Frozen Fruits Market Insight
Global Frozen Fruits Market is expected to register a CAGR of 6.97% from 2019 to 2024 and reach USD 3.64 billion by the end of 2024. Fruits are an integral part of the daily diets of individuals around the world, owing to their nutritive values and varied flavor profiles. Market focused reports related to the food, beverages and nutrition sector among others recently have been presented by Market Research Future which publishes reports on this market.
As fruits are seasonal fruit items that tend to get spoilt in a short span of time, freezing helps to prolong their shelf life to a great extent. Development of the cold chain logistics in the recent years has assisted in the increasing the demand for frozen fruits to a great extent. The fruits can now be made available well beyond their seasonal cycles owing to the development of this market thereby creating inelasticity in demand for the market. The rise in demand for bakery, confectionery and dairy products will provide a further push to the expansion of the market.
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Frozen Fruits Market Key Players
The competency to fuel competitive capabilities is one of the chief causes driving their efforts in this period. The chances for improvement in the industry appear to be encouraging through the forecast period. The market competitors are devising their blueprints for corporate strategy in a way can bring about the best effect for expansion in the current scenario, while also concurrently enhancing their product’s value. The constant delivery of customer value has enhanced the market value of the industry. The accelerating levels of diversification in the industry, have allowed the companies to employ many opportunities available in the industry. The firms in this market are adapting to the state of events by implementing portfolio upgrades and maintaining financial liquidity. Pinnacle Foods Corp. (US), Findus Sverige AB (Sweden), HJ Heinz (US), Simplot Australia PTY Ltd (Australia), Ardo NV (Belgium), General Mills (U.S.), Dole (U.S.) and Bonduelle Group (France)
Frozen Fruits Market Updates
Dec 2017 Ardo, which is an established European frozen food leader has acquired a majority stake in VLM Foods, known as a well-established dealer of processed food in the North American region. VLM foods has sales worth EUR 129 million (USD 143 million) currently. Besides VLM Foods, the deal consists of a controlling stake in Compañia Frutera La Paz S.A. which is one of the largest frozen pineapple producers in Costa Rica. The latter permitting Ardo to widen its frozen fruit product range. The arrangement with Ardo’s leadership in quality processing, sustainable agriculture, and product innovation capabilities will let VLM Foods to quicken its market penetration and deliver Ardo with a strong North American platform.
Frozen Fruits Market Segments
Global Frozen Fruits Market globally is segmented on the basis of type, form, packaging, application, and regions. The type segment of the market comprises of drupes, melons, prune fruits, tropical fruits, and other fruit. The form-based segmentation of the market comprises of whole, puree, topping and other processed forms. The segmentation of the market by packaging includes 30 Kgs., 10-15 Kgs., 15-30 Kgs., <10 Kgs. On the basis of application, the market consists of breakfast cereals, fruit juices & smoothies, desserts, fruit- whole fruits, bakery foods, yoghurt, and others. Lastly, the segmentation based on region comprises of geographical regions such as North America, Europe, APAC and Rest of the World.
Frozen Fruits Market Regional Analysis
The APAC region will observe a high growth phase in the water melon market followed by the North American region. Nonetheless, the volume wise market share will continue to increase under APAC region with more than a 60% share. With rising disposable incomes in nations such as India and China along with the rising demand for processed and frozen products will drive demand to greater levels as the food of this market high degree of convenience. As the tediousness of peeling and cleaning is eliminated, direct consumption becomes simpler. The countries where there is a lack of frozen, fresh fruits and packed fruits have found favor. As freezing preserves food, unwanted additives are not included in frozen food packages.
Frozen Fruits Market covers the regions of Europe, North America, Asia-Pacific, and Rest of the World (RoW) for the regional analysis of the market. The percentage stake of the frozen fruits when compared to the total consumption of fruits is comparatively very less. Nonetheless, the percentage share differs from region to region, which is comparatively high for developed markets like the U.S and Europe. The advancements in technology and upgraded supply availability in developing markets such as China and India have led to the emergence of strong growth opportunities for the market. The North American region, which is an expanding market, accounts for 4.31 million tons and is estimated to grow at a CAGR 1.86 percent by the year 2024.
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