Individual Quick-Freezing Market size is forecast to reach $23.17 billion by 2025, growing at a CAGR of 6.0% during the forecast period 2020-2025.Increasing demand for the frozen food items along with the development and expansion of food retails chain are the major factors driving the growth of the market. Growth in consumer demands for storage of perishable food and increase in demand for non-seasonal food products is set to further enhance the overall market demand of individual quick-freezing market during the forecast period 2020-2025.
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Technology- Segment Analysis
The Cryogenic IQF segment held the largest share in the individual quick-freezing market in 2019 and is estimated to grow at a CAGR of 5.61% during the forecast period 2020-2025. Cryogenic IQF is a method that involves spraying or immersing the food directly with liquid nitrogen or carbon dioxide. The product is frozen almost instantly, while the refrigerant is lost to the atmosphere. Cryogenic freezing equipment generally requires lower up front capital costs when compared with mechanical freezing equipment of the same capacity. Cryogenic freezing is most often used for individual quick frozen (IQF) products, such as individual chicken wings, frozen peas or other bulk packaged food items where it is important to maintain individual pieces. It is sometimes chosen where space is limited or as a lower cost means of getting a new product to market quickly. Cryogenic IQF is estimated to be the highest growing segment in the forecast period 2020-2025.
Product- Segment Analysis
The Food and vegetables segment held the largest share in the individual quick freezing market in 2019 owing to the easy accessibility and affordability to the shoppers. Consumers are moving towards hygienic and no chemically altered fruits and vegetables products owing to the chopping and cleaning. Individual quick freezing helps in the retention of food quality and extends the storage life of food whose water content is high in the retention of food quality. Rising consumer preference towards longer shelf-life, healthy food and technological innovations in packaging is set to additionally fuel the expansion of the individual quick-freezing fruits and vegetable market. Fruits & vegetables is estimated to be the fastest growing segment in the forecast period 2020-2025.
Geography – Segment Analysis
North America dominates the individual quick freezing market with a share of more than 42% followed by Europe. This is mainly owing to the increasing number of fixed investments in various technologies of food processing by various individual quick freezing equipment manufacturers and exposure to consumer preference for new taste and flavors. In North America, individual quick freezing market is increasing with the increase in number of populations along with the changing food preferences and tastes among people of different age groups. Busy lifestyle and the growing consumer awareness have also inclined customer towards the hygienic and easily available foods.
However, Europe is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the increase in demand for non-seasonal food products. Rising consumer demand for storage of perishable foods and increasing availability of non-seasonal food commodities is boosting the growth of the individual quick freezing market in the Europe region.
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Drivers – Individual Quick Freezing Market
The increase in the number of consumers for frozen food products across the globe has led to an increase interest among the manufacturers to provide frozen food items owing to extended shelf-life and quality. The method of preparing frozen food are that the process isn’t time consuming and it prevents the formation of large ice crystals in the product cells. Increase in demand for the frozen food items is poised lead towards the change in business of food products retailers and manufacturers. Increased inclination of consumers towards healthy food including high nutritional value is driving the growth of the individual quick freezing market.
The increase in the number of consumers for frozen food products is set to increase the interest of the manufacturers to provide frozen foods along with the storage of perishable food. Frozen food ensures non-seasonal year-round availability, minimizes wastage and is less likely to deteriorate in storage .It is less perishable than fresh or chilled food, and is easier to use.
Challenges – Individual Quick Freezing Market
Some of the factors which can impede the growth of the individual quick freezing market is the massive environmental concerns regarding greenhouse gas emissions and the strict regulations associated with the food safety.
Individual Quick Freezing Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the individual quick freezing market. In 2019, Individual Quick Freezing Market share is consolidated by the top ten players present in the market. Individual Quick Freezing, top 10 companies are Air Liquide, GEA, JBT Corporation, Marel, Messer Group,Octofrost Group,Patkol,Scanico,Starfrost and The Linde Group among others.
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