IFQ Banana Market Report 2024 (Global Edition)

Global IFQ Banana Market Report 2024 Market Size Split by Product Type (Sliced Bananas, Diced Bananas, Aseptic Banana Puree), by Application (Retail Outlets, Online Stores, Hypermarket/Supermarket), b...

IFQ Banana Market Report Description

We have various report editions of IFQ Banana Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

IFQ Banana Market Insights Video

Competitive Landscape of the IFQ Banana Market

The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major IFQ Banana Market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.

IFQ Banana Industry News

• In June 2023, Irish company Fyffes opened a new banana ripening and distribution center in Balbriggan, North County Dublin. The new center will be able to produce over 60,000 tonnes of bananas per year and will help the company distribute its products to Irish retailers, wholesalers, and food suppliers.

(Source: th.bing.com/th?id=ODLS.b1fa08d0-c38a-4413-85c9-a160b62a740c&w=32&h=32&qlt=90&pcl=fffffa&o=6&pid=1.2)

Top Companies Market Share in IFQ Banana Industry: (In no particular order of Rank)

• Uren Food Group
• Dirafrost Frozen Fruit Industry NV.
• Inventure Foods
• SunOpta
• Cal Pacific Specialty Foods
• Capricorn Food Products India Ltd.
• Rosemary & Thyme Limited
• Milne Fruit Products
• Ravifruit (Kerry Group)
• Frutex Australia
• SICOLY Cooperative
• Shimla Hills Offerings
• Fruktana
• Alasko Foods
• AXUS International
• Rasanco
• Nimeks Organics
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

The North American IFQ Banana market accounted for a share of more than 33% of the global revenue in 2023

According to Cognitive Market Research, Europe dominated the market in 2023 and accounted for around 33% of the global revenue. Factors contributing to this dominance may include Consumer preferences and health awareness. The substantial market presence in Europe suggests a rise in the health and wellness trends in the European population.

North America is the fastest-growing region in the market. Several factors likely drive the region's rapid growth; advanced refrigeration technology and efficient cold chain logistics in North America improve the quality and availability of IQF bananas, contributing to the accelerated growth of the IFQ Banana market in North America.

The current report Scope analyzes IFQ Banana Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

Europe IFQ Banana Market

According to Cognitive Market Research, Europe’s dominance in holding the major market share in 2023, accounting for more than 32% of the global revenue, will expand with a CAGR of XX from 2023 to 2030. In Europe, As in North America, demand for healthy, natural, and convenient foods is growing. IQF bananas meet this trend and provide a convenient source of important nutrients and antioxidants. Europe's focus on sustainability and organic products extends to the IQF banana market. Consumer preference for sustainably produced organic frozen fruit is driving market growth. Europe's access to diverse markets for IQF banana imports contributes to market expansion. Countries such as Germany, the United Kingdom, and the Netherlands act as important import hubs, meeting local demand and re-exporting to neighboring countries. Evolving consumer lifestyles characterized by busy schedules and demand for convenient options are driving the growth of the European IQF banana market.

IFQ Banana IFQ Banana

According to Cognitive Market Research, Asia Pacific’s dominance in holding the major market share in 2023, accounting for more than 25% of the global revenue, will expand with a CAGR of XX from 2023 to 2030. Countries such as India, China, and the Philippines are major producers and exporters of bananas. Their strong presence in the global banana market will affect the supply and prices of IQF bananas in the Asia Pacific region. Rapid urbanization and changing consumer preferences for prepared foods are driving the demand for IQF bananas in the Asia Pacific region. The desire for nutritious and easy-to-prepare foods is driving the growth of the market. Advances in freezing technology and packaging processes contribute to the quality and availability of IQF bananas in the Asia Pacific region. These innovations respond to the diverse preferences of consumers across the region's diverse markets.

South America IFQ Banana Market

According to Cognitive Market Research, Latin America’s dominance holds the major market share in 2023, accounting for more than 5% of the global revenue. It will expand with a CAGR of XX from 2023 to 2030. Latin America, especially countries like Ecuador, Colombia, and Costa Rica, are major centers of banana production. This abundance of bananas influences the availability and price of IQF bananas in the region. These countries have established export markets for bananas, contributing to the growth of the IQF banana industry. Some of the harvested bananas are processed into IQF form for domestic consumption and export. Bananas have cultural significance in Latin American cuisine, contributing to the ever-growing local demand for frozen banana products. They are used in traditional cuisine and respond to the growing trend towards healthy eating.

Middle East and Africa IFQ Banana Market

According to Cognitive Market Research, MEA’s dominance in holding the major market share in 2023, accounting for more than 2% of the global revenue, will expand with a CAGR of XX from 2023 to 2030. Some regions in the Middle East and Africa are highly dependent on banana imports due to limited local production. This dependence increases the demand for IQF bananas, making the fruit easy and accessible throughout the year. Demand for IQF bananas is increasing due to changing dietary habits among consumers in the Middle East and Africa and a growing preference for healthier options. This fruit is a nutritious and versatile ingredient in many dishes. Economic growth and rising disposable income in parts of the Middle East and Africa are driving demand for prepared foods, including IQF bananas, among urban dwellers.

