Sarasota, FL -- (SBWIRE) -- 01/29/2019 -- Zion Market Research has published a new report titled "IQF Vegetable Market By Product Type (Beans, Peas, Corn & Baby Corn, Broccoli & Cauliflower, Potato, Onion, Tomato, Carrot, and Others) and By End-User (Retail and Industry (Food and Beverage)): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global IQF vegetable market was valued at around USD 1,149.33 million in 2017 and is expected to reach approximately USD 1,669 million by revenue by 2024, growing at a CAGR of around 6.67% between 2018 and 2024.

IQF vegetables stand for individually quick frozen vegetables. IQF vegetables have good nutritional value and quality as compared to other frozen vegetables. In addition, IQF vegetables have good flavor and texture as compared to other frozen vegetables. Tiny crystals are formed within the vegetables that keep the vegetables fresh for a longer duration. The IQF process of freezing vegetables is better than the conventional process.

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Increasing population and growing preference toward frozen food are driving the IQF vegetable market growth globally. Increasing demand for food products with longer shelf life and growing demand for seasonal fruits and vegetables across the year are anticipated to fuel the expansion of the IQF vegetable market in the future. In addition, increasing globalization and trade across borders is also anticipated to contribute to this market's growth globally.

On the basis of product type, this market can be classified into beans, onion, corn and baby corn, peas, broccoli and cauliflower, tomato, potato, and carrot. The peas segment is anticipated to grow at the fastest CAGR, owing to the increasing demand for peas. The IQF vegetable market can be segmented on the basis of end-user as retail and industry. The industry segment is further sub-segmented as food and beverage. In terms of revenue, the food sub-segment is anticipated to dominate the IQF vegetable market during the forecast period. However, beverage application of IQF vegetable is projected to dominate the IQF vegetable market in the near future.

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In 2017, North America was the leading region in terms of IQF vegetable demand. This was largely due to the high demand for IQF vegetables in the U.S. and Canada. Increasing demand for frozen vegetables in the region is propelling the demand for IQR vegetable, which is likely to amplify the IQF vegetable market in the region. Developed countries, like Russia and Germany, and developing countries, such as India and China, are following the footprints of the U.S., which is anticipated to boost the IQF vegetable market in European and the Asia Pacific regions. Increasing population and rising affordability of IQF vegetables by population in the regions are estimated to spurt the IQF vegetable market in Europe and the Asia Pacific. Increasing demand for exotic fruits and vegetables in Europe is further increasing the demand for IQF vegetables in Europe, especially in Western Europe. Latin America is anticipated to show the fastest growth in IQF vegetable market, owing to increasing tourism industry in the region. In addition, growing beverage and food industry in the region is further accelerating the IQF vegetable market. The Middle East and Africa region are likely to show considerable growth in the IQF vegetable market due to growing middle-class population and increasing disposable income.

The global IQF vegetable market comprises chief players that accounted for a major market share in 2017. The key players of this market have been investing in research & development, increasing production capacity, reducing the price of vegetables, technological advancement, maintaining standards, and product innovation in order to retain their dominance in the market. Some key players are Uren Food Group Limited, SunOpta Inc., Kerry Group Plc., J.R. Simplot Co., Greenyard NV, and B&G Foods Holdings Corp.

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This report segments the global IQF vegetable market as follows:

Global IQF Vegetable Market: Product Type Segment Analysis

Beans
Corn & Baby Corn
Broccoli & Cauliflower
Potato
Onion
Tomato
Carrot
Others
Global IQF Vegetable Market: End-User Segment Analysis

Retail
Industry
Food
Beverage
Global IQF Vegetable Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific