Global Dried Fruits Market Overview, 2023-28

Global Dried Fruits Market Overview, 2023-28

Dried fruits have been an integral part of every age group's diet, enhancing their demand worldwide. Even in restaurants and cafes, the usage of dried foods in various cuisines is driving the demand for the dried fruit market. The growing health awareness among consumers is letting them consume nutritious food with rich protein and vitamins. The increased application rate of dried fruits in popular food products such as bakery items, chocolates, and confectioneries boosts the market. Dried fruits also have various health benefits and can help to maintain body weight. Socioeconomic factors such as rapid urbanization, population growth, per capita income, and changes in living standards are assisting the market. Consumers have included it in their diet chart as a daily consumed food. The dried fruit market is experiencing rapid growth as a result of this shift in consumer preferences. The technique of osmotic dehydration is adopted for the enhancement of the life span of fruits. The technique propels the popularity of the fruits and sustains their color, taste, flavor, and vitamins. It reduces the water level in fruits. These factors are increasing the consumption of dried fruits.

According to the research report, Global Dried Fruit Market Overview, 2023–28, published by Bonafide Research, the market is anticipated to reach more than USD 23000 Million by 2028, increasing from USD 15939.43 Million in 2022. The market is projected to grow with 6.57% CAGR for 2023-28. The launch of new flavorings for dried fruits has emerged as a key trend in the market. To strengthen their market position, major players in the dried fruits sector are focusing on introducing new flavorings to dried fruits. For instance, in April 2019, Traina, a US-based company that produces dried fruits, launched two new flavors, such as natural cherry and the summer blend. Natural Cherry is made with cherries, whereas Summer Blend is made with dried peaches, nectarines, and plums.

Shifting consumer preferences for healthy and nutritious foods owing to the rise in obesity and the growing aging population are driving the market for dried fruit. Furthermore, increased acceptance of nutritious packaged food and wide applications of dried fruit in the dairy, bakery, snack, and confectionery industries have fuelled the demand for dried fruit over the years. The demand for dried fruit has been influenced by research studies highlighting the role of the product in weight management and disease prevention. Numerous scientific studies have stated that certain types of dehydrated fruits and vegetables can help lower the risk of the progression of specific cancers. For instance, in August 2019, Dried Fruit Intake and Cancer, a research study, suggested that the consumption of dried fruit may reduce the risk of developing certain types of cancer, including cancers of the prostate, pancreas, stomach, colon, and bladder. As a result, consumers have been including dried fruit in their diets.

Graceland Fruit, Inc., a leading dry fruit company worldwide, is actively focusing on investing in the expansion of processing activities to strengthen its presence in the market. For example, Graceland Fruit, a dried fruit producer, expanded its production and processed dried cranberries in April 2018 by purchasing Wisconsin-based Cranberry Growers Cooperative. The global market is highly fragmented, with various multinational companies operating across the world. The advent of new players in the dried nut and fruit market contributes considerably to the market, which further positively impacts its growth of the market.

In April 2021, Hyle Capital Partners, a private equity firm based in Italy, acquired a majority stake in Manuzzi for an undisclosed amount. This acquisition helps to accelerate growth and strengthen Manuzzi’s position within the major retail chains in Italy. Manuzzi is an Italy-based company that produces dried fruit and nuts. The trend of eating healthy, convenient, and delicious snacks is significantly rising, owing to the hectic lifestyles of the working population. Also, due to the surge of various chronic diseases, such as diabetes and high blood pressure, the demand for low-sugar snacks is rising significantly. As dried fruits like raisins not only have a higher insulin index but also are enriched with fiber, potassium, and other healthy compounds, they are increasingly preferred as snacks, further fuelling the market's growth. Moreover, the trend of snacking on the go by introducing healthy and portable foods, such as nuts, which can be consumed in any environment, is further bolstering the dried fruit industry. Additionally, the development of high-yield, disease-resistant nuts using various scientific techniques is propelling the market growth.

Supermarkets and hypermarkets held the largest share in 2022, accounting for more than 50% of total revenue, according to sales channel segmentations. Over the past few years, supermarkets and hypermarkets have witnessed significant growth in the nuts and dehydrated fruit category. These retail chains are appealing to health-conscious consumers by expanding their organic and natural product lines. Furthermore, increasing supermarket penetration in developing countries will boost product sales through this distribution channel.7-Eleven, Walmart, Kroger, Aldi, Lidl, Carrefour Sans, and Ahold Delhaize are the leading supermarket chains in the world. Convenience stores hold a notable share of the market, especially in developing countries. Several countries have specialized retail stores for the product, for instance, shops on the street and public markets, and specialty stores.

The main types of dried fruits are apricots, dates, raisins, figs, berries, and others. Apricots, sometimes known as Armenian plums, are a type of stone fruit. Dried apricots are used to improve bone mineral density and help promote eye health. The different categories include conventional and organic, and they are used in confectioneries, dairy products, bakery products, snacks and bars, desserts, cereals, and others.

Covid-19 Impacts:
People's lives have been put on hold as a result of the COVID-19 outbreak, which has seen an increase in cases every day. This is not all; it has negatively impacted the marketing industry. In many ways, the dried fruit market has been affected during this period. The production of dried fruits has been affected due to the worldwide lockdown and shut down in various parts of the world. Other issues like running production understaffed, manufacturers facing production issues, and a lack of transportation have impacted the global market trends. Furthermore, the forced closures of hypermarkets and supermarkets have had an impact on dried fruit sales around the world. Therefore, the present-day existing market players have adopted new strategies to propel the growth of the global market and increase the size of the dried fruit market.

Major Companies present in the market:
Chaucer Foods Ltd, Kiril Mischeff, Archer Daniels Midland Company, Berrifine A/S, European Freeze Dry, Red River Foods, Sun-Maid Growers Of California, AGRANA Beteiligungs-AG, Naturz Organics, Messina Verpakkings

Considered in this report
• Geography: Global
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Dried Fruits market with its value and forecast along with its segments
• Region-wise dried fruits market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Type
• Dried Apricots
• Dried Dates
• Dried Grapes / Raisins
• Dried Figs
• Dried Berries (Cranberries, Cherries, Blueberries, Blackcurrant, Strawberries, Blackberry)
• Prunes
• Others (Apples, Mangoes, Oranges, Pineapples)

By Nature
• Organic Dried Fruits
• Conventional Dried Fruits

By Application
• Bakery and Confectionery
• Breakfast Cereals
• Snacks
• Others

By Distribution Channel
• Hypermarkets/Supermarkets
• Specialty Stores
• Convenience Stores
• Online Retail
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the dried fruits industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.