Asia Pacific IFQ Banana Market

According to Cognitive Market Research, Asia Pacific’s dominance in holding the major market share in 2023, accounting for more than 25% of the global revenue, will expand with a CAGR of XX from 2023 to 2030. Countries such as India, China and the Philippines are major producers and exporters of bananas. Their strong presence in the global banana market will affect the supply and prices of IQF bananas in the Asia Pacific region. Rapid urbanization and changing consumer preferences for prepared foods are driving the demand for IQF bananas in the Asia Pacific region. The desire for nutritious and easy-to-prepare foods is driving the growth of the market. Advances in freezing technology and packaging processes contribute to the quality and availability of IQF bananas in the Asia Pacific region. These innovations respond to the diverse preferences of consumers across the region's diverse markets.

North America IFQ Banana Market

According to Cognitive Market Research, North America’s dominance in holding the major market share in 2023, accounting for more than 36% of the global revenue, will expand with a CAGR of XX from 2023 to 2030. Demand for IQF bananas is increasing in North America due to trends towards healthier lifestyles and convenience foods. Consumers are looking for natural, preservative-free options, including IQF bananas, driving growth in the market. A strong retail network and efficient distribution channels ensure the availability of IQF bananas in North America. Strategic partnerships between manufacturers and retailers improve market penetration and availability. Seasonal fluctuations in the availability of fresh bananas increase the demand for IQF bananas throughout the year. The versatility of IQF bananas in various food applications, such as smoothies, desserts, confectionery, etc., expands market reach.

IFQ Banana Market Analysis

Product Type Segment Analysis of the IFQ Banana Market

According to Cognitive Market Research, the sliced bananas type has emerged as the dominant player in the IFQ Banana market, securing a significant market share over the forecast period. Sliced bananas save cooking time and effort. They're ready-to-use, so there's no need to peel and cut them, making them especially useful for busy people looking for a quick and easy option. Sliced bananas are versatile and can be used in a variety of baking and cooking applications. It's a popular addition to breakfast foods like cereal, yogurt, and pancakes, as well as desserts, salads, smoothies, and baked goods.

Diced bananas are emerging as the fastest-growing category. Freezing sliced bananas allows consumers to save overripe bananas, reducing food waste. Instead of throwing away ripe bananas, you can reduce waste by cutting them up and freezing them for later use in recipes. Sliced bananas are a popular ingredient in smoothies because of their creamy texture when blended. 

• Sliced Bananas
• Diced Bananas
• Aseptic Banana Puree

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of IFQ Banana Industry. Request a Free Sample PDF!

Application Segment Analysis of the IFQ Banana Market

According to Cognitive Market Research, retail has emerged as a prominent segment in the IFQ Banana market. Retailers can conveniently purchase frozen bananas directly, making IQF bananas available to consumers. The retail environment provides opportunities for consumer education. Displays, promotions, and information materials help consumers learn more about the benefits, uses, and versatility of IQF bananas. Retailers often sell a variety of frozen fruits, including IQF bananas, giving consumers a variety of options to suit their dietary needs and preferences.

The supermarket category has emerged as the fastest-growing segment in the IFQ Banana market over the forecast period, and this accelerated growth can be attributed to several key factors. Supermarkets attract a wide range of customers and provide access to a large base of customers interested in purchasing frozen fruits, such as IQF bananas. IQF Bananas in Supermarket offers convenience to shoppers who can buy groceries, including frozen fruits, in one place, saving time and effort. Supermarkets usually offer a wide range of frozen fruit, allowing customers to choose from a variety of brands, pack sizes, and types of IQF bananas to suit different preferences.

• Retail Outlets
• Online Stores
• Hypermarket/Supermarket

The above Graph is for representation purposes only. This chart does not depict actual Market share.

IFQ Banana End User Segment Analysis

According to Cognitive Market Research, retail has emerged as a prominent segment in the IFQ Banana market. Residential can conveniently purchase frozen bananas directly, making IQF bananas available to consumers. IQF bananas have a longer shelf life compared to fresh bananas, allowing homeowners to store them for an extended period without spoilage. This helps reduce food waste and ensures a steady supply of bananas for consumption. Pre-sliced, diced, or whole IQF bananas provide convenience in meal preparation. They are ready-to-use, eliminating the need for peeling, slicing, or chopping, saving time in cooking or making smoothies.

The commercial category has emerged as the fastest-growing segment in the IFQ Banana market over the forecast period, and this accelerated growth can be attributed to several key factors. IQF bananas save time and labor for commercial kitchens and food processors as they come pre-prepared and can be used straight from the freezer, reducing prep time and increasing efficiency. IQF bananas maintain their quality, taste, and texture even after freezing, ensuring a consistent ingredient for recipes and dishes regardless of seasonal variations in fresh banana availability.

• Commercial
• Residential

Author's Detail

Nisha Deore

Research Analyst at Cognitive Market Research

LinkedIn

Profile

I am a well-organized, conscientious, and professional Research Analyst with two plus years of experience. In my current role, I conduct in-depth secondary research, data mining, competitive analysis, DRO's, PR, and Collateral writing. Whilst I enjoy working as part of a team, researching information, analyzing data, and producing results that help my organization to achieve its commercial and financial objectives.

Author's Conclusion