Global Fresh Apricots Market - 2022-2029

Global Fresh Apricots Market - 2022-2029

Market Overview

Fresh apricots are a type of fruit that is obtained from the apricot tree. This fruit is typically eaten fresh, but can also be used in various recipes. In addition, along with the high nutritional content fresh 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 fresh 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 fresh apricots market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 1.45% during the forecast period (2022-2029).

Market Dynamics: Increasing demand for healthy snacks is driving the growth of the fresh apricots market

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

Furthermore, growing in healthy snacking can be attributed to health, weight management and others. These benefits have led to increased demand for confectionaries, conveniences food products made with healthy products such as fresh apricots and other plant-based alternatives which ultimately creates an opportunity for fresh apricot market. For instance, in 2020, according to ORCHARD TECH it was concluded that 7,275 tonnes of apricot were produced and later valued at $29.4 million. 18% of apricots was then sent to be processed for commercial use. Thus, the increased awareness about the health benefits and nutritional value of fresh apricots ultimately has increased the production capacities in the market, which has added to the growth of the market.

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

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

In 2021, the organic fresh apricots segment had the highest revenue share of more than YY percent. Organic fresh 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 addition, online channel segment had the highest revenue share of more than YY percent. This is due to the easy availability of fresh apricots on online channels and availability of various discount offers. 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 also introducing various snacking items made with fresh apricots with innovative to attract the consumer thereby are propelling the market's growth.

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. Apricots are imported extensively in North America with production. For instance, in July 2020, according to the United States-Mexico-Canada Agreement, or USMCA), the Dominican Republic-Central American Free Trade Agreement (CAFTA-DR), and bilateral accords with Peru and Colombia have provided access to increased supplies of fresh fruit to meet increasing demand in U.S.

In addition, changing dietary patterns and eating habits of consumers in North America is increasing the demand for fresh apricots in the region, as consumers prefer the food which is beneficial to their health and can provide good nutritional content. Thus, the increasing awareness about the health benefits, nutritional content along with easy availability & use of fresh apricots in variety of applications is driving the growth of the market in North America.

Competitive Landscape:

The global fresh apricot market is competitive and comprises players such as Dole Food, Ardo, Crop’s nv, Earthbound Farm, Gaotai, Hain Celestial, Jinyuan Agriculture, SunOpta, SunPacific and Welch’s Foods among others. The fresh apricot market competitiveness is projected to rise over the forecast period owing various strategies of key players such as agreements and product innovation for various applications. Moreover, growing demand organic and plant-based products along with rising research and development activities & product innovation for vegan people and consumers' preference for natural forms of products are also expected to propel market growth. For instance, in April 2022, SunOpta, U.S.-based, global pioneer fueling the future of sustainable, plant-based and fruit-based food and beverages, expanded its new headquarter new 65,000 square-foot global headquarters and eco-powered innovation center in Eden Prairie, Minn.

COVID-19 Impact: Negative impact on the global fresh 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 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 and even the cultivation of fruits and vegetables in various countries has disrupted the global supply chains. It has negatively impacted the cultivation of apricots. Multiple companies have already announced possible delays in product deliveries and a decline in future sales of fresh apricots which negatively impacted the market.

Furthermore, the import-export restrictions on fresh apricots 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 fresh apricot market in the food and beverage industry.

The global fresh apricots market report would provide an access to approximately 61 market data tables, 56 figures and 172 pages