, catering, restaurant, and other end-users are explored in the market.
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Based on distribution channel, hypermarket and supermarket, retail stores, online stores, and others classify individual quick frozen products market. Hypermarket and supermarket accounted for the substantial share of the market and is estimated to lead overall market in the years to come. The reason behind overall sector growth could be high demand for seasonal products. In addition, retail stores sector is estimated to grow at fastest pace in the years to come.
Globally, North America accounted for the substantial share of the market and is estimated to lead overall market in the years to come. The reason behind overall market growth could be the presence of key manufacturers in the region, rising disposable income, and high demand from consumers. The United States is a major consumer of IQF products in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are major consumers of IQF products in this region.
The key players of IQF products market are Oxford Frozen Foods, Superior Foods Companies, Eurial, SunOpta, California Garlic Company, Simplot, SCELTA, Titan Frozen Fruit, Junao, Gaotai, and Jinyuan Agriculture. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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