The global Individual Quick Freezing (IQF) market is projected to reach USD 25.6 billion by 2031, growing at a CAGR of 6.2% during the forecast period. The market growth is driven by the increasing demand for convenience foods, the rising popularity of frozen fruits and vegetables, and the growing food processing industry. The fruits & vegetables segment dominated the market in 2023, accounting for 35% share, owing to the high demand for IQF fruits and vegetables in the food processing and food service industries.
Market Trend: Adoption of Cryogenic IQF Technology
The market is seeing a growth in the adoption of cryogenic IQF technology. Cryogenic IQF, which uses liquid nitrogen or carbon dioxide to rapidly freeze materials, produces superior product quality and yield than mechanical IQF. The food processing industry's growing concern for product quality, energy efficiency, and operational costs is pushing the development of cryogenic IQF technology.
Market Driver: Growing Demand for Convenience Foods
The rising demand for convenience foods is a significant driver of the IQF market. Changing lifestyles, tight work schedules, and an increasing number of working women are driving up demand for ready-to-eat and simple-to-prepare frozen foods. IQF technology preserves fruits, vegetables, meat, and seafood while retaining nutritional content, texture, and flavour, making them perfect for use in convenience foods.
Market Restraint: High Initial Investment
The substantial initial expenditure required to install IQF processing machines is a key barrier to market expansion. The IQF approach necessitates the use of costly equipment such as freezing tunnels, refrigeration systems, and packing equipment, all of which need a significant capital investment. The high costs of IQF processing may deter small and medium-sized food processors from implementing this technology, stifling industry expansion in certain areas.
Fruits & Vegetables to dominate the product segment global individual quick freezing market.
The growth is attributable to higher demand for frozen fruits and vegetables in the food processing, food service, and retail industries. Consumers and food manufacturers prefer IQF fruits and vegetables because they are more convenient, uniform in quality, and have a longer shelf life.
In September 2024, Dole Food Company announced plans to expand its IQF fruit processing facility in the Philippines, increasing output capacity by 50%. The development aims to address rising global demand for IQF fruits, notably in the Asia-Pacific area. According to the American Frozen Food Institute (AFFI), sales of frozen fruits and vegetables in the United States would expand by 5.2% in 2023, reaching $XX billion, with IQF products accounting for a large portion of this growth.
Asia-Pacific is the fastest-growing area in the IQF market, owing to factors such as an expanding food processing industry, rising disposable incomes, and shifting dietary preferences. China, India, and Southeast Asia are seeing considerable growth in demand for IQF products, particularly in the convenience food and food service sectors.
In July 2024, the Chinese government announced new measures to promote the frozen food industry, such as tax cuts and subsidies for IQF processing facilities. The policies aim to make the Chinese IQF industry more competitive in the global market. The Asia-Pacific IQF market was valued at $XX billion in 2023 and is expected to reach $YY billion by 2031, with a 7.8% CAGR over the forecast period.
The IQF market is highly competitive, with many global and regional companies. Key firms include JBS S.A., Marel, GEA Group, The Linde Group, Air Products and Chemicals, Inc., Air Liquide, Messer Group, and Patkol Public Company Limited. Through strategic agreements and acquisitions, these companies aim to increase their IQF processing capacity, create breakthrough freezing technologies, and boost their market position.
JBS S.A. plans to acquire a significant European IQF meat processing company in June 2024 in order to strengthen its position in the European market and broaden its IQF product offering. Collaborations between IQF equipment producers and food processors are also changing the market dynamics. In April 2024, GEA Group signed a strategic deal with a major seafood processing company in Norway to create custom IQF solutions for seafood items.
New rivals are entering the market, notably in Asia-Pacific, as demand for IQF products rises and government policies become more supportive. Established players stand out for technological advancements, energy-efficient solutions, and a wide range of IQF products.
The IQF market prognosis is upbeat, thanks to rising demand for convenience foods, the growing popularity of frozen fruits and vegetables, and a developing food processing industry. Although fruits and vegetables will continue to dominate the market, the fish, meat, and poultry segments are likely to rise significantly as consumers consume more protein-rich foods.
However, the market confronts constraints such as a costly initial investment for IQF processing and increased competition from other freezing technologies. To remain competitive, IQF processors must optimise their operations, minimise energy use, and enhance product quality.Advanced IQF technologies, such as cryogenic freezing and fluidised bed freezing, will be required to boost freezing efficiency, product quality, and operational costs. IQF processors should also spend in R&D projects to create innovative goods and packaging solutions that match changing consumer demands.
As demand for healthy and quick food options rises, the IQF market is likely to increase significantly in the frozen fruits and vegetables, ready-to-eat meals, and snack food categories. IQF processors with a diverse selection of high-quality products and a robust distribution network will be well positioned to capitalise on these growth prospects.
JBS S.A.
Marel
GEA Group
The Linde Group
Air Products and Chemicals, Inc.
Air Liquide
Messer Group
Patkol Public Company Limited
Octofrost Group
Starfrost
Scanico A/S
Linde plc
Dole Food Company announced in September 2024 that it will build an IQF fruit processing facility in the Philippines, increasing output capacity by 50%.
July 2024: The Chinese government announces additional initiatives to help the frozen food business, including tax breaks and subsidies for IQF processing facilities.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. Company Profiles (Key Companies list by Region) (Premium)*
5. COMPANY PROFILES
5.1. JBS S.A.
5.2. Marel
5.3. GEA Group
5.4. The Linde Group
5.5. Air Products and Chemicals, Inc.
5.6. Air Liquide
5.7. Messer Group
5.8. Patkol Public Company Limited
5.9. Octofrost Group
5.10. Starfrost
5.11. Scanico A/S
5.12. Linde plc (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Adoption of Cryogenic IQF Technology
6.2. Market Drivers
6.2.1. Growing Demand for Convenience Foods
6.3. Market Restraints
6.3.1. High Initial Investment
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Fruits & Vegetables
7.2. Seafood
7.3. Meat & Poultry
7.4. Dairy Products
7.5. Convenience Food
8. BY TECHNOLOGY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Mechanical IQF
8.2. Cryogenic IQF
9. BY END USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Food Processing Industry
9.2. Retail
9.3. Food Service Industry
10. BY REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)*
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
BY PRODUCT
BY TECHNOLOGY
BY END USER
BY REGION
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