What is IQF Banana Market Scope?
IQF Banana IQF stands for individually quick frozen, which is a process of freezing small individual pieces separately. IQF is also known to chill or freeze products at much faster rate than traditional freezers. IQF banana are able to retain their nutritional content for longer duration of time as well as the bananas are shelf stable for longer duration of time than regular natural banana’s. The IQF banana may be utilised in a variety of ways to produce tasty and nutritious goods. The wonderful sweet flavour, soft texture, yellow colour, minerals, and vitamins of fresh bananas are all there in IQF bananas, but with the convenience and longer shelf life of a frozen product. Growing consciousness among people about health as well as rising gym culture has stimulated the growth in the IQF banana market. Increasing Disposable income too has been a major reason for the growth of the market as IQF banana is expensive than regular natural banana. North America and Asia Pacific are the two largest markets of IQF Banana.
The IQF Banana market study is being classified by Type (Sliced Bananas, Diced Bananas and Aseptic Banana Puree) and major geographies with country level break-up.
Increasing Investments in the agricultural sector by the private enterprises has led to the advancements in the agricultural technology such as introduction of IQF technology. Overall the rising trend of people getting conscious about health as well as rise of gym culture has significantly contributed to growth of the IQF banana market. North America and Asia Pacific are the two major markets of IQF Banana.
Dole Food Company (United States), Capricorn Food Products India Ltd. (India), Dirafrost Frozen Fruit Industry NV. (Belgium), Kerry Group plc (Ireland), SunOpta, Inc. (Canada), Sicoly (France), Euroberry Pty Ltd. (South Africa), Milne MicroDried (United States), Patagonia Foods (United States) and Frutex Australia Pty Ltd. (Australia) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Rasanco Ltd. (United Kingdom), Alasko Foods Inc. (Canada) and Nimeks Organics (Turkey).
Analyst at AMA have segmented the market study of Global IQF Banana market by Type, Application and Region.
On the basis of geography, the market of IQF Banana has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In 2021, Dole Food Company, Inc., the multinational food corporation specialised in fruit and vegetable production and supply has announced a merger with Ireland based Total Produce plc, which specialises in the fresh produce and supply. After the completion of the merger, the combined entity will be notably one of World’s largest fresh fruits and vegetables manufacturer. The newly created entity will be named as Dole Plc and will be headquartered in Ireland although listed in United States.
Influencing Market Trend
- Sliced Banana Accounts for Largest Market Trend
- Increasing Disposable Income of People
- Longer Shelf Life of IQF Banana’s compared to Regular Bananas
- Rising Consciousness about Health, Fitness and Growing Gym Culture has Stimulated Growth in the IQF Banana Demand
- Increasing Investments in Agriculture both in Terms of Capital and Technology by Private Enterprises
- Organic Segment is Steadily Gaining Popularity due to Shift of People towards Chemical Free Products
- High Competition from Regular Banana Suppliers
- High Initial Cost of IQF Machines and Infrastructure
Key Target AudienceIQF Banana Producers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
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Frequently Asked Questions (FAQ):
1. At what growth rate would the IQF Banana market expands?
The Global IQF Banana market is expected to see a growth of % during projected year 2020 to 2026.
2. Who are the prominent players of the Global IQF Banana market?
The prominent players of Global IQF Banana market are Dole Food Company (United States), Capricorn Food Products India Ltd. (India), Dirafrost Frozen Fruit Industry NV. (Belgium), Kerry Group plc (Ireland), SunOpta, Inc. (Canada), Sicoly (France), Euroberry Pty Ltd. (South Africa), Milne MicroDried (United States), Patagonia Foods (United States) and Frutex Australia Pty Ltd. (Australia), to name a few.
3. What are the top priorities to focus for IQF Banana market’s growth?
In this highly competitive & fast evolving IQF Banana industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.