The global IQF vegetable market growth is anticipated to be driven by surge in demand for IQF vegetable from the foodservice industry. Use of IQF vegetable comes with various benefits such as reduced meal preparation time and availability in all seasons. Based on region, North America contributed to the highest share in 2020, and is expected to lead during the forecast period.
Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global IQF vegetable market generated $4.7 billion in 2020, and is projected to reach $7.1 billion by 2030, manifesting a CAGR of 4.2% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Rise in participation of women in the workforce, surge in the use of IQF vegetables by QSRs, and increase in growth of the retail sector fuel the global IQF vegetable market. On the other hand, negative perception of customers toward nutritional content in frozen foods and dearth of storage and transport facility hinder the market growth. On the contrary, development in freezing technologies and increase in the number of online retail platforms create multiple opportunities.
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Closure of the foodservice industry players such as full-service restaurants and quick-service restaurants has hampered the sale of IQF vegetables. Lockdown restrictions across the globe have affected the production of the food & beverages sector. This has impacted the global IQF vegetable market concerning sales and revenue generation.
Pandemic has also negatively impacted logistics and transportation networks across the globe.
The outbreak of coronavirus has negatively impacted all stages of the supply chain and value chain.
The report segments the global IQF vegetable market on the basis of end-user, nature, distribution channel, and region.
Based on nature, the conventional segment accounted for the largest market share in 2020, contributing to more than 90% of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the organic segment is estimated to witness the fastest CAGR of 5.7% from 2021-2030.
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Based on end user, the commercial segment contributed to the highest market share in 2020, attributing to more than two-thirds of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the residential segment is expected to manifest the fastest CAGR of 4.5% from 2021-2030.
Based on region, North America contributed to the highest share in 2020, holding more than one-fourth of the total share, and is expected to maintain dominance during the forecast period. The global IQF vegetable market across the Asia-Pacific is anticipated to exhibit the fastest CAGR of 6.2% during the forecast period.
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Key players of the global IQF vegetable market analyzed in the research include Capricorn Food Products India Ltd, Dole Food Co., J.R. Simplot Co., Cardinal Foods LLC, ConAgra Foods, Inc, B&G Foods Holdings Corp, Kerry Group Plc., Greenyard NV, Uren Food Group Limited, and Pinnacle Foods, Inc.
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