An estimated one-third of all food produced worldwide goes to waste in 2018, as per the Food and Agricultural Organization of the United States. The issue of food wastage has given birth to the frozen food market which is exhibiting immense growth with an increase in disposable income and accentuated refrigeration technology. According to the World Health Organization, approximately 820 million people are hungry across the world in 2018. To reduce the food wastage and to feed the people who are in hunger, freezing the food is the primary solution. Instant quick freezing (IQF) technology is the freezing technique, which helps to preserve most of the natural properties of the food. Growth in the availability of tropical food products and increasing demand for perishable food items are triggering factors anticipated to drive the growth of the individual quick freezing market. The global individual quick freezing market size was valued at $17.5 billion as of 2018 and is expected to grow with a CAGR of 6% throughout the forecast period 2019-2025.
A significant rise in the consumption of ready-to-cook food products has reflected on the demand for individual quick freezing foods around the globe. Also, increasing demand for convenience food items owing to its quality and extended shelf-life is another significant factor anticipated to incite the growth of the individual quick freezing market. IQF technology is a freezing method used to preserve the texture and taste of food items in the food processing industry. This technology can separate food items independently during the freezing process, thereby delivering high quality when compared to block freezing. IQF foods are prepared within few minutes by this freezing process. Products usually frozen with IQF technologies include all types of fruits, seafood, and vegetables. Food items that are produced by this process hold on the nutrition values up to the time of consumption. This key benefit of IQF technique for food items preservation, which in turn, incite the growth of this market globally. The ice crystals formed through individual quick freezing method inside the food products cause less damage to the cell structure. Additionally, the food preserved through IQF process has several advantages such as superior freshness, convenience in handling and transportation and is more hygienic than fresh and dried foods. In cryogenic freezing, food products are immersed in liquid nitrogen at very low temperatures. Zero contact between the food product and the worker is achievable in IQF technology in freezing food preservation. Blast freezers are widely used to store foodstuffs, in which rapid cooling helps decrease the size of ice crystals that form in food when it is frozen.
North America Holding Major Share of the Individual Quick Freezing Market
North America generated 42% of the individual quick freezing market global revenue in 2018. A rapid rise in the expansion of retail food chains is another factor influencing the growth of the individual quick freezing market in this region. An increasing number of the working population in this region is the key factor for the growth of this market in North America. Changing food preferences and tastes among people of different age groups in this region are anticipated to impel the growth of the IQF market.
The application segment that will be creating the most lucrative opportunities for the individual quick freezing market is fruits and vegetables. This application segment is projected to grow at a CAGR of 2.7% through to 2025. Frozen fruits and vegetables have relatively more nutrients than that of fresh veggies. After harvest, while transporting from longer distances fresh fruits and vegetables can be damaged, making them less nutritive than frozen ones. Busy lifestyles have led to customer inclination towards hygienic and easily available fruit and vegetable products that eliminates difficulties of chopping and cleaning of food items. Growing consumer awareness towards healthy food, foodstuff with longer shelf-life, and technological innovations in packaging and processed food items, which in turn, spur the growth of the individual quick freezing market.
Penetration of Modern Retail Stores as Shopping Destinations for IQF’s
A surge in the expansion of modern retail stores as shopping destinations for urban consumers to pick out a wide variety of products which comprises of with quality in convenient pack sizes is one of the driving factors for the individual quick freezing market. Nowadays, companies are employing an enhanced supply chain management system to make sure that the frozen food market growth. Reefer trucks are being used to constantly maintain an optimum environment for frozen foods to stay fresh while transportation. These trucks are now being fitted with GPS technologies for timely deliveries to the customers or retail stores. Huge investments in the cold storage facilities are paving the path to shaping out the frozen food business extension. Growing investments in freezers are increasing the availability of quality frozen space in retail stores by ensuring the right storage conditions via cold chain digitization, which in turn, spur the growth of the individual quick freezing market globally.
The Major Players in the Individual Quick Freezing Market:
Prominent players in the individual quick freezing market include Air Liquide, Air Products and Chemicals, Cryogenic Systems Equipment, GEA, JBT Corporation, Marel, Messer Group, Octofrost Group, Patkol, and The Linde Group.
Mergers and acquisitions are the other key strategies adopted by the players to stay ahead of their competitors. JBT Corporation, an American-based Food Processing Machinery Company has announced its acquisition with Proseal, UK-based tray sealing technology solutions provider on May 1, 2019. With this acquisition, JBT Corporation has expanded its market for convenience foods across the globe. Marel, an Iceland-based food processing company has announced its acquisition with MAJA, a German-based food processing equipment manufacturer on July 27, 2018. With this acquisition, Marel has strengthened its advanced food processing and standard equipment product base in the global market. Octofrost Group, Sweden-based individual quick frozen freezer tunnels manufacturer has announced its acquisition with Innotec Systems, Dutch-based food processing machinery manufacturer on July 18, 2017. With this merger, Octofrost has enhanced its IQF product portfolio thereby its place in the global market. Such acquisitions aid the market players to expand their geographical boundaries and accentuate their footprint into the global individual quick freezing market.
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