Global Market for IQF Vegetables Set to Top 25,000 Tons by End of 2026, Says FMI Report
Worldwide demand for frozen vegetables is expected to rise to more than 25,000 tons valued at approximately US $2 billion over the next decade, according to a report from Future Markets Insights (FMI) entitled “IQF Vegetable Market: Global Industry Analysis and Opportunity Assessment, 2016-2026.”
Estimating the current volume and value of the individually quick frozen vegetable (IQF) sector at 16,900 tons and $1.288 billion, respectively, FMI figures the compound annual growth rate (CAGR) at just over 4% in volume and 4.5% in value.
Peas are expected to continue being the top-selling vegetable in the international market, registering a 5.8% CARG. Also in high demand will be potatoes, broccoli and cauliflower.
Western Europe is the largest market for frozen vegetables in the world, according to the report. However, the region will likely witness a marginal decline in its market share towards the end of 2026.
North America's IQF vegetable market is expected to post sluggish revenue growth at 2.2% CAGR. Latin America and the Asia-Pacific excluding Japan (APEJ) region, on the other hand, are projected to remain fast-growing markets, registering an impressive value CAGR of over 7%.
The most lucrative region for growth of IQF vegetable sales will be the Middle East and Africa (MEA), where revenues are projected to rise at 8.7% CAGR.
Among production and marketing companies covered in the report are B&G Foods Holdings Corp., Greenyard NV, J.R. Simplot Co., Kerry Group Plc., SunOpta Inc., Uren Food Group Limited, Conagra, Dole Food Co., Pinnacle and Capricorn Food Products India Ltd.
More information is available by visiting www.futuremarketinsights.com.