Fresh Cherries Market - Growth, Trends, and Forecasts (2023 - 2028)

Fresh Cherries Market - Growth, Trends, and Forecasts (2023 - 2028)

The fresh cherries market is projected to register a CAGR of 5.2% over the forecast period.

• Cherries are a good vitamin C, calcium, iron, magnesium, and potassium source. It constitutes carbohydrates, protein, vitamin C, calcium, potassium, iron, magnesium, fiber, and many beneficial phytonutrients with positive health effects. Fresh cherries prevent gout, lower cancer risk, reduce muscle sourness, aid heart health, and support memory functions by preventing oxidative damage in brain cells.
• According to the Food and Agriculture Organization (FAO), Turkey, the United States, Chile, Uzbekistan, and Iran are the major producer of fresh cherries across the globe, contributing 689,834 metric tons, followed by 343,190 metric tons, 325,048.6 metric tons, 213,600 metric ton, and 156,134.13 metric ton during the year 2021.
• An increase in the demand for imported cherries that are larger and sweeter, such as "cheery grand" and "cheery treat," can be attributed to the major shift in demand for fresh sweet cherries from soft and sour varieties that are prone to weather fluctuations and storage conditions.
• A growing inclination towards health consciousness, followed by a surge in the uptake of fresh beverages such as smoothies, has led to an overall spike in demand for fresh cherries. This is further supported by the fact that in Marseille and Paris in France, the average price of a ton of cherries increased to USD 3607.94, which is solely attributed to the increase in the cultivation of premium-quality sweet cherries and innovative varieties.

• The fresh cherries market is currently dominated by an upsurge in demand for regional imported varieties, primarily originating in Turkey and the United States, in the major importing and consuming countries, such as Europe and China.
• According to Food and Agriculture Organization (FAO), the production in Turkey reached 689,834 metric tons in 2021 from 724,944 metric tons in 2020, primarily due to increased investments and a steadily rising area under cultivation as a result of the high export demand and bolstered growth. The total fresh cherries yield was 84,593 ha/hg in 2021, an increase from 79,598 ha/hg in 2019.
• According to the United States Department of Agriculture (USDA) report, the Chilean cherry-planted area has historically grown year over year. The report estimated that the area planted will reach a new record of 44,000 hectares in 2021-22. Despite the large area increase, FAS Santiago production increased by only three percent in 2021-22, with forecast production reaching 395,000 metric tons. Decreased yields will offset the anticipated increases in the area in the forecast year.
• Continued drought and the risk of frost damage have forced producers to adjust strategies to maintain fruit size and quality. Producers are now pruning trees more, as well as thinning flowers and fruit to ensure that the size and quality of the fruit harvested remain consistent. Despite the weather conditions, the result is a better size and quality fruit but reduced yields per hectare of the planted area.
• Moreover, the rapid adoption of new, improved cherry varieties in the United States, like "cheery grand" and "cherry treat," which are larger and sweeter than the conventional "Chelan" variety, has witnessed an increased demand from its neighboring countries as well as Asia, including China, Hong Kong, and Japan.

• Asia-Pacific was the fastest-growing market in 2021, with Hong Kong and Australia accounting for the major portion of the overall market for fresh cherries, with a total export volume of 238,373 metric tons and 3,909 metric tons, respectively.
• Cherries are an important daily fresh fruit in China, with major imports from Chile, primarily due to the zero-policy free trade agreement signed between the two countries in 2021 and adequate ripening time in Chile between November and January, when China celebrates its Spring Festival.
• Due to the trade war's impact, import tariffs for cherries from the United States are as high as 70%. Hence, China has expanded its import base to new markets, such as Kyrgyzstan, Uzbekistan, and Tajikistan, to support the ever-growing domestic demand. As a result, China has increased its imports from a few additional countries, including Kyrgyzstan, Uzbekistan, and Tajikistan, to meet the country's rising domestic demand. These cherries are of high quality and are grown without using as many pesticides.
• According to a report by the United States Department of Agriculture (USDA) in 2020, Hong Kong has witnessed a surge in demand for regional varieties that reflect a premium-quality image. For instance, Tasmanian cherries, that cost between USD 50 and 100 during the New Year, are in high demand despite the sky-rocketed prices. All these factors are further expected to drive the fresh cherries market in Asia during the forecast period.

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