Global Fresh Figs Market - 2022-2029

Global Fresh Figs Market - 2022-2029

Market Overview

Fresh figs are the fruits of fig tree which produce fruits only once a year. Fresh figs, are also known as Anjeer, and come in small to medium sized, with a bright green to yellowish colored skin. Their flesh is pink blush to deep magenta with a mass of juicy seeds. They have honey like sweetness with fresh flavour and nuttiness from the numerous seeds.

The growth in awareness of health benefits of fresh figs has propelled the market growth globally. The need of health based functional food ingredients such as fresh figs has boosted the growth of the market. In addition, fresh figs contain significant amounts of calcium, potassium, iron, and phosphorus. All types & variety of figs have the same amount of fiber that can keep the digestive health in check. Thus, owing to these nutritional value and health benefits of fresh figs attracts the consumers and hence increases the demand. Thus, owing to these benefits, fresh figs are highly preferred by the consumers globally. Furthermore, increased number of health-conscious consumers is creating numerous opportunities to the market.

The global fresh figs market was 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: Rise in demand for health-based & functional food products with fresh fig ingredients

The lifestyle of consumers nowadays is becoming tenser and the prevalence of serious diseases has increased tremendously. This has led to the increased adoption of healthy diets and increased consumption of functional food with the recommended dietary allowance which is RDA. The health benefits of consuming fresh figs have led to their increased inclusion in various food and beverages, in common households as well as in processing industries.

The demand for fresh figs from households is also increasing, as people are becoming aware of their associated health benefits. Also, increasing health concerns have led to consumers opting for external supplements made with natural ingredients such as fresh figs to obtain the required nutrients. This has increased the demand for functional and health-based food products such as protein bars, protein shakes, etc., which, in turn, has increased the demand for fresh figs from these industries.

Thus, the increased awareness about the health medicinal properties, health benefits and nutritional value of fresh figs ultimately has increased the demand for fresh figs as well as products made with fresh figs such as ice-creams various desserts, juices, smoothies, and others which has led to the increased number of product launches, mergers & acquisitions and other collaborations between the companies to fulfill consumer demands.

However, side effects associated with fresh figs such as stomach issues, sun sensitivity, calcium deficiency, high blood sugar/diabetes and others is expected to restraint the growth of the market.

Market Segmentation: Organic segment accounted for the highest share in global fresh figs market

In 2021, the organic fresh figs segment had the highest revenue share of YY percent. Organic fresh figs 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 healthy & nutritious products along with good taste.

In 2021, the supermarkets/hypermarkets segment had the highest revenue share of YY percent. The supermarkets/hypermarkets segment includes restaurants, cafes, hotels, and others. The key manufacturing companies focus on establishing the online product availability. Various companies also offer products on their own websites and through various channels. In addition, various companies are introducing fresh fig based products with innovative flavors to attract the consumers which act as a driver for the market.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of almost YY percent. The region has well-developed supermarkets/hypermarkets sector, where the demand for healthier and nutritious food is increasing. Consumers in U.S. prefer to consume nutrition-rich food, primarily natural products with no additives & chemicals. In addition, the number of health-conscious consumers is increasing in U.S. owing to increased number of diseases and infections. This enables consumers to demand for natural and healthy food products such as fresh fig which ultimately helps the market to grow.

For instance,

• In September 2021, according to USDA, California has ranked first in fig production accounted almost 98% of total fig produced.

Competitive Landscape:

The global fresh figs industry is competitive and comprises players such as Hadley Fruit Orchards, Inc., Roland Foods LLC, Meurens Natural S.A., FruitLips, Jiaherb, Inc., Athos Agricola S.A., Earl's Organic Produce, Alara Agri, Isik Tarim A.S. and Valley Fig Growers, Inc. The fresh fig 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. According to USDA, in 2021, fig exports in U.S. valued $10.6 million. In addition, the total value of both fresh and dried figs imported into the country was nearly $48.5 million.

COVID-19 Impact: Negative impact on the global fresh figs 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 suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.

In addition, the closures/shutdown of the companies, factories production facilities in various countries have disrupted the whole 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, trade restrictions imposed by governments in North America, Asia, and Europe and increased prices due to that is affecting geographical expansion, business collaboration and partnership opportunities. Thus, these factors are hindering the growth of the fresh figs market in the food and beverage industry.

However, there has been sudden shift towards the healthy and nutritious products during & after covid-19 pandemic which has increased the demand for fresh figs globally.

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