Expana proposes to launch 10 new Fruit & Vegetable Expana Benchmark Prices

Expana is proposing to launch 10 new monthly Expana Benchmark Prices (EBP) for the North American IQF markets covering blueberries, peaches, green beans, and peas. Expana is collecting feedback on this proposal from market participants until Friday, 1st November 2024.

If the industry supports this proposal, Expana suggests launching the monthly assessments on Wednesday, 27th November 2024.

The proposed specifications for the assessments would be as below:

The proposed assessments would reflect the transactable value at 16:00:00 Eastern Standard time.

The proposed assessments complement Expana’s existing coverage for the North American IQF markets and cover commonly traded produce items in the category.

In 2022, the US market for IQF vegetables was worth $479.5 million, and is projected to reach $549.7 million by 2033.

The IQF peach market is projected to reach $1.4 billion by 2031 and the global IQF blueberry market is expected to grow to $4.15 billion by 2029. A notable trend in the IQF fruit market is the growing focus on product diversification, driven by increasing demand. In 2023, North America led the market, capturing the largest revenue share and highlighting its key role in the sector.

The global frozen green pea market is expected to experience steady growth over the forecast period, projecting a to grow from USD 8.4 billion in 2023 to USD 10.5 billion by 2032.

The IQF green bean market is fueled by rising demand for frozen vegetables, which are valued for their convenience, extended shelf life, and nutritional benefits.

Market participants expressed a strong interest in expanding the range of organic offerings, along with seeking opportunities to enhance the vegetable selection available through Expana. Among the items most frequently requested are peas and green beans for conventional items and peaches and blueberries for organic items.

By focusing on these items, Expana can better align its offerings with market demands. The proposed launches would introduce additional independent and reliable benchmarks for commonly traded items within this category. These initiatives will provide stakeholders with more independent benchmarks for frequently traded items in the IQF category.

If you have any feedback or suggestions on this proposal, please send this to [email protected] by Friday, 1st November 2024 and clearly state which market note your comments relate to, and if comments are intended for publication by Expana. Expana will acknowledge receipt of all comments by email.