Asparagus Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Asparagus Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Global Asparagus market is estimated to grow at a CAGR of 4.8%, during the forecast period (2020 - 2025). Fresh organic asparagus has been a key driving factor for the market with a steadily expanding area under cultivation, especially in Mexico. According to data from the Ministry of Agriculture, Livestock, Rural Development, Fisheries and Food, the average annual growth rate of the country's asparagus production stood at 13.6%, with the production of organic asparagus primarily serving United States, among other countries. However, the year-round domestic demand for organic asparagus in United States outpaces the supplies from Mexico annually, which has prompted the interest in local production, such as the Jacobs, Malcolm & Burtt (JMB) beginning the combined production of conventional and organic asparagus in early 2020. Thus, the increased demand for organic asparagus is expected to further drive the global asparagus market in the coming years. Europe continued to remain the fastest-growing market for asparagus in 2019. The region imported a total of 121,229.0 metric tons of asparagus in 2019, as against 112,417.0 metric tons in 2017. The ever-growing demand is aided by rising health consciousness about the nutritional benefits of asparagus, with the vegetable shifting from the status of a culinary delicacy to an almost regular part of the European diet.

The emerging demand for organic asparagus is currently driving the asparagus market, globally. The markets for organic asparagus is majorly dominated by North America and Europe, with the regions substantially increasing the import as well as the production of organic asparagus in recent years. Although organically cultivated asparagus is at its nascent stage in Peru, the second-largest producer of asparagus in the world, the country is steadily raising its export-driven organic cultivation, as per Peruvian Asparagus Importer’s Association. Moreover, organic asparagus cultivation is concentrated in central Mexico for supplies to United States, having several growers like Pampa Store, which now engages in year-round production with the purchase of 300 ha of land in the north-east of Mexico, bordering the state of Texas, United States, in 2019. According to the Organic Produce Network, in January 2020, a case of organic asparagus weighing 11 pounds, produced in Mexico, had a price of USD 64.0-65.0 on the Los Angeles Wholesale Produce Market, which is almost USD 6.0 per pound wholesale price, that can be attributed to the cost of year-round availability of the vegetable on market shelves. As a result, the Jacobs, Malcolm & Burtt (JMB) plans to undertake the production of organic production in early 2020, with a view to aid the year-round domestic demand in the country. These developments are further anticipated to drive the global asparagus market, during the forecast period.

Europe was the fastest-growing market for asparagus in 2019. The region witnessed a massive growth in domestic demand, which can be primarily attributed to the increasing awareness about the nutritional benefits of asparagus. According to the British Asparagus Association, the demand for the vegetable grew by almost 540% in United Kingdom between the period 2004-2014. Apart from the growing imports, a sizeable portion of the domestic demand is also driven by home-grown varieties, such as Vittorio or white asparagus, which was first bred in northern Italy. According to Global Plant Genetics, the seeds of the Vittorio variety sold out well ahead of the 2019-2020 growing season, with domestic producers in northern and central Europe increasingly inclining towards the high-yielding and flavorful cultivar. Europe also produced a total quantity of 332,126.0 metric tons of asparagus with a total harvested area of 62,727.0 hectares in 2018, when compared to 305,859.0 metric tons and 58,306.0 hectares in 2016. Moreover, the region also imported a total of 121,229.0 metric tons of asparagus in 2019, as against 112,417.0 metric tons in 2017.

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