The level at which urban lives are getting complicated, handling workloads & faring long distances, there is a bespoken need for consuming convenience and ready-to-eat foods such as frozen fruits. While rising disposable incomes of consumer do boost the sales of frozen fruits, it is the booming retail & online shopping sector that has attracted consumers towards frozen fruits. Benefits of consuming frozen fruits have been scientifically-proven by research studies, but have been attested by online platforms that promote the consumption of frozen fruits over fresh fruits. Persistence Market Research believes that the global demand for frozen fruits will grow steadily in the years to come, procuring revenues worth over US$ 2.5 Bn by 2022-end.
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In its latest report, titled “Frozen Fruits: Global Industry Analysis and Forecast, 2016-2022,” Persistence Market Research has assessed that in 2016, more than 1,600,000 tons of frozen fruits were consumed across the globe, bringing in revenues worth US$ 1.8 Bn. During the forecast period, 2016-2022, the global consumption of frozen fruits is expected to surpass 2,000,000 tons, however, reflecting a moderate growth at 3.8% CAGR. In terms of revenues as well, the global frozen fruits market will expand at an average pace, exhibiting a CAGR of 4.9%.
The report also predicts that Asia-Pacific will record fastest sales of frozen fruits during the period, registering a value CAGR of 6.1%. Nevertheless, Europe will emerge as the largest market for frozen fruits, attaining US$ 912 Mn in value by 2022-end. Demand for frozen fruits in Latin America and North America is also expected to gain traction, as these regions are poised to register value CAGRs above 5%. The report has also profiled leading manufacturers of frozen fruits, which include, Pinnacle Foods Inc., Kendall Frozen Fruits Inc., Ardo NV, SunOpta Inc., Welch Foods Inc., Agrana Beteiligungs, Kerry Group Plc., SICA SICODIS, Titan Frozen Fruits LLC.
Factors Restraining the Consumption of Frozen Fruits
Firstly, consumers are under the assumption that frozen fruits are inferior substitutes of fresh fruits, and that they are processed by added preservatives. Perception of consumers towards the genuineness of frozen fruits is what the market players should focus on, and increase their outreach through awareness programs. Lack of associations related to frozen fruits has also been cited in the report as a key restraint for the market’s growth. In order to help consumers overcome their misconceptions about frozen fruits, companies must establish associations and carry out awareness drives under them.
Another key inhibitor for the growth of global frozen fruits market is costs related to power and freight in the frozen fruits. Compared to preservation of other foods, these costs are much higher for frozen fruits as they are required to be transported under special conditions. Moreover, developing countries are unable to facilitate such special facilities in the supply of frozen fruits. Infrastructural challenges, improper road networks, and shortage of power supply are some factors that are incidentally impeding the growth of frozen fruits market in developing nations.
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Global Frozen Fruits Market: Key Report Highlights
- In 2017 and beyond, red fruits & berries will be observed as top-selling frozen fruits, procuring more than half of global revenues
- On the other hand, demand for tropical frozen fruits is expected to surge, showcase a value CAGR of 5.2%
- IQF will remain as the widely-adopted freezing technique in the global frozen fruits market
- Through 2022, more than US$ 1.8 Bn worth of global revenues will be accounted by IQF technology
- In terms of application, a majority of frozen fruits will be used for production of confectionary & bakery items, dairy products, and fruit-based beverages
- These three applications will collectively account for more than 80% of the market value throughout the forecast period