The Latin America IQF Fruits and Vegetables Market was worth USD 1.23 billion in 2022 and estimated to be growing at a CAGR of 5.8%, to reach USD 1.63 billion by 2028.
Individual quick freezing (IQF) is a technology through which fresh fruits and vegetables are freeze at very low temperature (-30°C to - 40°C). This process enables to preserve fresh fruits and vegetables for longer period of time even more than a year maintaining the same colour, flavour and texture till it lasts. IQF fruits and vegetables are stored at low temperature or in refrigerator. IQF technology is ideal for preserving seasonal fruits and vegetables. IQF fruits and vegetables comprises same nutritional value after freezing as it possesses in fresh form which is supporting its growth worldwide. Also, easy storage properties and availability at low price is expected to drive the demand of IQF fruits and vegetables across the globe.
The frozen fruits and vegetables market in the world contributes a meagre percentage to the total consumption of fruits and vegetables. In the developed markets like Latin America and US, frozen vegetables are 10% to the total vegetable consumption. In the under developed and developing markets, its share is much lower. However, in the recent years, this category has gained importance due to some basic advantages it offers in comparison to fresh fruits and vegetables. With a strong back up from the technological innovations, the advantages of frozen fruits and vegetables have made it much more reachable and affordable to the consumers around the globe.
The major factors affecting the Latin America IQF Fruits and Vegetables Market include the fast-paced modern lifestyles that have led consumers to look for easy and hygienic fruit products that eliminate the conventional hassles of cleaning and chopping fresh fruits. Other factors include growing inclination towards healthy food, technological advancements in packaging and longer shelf life. Moreover, increasing demand for food manufacturers for preserving food product for a longer period so that they could use it as an ingredient in their final product is also fuelling the demand of IQF fruits and vegetables market during the forecast period. As for the restraints, there are none except for the slight difficulty in manufacture.
The Latin America IQF Fruits and Vegetables Market is broadly classified by Type into Fruits which include Berries, Bananas, Mango, Apple, Papaya, Pineapple, Kiwi and Others and Vegetables which include Carrots, Beans, Peas, Corn, Potato, Broccoli, Cauliflower and Others, by Distribution into Retail Outlets, Online Stores and Hypermarkets and based on End Users Hotels/Catering and Food Manufacturers.
Geographically the Latin America IQF Fruits And Vegetables Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The Latin American region is one that offers immense scope for development in the forecast years as is evident from the high growth rate of the region. Inspite of having only a minor market share, the CAGR of the region is the second highest globally only behind Asia-Pacific. This market is one that shows promise in the coming years.
Key Players in the Market:
Major Key Players in the Latin America IQF Fruits And Vegetables Market are
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