About IQF Banana
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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
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. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Rasanco Ltd. (United Kingdom), Alasko Foods Inc. (Canada) and Nimeks Organics (Turkey).
Segmentation Overview
AMA Research has segmented the market of Global IQF Banana market by Type (Sliced Bananas, Diced Bananas and Aseptic Banana Puree) 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). If we see Market by Nature, the sub-segment i.e. Organic will boost the IQF Banana market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Direct will boost the IQF Banana market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Packaging Type, the sub-segment i.e. Plastic Packets will boost the IQF Banana market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Sliced Banana Accounts for Largest Market Trend
Market Growth Drivers:
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 and Increasing Investments in Agriculture both in Terms of Capital and Technology by Private Enterprises
Challenges:
High Initial Cost of IQF Machines and Infrastructure
Restraints:
High Competition from Regular Banana Suppliers
Opportunities:
Organic Segment is Steadily Gaining Popularity due to Shift of People towards Chemical Free Products
Market Leaders and their expansionary 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.
In November 2023, Pukpip has unveiled its next frozen treat Real Banana Bites, the new product comprises 16 slices of frozen banana, dipped in milk chocolate, dark chocolate or peanut butter.
Key Target Audience
IQF Banana Producers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.