Global Dried Apricots Market - 2022-2029

Global Dried Apricots Market - 2022-2029

Market Overview

Dried apricot is nothing but a traditional dried fruit when treated with SO2 becomes darker in color which is orange. Dried apricots have significantly have more nutritional value than fresh ones, as the content of vitamins, minerals and dietary fibers becomes highly concentrated after drying.

In addition, along with the high nutritional content dried apricots have significant health benefits such as it promotes eye health, improves bone mineral density, reduces skin damage and signs of ageing, treats anemia, helps reduce blood pressure, promotes gut health and many others. Thus, owing to these benefits dried apricots is highly preferred by food & beverage as well as cosmetic industry. Furthermore, increased number of vegan people who prefer plant-based products is creating numerous opportunities to the market.

The global dried apricots marketwas valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).

Market dynamics: Increasing demand for healthy snacks is driving the growth of the dried apricots market.

Rising awareness about the health benefits of dried apricots, growing snacking culture and rapid increase in disposable income of consumers along with busy lifestyle is enabling them to buy healthy products from outside which adds to the growth of the market.

Consumers nowadays are concerned about their health & wellness and prefer food that will benefit their health & provide them with good nutrition. Furthermore, busy lifestyles and hectic work schedules, and changing consumer dietary preferences have led to increased inclination of consumers especially millennials towards healthy snacking options for food, thereby, switching their food preferences to plant plant-based products which provide them health as well as taste. This in turn drives the market growth.

Growth in healthy snacking can be attributed to health, weight management and others. These benefits have led to increased demand for confectionaries, conveniences convenience made with healthy products such as dried apricots, and other plant-based alternatives which ultimately creates an opportunity for the dried apricot market.

For instance,

• In March 2022, Dedere DeutschDeerembH, USA increased its production capacities for dried apricots by 111% owing to increased demand.

Thus, the increased awareness about the health benefits and nutritional value of dried apricots ultimately has increased the production capacities in the market, which has added to the growth of the market.

However, dried apricots are also associated with some side effects such as headache, giddiness, vomiting, and dizziness. The availability of substitutes such aspeaches and nectarines can also hamper the growth of the market as consumers may switch to substitute products.

Market Segmentation: Organic segment accounted for the highest share in the global dried apricots market

In 2021, the organic dried apricots segment had the highest revenue share of YY percent. Organic dried apricots have been the most preferred choice of consumers due to the growing demand for organic and chemical-free food products globally, coupled with a rise in demand for highly nutritious products along with good taste.

In 2021, the online channel segment had the highest revenue share of more than YY percent. This is due to the easy availability of products on online channels and the availability of various discount offers. The key manufacturing companies focus on establishing online product availability. Various companies such ZIBA foods also offer products on their own websites and through various channels. In addition, various companies also introduce various snacking items made with dried apricots with innovative flavors to attract the consumer thereby propelling the market's growth. For example- ZIBA foods provide roasted & salted dried apricots to attract the consumers which help the company to grow rapidly.

Geographical Penetration: Europe is the dominating region during the forecast period

In 2021, Europe had the highest revenue share of almost YY percent. Apricots are produced extensively in Eastern Europe with production for example- Europe has 4, 00,000 metric tons of apricot production in 2020. The changing dietary patterns and eating habits of consumers in Europe is increasing the demand for dried apricots in the region, as consumers prefer food that is beneficial to their health and can provide good nutritional content. Thus, the increasing awareness about the health benefits and nutritional content along with the easy availability & use of dried apricots in a variety of applications is driving the growth of the market in Europe. According to OEC, in 2020 The United Kingdom and France were the largest importers of dried apricots in Europe with imports worth USD 29.7 million and USD 28.3 million, respectively.

Competitive Landscape:

The global dried apricot market is competitive and comprises players such as kenkko corporation, apricotking, BATA FOOD, nationalraisin Company, Anatolia A.Ş., ZIBA FOODS, Kayisicioglu Apricot, Traina Home Grown, Sun-Maid Growers of California., Red River Foods amongothers. The dried apricot market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications. Moreover, rising research and development activities of product innovation for vegan people and consumers' preference for natural forms of products are also expected to propel market growth.

Key Developments:

• In March 2021, according to Businesswire, Sun-Maid Growers of California acquired Plum Organics, a leading premium, organic baby food and kids snacks brand.

COVID-19 Impact: Negative impact on the dried apricots market

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages are among the major industries that suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants. In addition, the shutdown of companies, warehouses, factories production facilities in various countries have disrupted the global supply chains. It has negatively impacted manufacturing activities, delivery schedules, and various goods sales. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of their products. Furthermore, the import-export restrictions imposed by governments in various regions such as North America, South America Asia, and Europe are hindering geographical expansion, business collaboration, and partnership opportunities. Thus, these factors are hindering the growth of the dried apricot market in the food and beverage industry.

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