Frozen fruit and vegetable market on the rise
Thursday, January 26, 2017
A recent report by Market Research Future states that the global frozen fruits and vegetable market will grow at an annual rate of 5.34 percent and reach 751 million tons by 2027.
Changing consumption patterns and busy schedules, as well as demand for newer flavors and ingredients have contributed to this growth. A rise in demand for convenience across the globe has pushed frozen fruits and vegetables right up the food ranks.
According to the report, key global players who are dominating the market share are:
- Ardo NV (Belgium)
- Dole (U.S.)
- HJ Heinz (U.S.)
- General Mills (U.S.)
- Simplot Australia PTY Ltd (Australia)
- Findus Sverige AB (Sweden)
- Bonduelle Group (France)
- Pinnacle Foods Corp. (U.S.)
A report by Persistence Market Research (PMR), "Global Market Study on Frozen Fruits: Upsurge in Demand from Industrial Customers to Drive Market Growth over the Forecast Period 2016-2022," shows a similar forecast for the global frozen fruit market alone. The report projects annual growth at 5.32 percent by 2022.
Among other fruits, it seems the demand for frozen fruits like tropical fruits and citrus fruits, red fruits, kiwi and apricots, and berries will be higher than others. Their use in baked goods, dairy products and for confectionery items is perhaps the reason for this growth. In the frozen vegetable segments, spinach and legumes will see substantial growth due to the rise in demand for ready-to-eat foods.
However, the report also points out that the growth percentage of frozen fruits and vegetables is still much lower than the overall market consumption of fruits and vegetables. Regional differences persist, too, with developing markets like India and China showing as much potential as the developed markets like Europe and the U.S.
Advances in freezing technologies along with better and faster supply chain solutions have changed the way we think about frozen foods. When the concept first arrived, questions about freshness and nutrition plagued minds. Added to these technological developments are innovative refrigerators that allow consumers to store frozen food better.
New freezing technologies like individual quick freezing (IQF) have further enhanced the concept of frozen foods for today's consumers, meeting their expectations for high quality and high nutritional value, better and natural appearance, reliable food safety and energy efficiency.
While convenience is the buzzword of the day, rising awareness for healthy foods and clean eating will also affect the overall market. On the other end of the spectrum, we have the rapidly rising organic fruits and vegetables which will grow at a CAGR of 9.4 percent and witness a market worth of $62.97 billion by 2020.
Key factors like environmental sustainability of organic products, innovative packaging and storage methods are influencing buyer decisions. For the intelligent buyer, these along with the quality and nutritional value of the product matter more than the price.
Produced without the use of synthetic farming processes, organic produce is available in puree, fresh, powdered and frozen forms, all offering a range of health benefits for the consumer. Here, too, we see North America and Europe dominate but also rising demands from the Asia-Pacific region.
With food waste and food security occupying a major portion of our consciousness, the coming years will see not just demand for fresh fruits and vegetables but also rise of ugly produce and food efficiency.
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