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Major Competitors’ SWOT Analysis of the IQF Vegetables Market by 2033

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The IQF vegetable market was worth close to US$ 1.68 billion globally. The rise of numerous large retail chains, changes in eating habits, and changes in lifestyle are all contributing to the rapid growth of the IQF vegetable business. As a result, it is projected to have produced US$ 2.81 billion by 2033 and to grow at a 4.8% annual rate from 2023 to 2033.

The market for IQF vegetables is increasing as a result of evolving technological developments, attractive packaging, simple storage, and general availability. Market sales have increased dramatically as a result of the availability of balanced refrigeration solutions and linked retail locations. Local mid- and small-sized farms provide the majority of the product portfolios in this market.

Younger people are increasingly searching for foods that can be kept, consumed right away, and also have a longer shelf life since they are actively involved in numerous professional responsibilities across the world, especially in emerging nations like China and India. In order to save time on a daily basis chopping and buying vegetables, working millennials opt to purchase IQF vegetables. The increase in demand for IQF vegetables appears to be more beneficial for goods that are easy to prepare and consume. Imports of frozen sweet potatoes, mainly from the United States, have risen in the European Union over the past four years, indicating a degree of consumer partiality.

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Key Takeaways from the Market Study

  • From 2018 and 2022, the worldwide IQF vegetable market grew at a CAGR of 3.1%.
  • In the IQF industry, potato is the most popular vegetable type, with a controlling share of more than 26.2% in 2023.
  • Food items containing IQF veggies are predicted to account for more than 76.4% of the market in 2033.
  • In 2022, the US market for IQF vegetables will be worth $479.5 million.
  • With an estimated volume of roughly 878 MT in 2022, the United Kingdom is one of Europe’s top markets for IQF vegetables.

Competitive Landscape

Technologies are being developed by businesses to enable the introduction of before undiscovered fruits and vegetables that can maintain their nutritional content while lowering manufacturing costs. A growing number of businesses, including Capricorn Food Products India Ltd., Dole Food Co., and J.R. Simplot Co., are making investments in developing innovative IQF vegetable products.

Prominent players in the IQF vegetables market are:

  • B&G Foods Holdings Corp.
  • Capricorn Food Products India Ltd
  • ConAgra Foods Inc.
  • Dole Food Co.
  • Greenyard NV
  • R. Simplot Co.
  • Kerry Group Plc.
  • Pinnacle Foods, Inc.
  • SunOpta Inc.
  • Uren Food Group Limited

Some key developments of the leading companies in this market are:

  • In 2022, TOMRA, a supplier of technology-driven solutions for sophisticated collecting and sorting technologies and food processing with headquarters in Norway, introduced TOMRA 5C, a high-end produce sorting machine using BSI technology. Precision frozen vegetable sorting is made possible by the machine’s innovative design, which features one-of-a-kind high-resolution lasers combined with biometric signature identification (BSI) technology. The system compares good and poor materials using BSI technology and even detects minor flaws.
  • In May 2022, Growers Express, LLC’s frozen vegetable production activities were purchased by B&G Foods, Inc., a US-based manufacturer of premium, branded easily stored and frozen foods, for an undisclosed sum. B&G Foods and Growers’ combined resources should improve innovation initiatives and speed to market through this transaction. Revolutionary frozen vegetable product maker, producer, and retailer Growers Express, LLC is situated in the United States.

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