Fresh Peaches Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Fresh Peaches Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The global fresh peaches market is projected to grow at a CAGR of 3.2% during the forecast period.

• Fresh peaches exhibit multiple potential health benefits, such as a strong immune system, improved digestion, control of blood pressure, and decreases the risk of chronic diseases. The yellow-fleshed peaches are commonly found in the United States, were as white-fleshed are common in Asian countries.
• As online shopping has become increasingly popular in Beijing's, China and professional team was set up to teach farmers to sell their peaches with mobile phones and transform the local peach industry into a modernized internet-plus business. Peach sales via e-commerce across Pinggu stood at 25 million kg in 2021, compared with nearly zero in 2012. The online demand for peaches has also boosted the development of the local logistics industry such as SF Express and China Post. With government support, Pinggu started building itself into an agricultural innovation hub focusing on the modern seed industry, biotechnology, smart farming, and food safety. This can further boost the market to grow in coming years.
• Growers have also adopted the practice of high‐density plantings, used new cultivars and rootstocks, and installed modern tree‐training systems. These changes have been in part propelled by government programs that provide support for various costs including for fuel, fertilizer, and saplings to increase the production of peaches in order to strengthen the market.

Peaches have various health benefits as they comprise nutritive elements such as dietary fibers, low carbohydrates, vitamins(A, C, E, and niacin), and also minerals, such as potassium, copper, manganese, and phosphorous. Therefore, peach breeders are planning to develop varieties with improved eating quality and health benefits.

The growing awareness of a healthy lifestyle is propelling the increased consumption of fresh fruits, which is in turn driving the fresh peach market. People are gaining more knowledge about the number of calories present in the food they consume, in order to focus more on fitness, and nutrition. Peaches are commercially produced in various countries like China, Spain, Turkey, & the United States and are marketed in both fresh and processed forms. As of 2021, the volume of total global production of peaches was 24.9 million tons. These factors are increasingly contributing to the growth of the market.

China is the predominant supplier of peaches and nectarines to Vietnam. Australian peach and nectarine exporters now have market access to Vietnam this comes after Australia and Vietnam finalised a new protocol. This will fuel further growth in demand for imported fruits, driven by Vietnam’s young, increasingly wealthy consumers. These consumers are willing to pay more for imported food, particularly naturally healthy, immune-boosting products with clean and green credentials.Growth in modern retail channels, particularly supermarkets and convenience stores, and a rapid shift to e-commerce will support consumer expenditure on fruit.

Asia-Pacific is the largest and fastest growing market globally. The region is supported by favourable growing conditions in the majority of the places during the early season, hence the harvest recorded is of high volume. China is the leading producer in this region which accounts for 61.4% of the total fresh peach market. According to ITC Trade, the export value of peaches has increased to USD 64,821 Thousand in 2021 which slightly increased compare to previous year in the China.

China is the world's leading producer of peaches, followed by Spain, Italy, and the United States. According to the USDA, peach production is expected to reach 21.8 million metric ton in 2022, as China has recovered from the snow-damaged crop losses. It is anticipated to increase from 1.0 million ton to 16.0 million ton. The special benefits offered by fresh peaches have made this fruit an important part of a heart-healthy diet, which is largely driving the growth of the market.

The relaxed government policies on land transfers, have further encouraged many individuals and private companies to invest in large-scale production of peach through land consolidation. However, high costs and quarantine requirements for cold-chain storage is detering the importers. Therefore, peache varieties with longer shelf-life are being developed to meet the market requirements and tends to grow market during the forecasting period.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support