Dried Apricots Market Forecast 2022 - 2027
Dried Apricots Market Overview
Dried Apricots Market size is estimated to reach $1.2 billion by 2027, growing at a CAGR of 5.3% during the forecast period 2022-2027. Dried apricots are demarcated as fruit with removed moisture/water content or which have been dehydrated by machine or natural process with an aim to elongate their overall shelf-life. Sulfur dioxide is taken into account to preserve its natural orange color. These dried fruits are deemed to be a sound source of fibers such as pectin; however, because of the high carbohydrates presence diabetics patients are advised to not consume them. Moreover, being rich in potassium, dried apricots help in strengthening bones, maintaining the body’s electrolyte balance, and promoting nerve functions. Dried apricots are home to several polyphenols and carotenoids (beta carotene, alpha-carotene, lutein, and cryptoxanthin). Owing to the high content of beta-carotene, dried apricots are a good source of vitamin A. In addition to that, the presence of phenolic compounds like chlorogenic acid extends dried apricot's anti-mutagenic, anti-carcinogenic, and anti-microbial properties that play a significant role in curbing the risks of cardiovascular complications. Therefore, growing usage in the food industry, proliferating health awareness among consumers, rising incidences of cancer and CVDs, bettering retail infrastructure in developing counties, and rising demand for dietary supplements are factors set to drive the growth of the Dried Apricots Market for the period 2022-2027.
Report Coverage
The report: “Dried Apricots Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Dried Apricots Market.
By Product Type: Organic and Conventional/Non-Organic.
By Form: Powdered form, Whole form, and Diced form.
By Distribution Channel: Offline and Online.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).
Key Takeaways
- Geographically, Europe Dried Apricots Market accounted for the highest revenue share in 2021. The growth is owing to humungous production and export of apricot, better disposable incomes across Europe and several middle east countries, high living standards, and better retail infrastructure.
- Growing usage in the bakery and confectionery industry, health benefits such as better hemoglobin production accompanied by dried apricot consumption, growing usage in homemade remedies to ensure skin health, rising demand for dietary supplements, and refining retail infrastructure in low-income countries are said to be preeminent driver driving the growth of Dried Apricots Market. Rising inflation because of the exorbitant price of crude oil and the gap between demand and supply because of Covid restrictions are said to reduce the market growth.
- Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Dried Apricots Market report.
Dried Apricots Market Segment Analysis-By Product Type
The Dried Apricots Market based on the product type can be further segmented into organic and conventional. The conventional segment held the largest share in 2021. The growth is owing to across-the-board availability and inexpensive nature as compared to organic dried apricots. Rather than using exorbitant materials like compost and animal manure, in conventional farming, farmers make use of sewage sludge and synthetic fertilizers that save a lot of money and increase their profits drastically. In addition to that, growing apricots through conventional farming allows farmers to increase their yield per acre as they can grow more on less land. As a result, they always prefer conventional farming over organic. However, the organic segment is estimated to be the fastest-growing with a CAGR of 6.5% over the forecast period 2022-2027. This growth is owing to several side effects associated with conventional products as they are grown and harvested with the help of several chemicals such as sulfite. Therefore, with rising health attentiveness among consumers, the demand for organic products has witnessed a sheer surge in recent years. In addition to that rising environmental worries and campaigns to reduce pollution has their fair share in driving the demand for the organic dried apricot market as less usage of pesticides, lowers the nitrate amount in groundwater, and diminishes soil erosion.
Dried Apricots Market Segment Analysis-By Distribution Channel
The Dried Apricots Market based on distribution channels can be further segmented into offline and online. The offline segment held the largest share in 2021. The biggest advantage with offline distribution channels like brick-and-mortar stores is their inclusive or comprehensive presence in developed and underdeveloped areas; whereas, which is not the case with online platforms as well-established infrastructure and connectivity are a primary prerequisite for their smooth functioning. In addition to that, online platforms aren’t suitable for bulk shopping because of different sellers which increases the number of product deliveries. Also, expanding presence of modern outlets like supermarkets has drawn the eyes of millions as they offer better services, a one-stop solution, and overwhelming discount offers. Furthermore, the online segment is estimated to be the fastest-growing with a CAGR of 7.1% over the forecast period 2022-2027. Widespread lockdowns aimed at curbing the virus spread have been a blessing in disguise for e-commerce platforms as people were forced to stay inside their homes. Also, the broadening trend of work-from-home jobs, technological advancements such as 3D mapping and e-banking services, and enlarging size of the tech-friendly population are helping e-commerce companies in capturing market share.
Dried Apricots Market Segment Analysis-By Geography
The Dried Apricots Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Europe held the largest share with 39% of the overall market in 2021. The growth in this segment is owing to the factors such as the presence of several countries which are known for their humungous apricot productions and exports. Turkey (over 795 thousand tons annual production), Iran (around 460 thousand tons annual production), Spain (over 19 thousand tons annual production), and France (over 189 thousand tons annual production) are top producers of the apricot worldwide. Also, high disposable incomes throughout Europe and Middle Eastern countries like UAE, Qatar, and Saudi Arabia is a prominent factor propelling the market growth. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to rising imports because of rising health awareness among people, changing tastes and preferences, growing economic affluence, expanding demand for dietary supplements, extensive usage in desserts and other confectionery items, enormous population, and growing apricot exports of countries like Uzbekistan and China. Uzbekistan grabbed the world’s leading exporter title by exporting apricots worth $16.99 million in the year 2020.
Dried Apricots Market Drivers
The growing economic affluence of developing countries is anticipated to boost market demand.
Exports are a crucial aspect when it comes to the health of economies as the growth of the economy of a country is directly proportional to exports (whether goods or services) that it makes annually. Therefore, with growing manufacturing and exports low-income countries like China and India have braced their economies and eventually have improved GDP per capita incomes. From $2.59 trillion in 2020, with a spike of nearly 30 percent China’s exports reached over $3 trillion in the calendar year 2021; whereas, from $276 billion in 2020, with a 42 percent jump India’s exports reached $373 billion. Therefore, with growing economic affluence the overall living standards of people and infrastructure inside these countries are improving with time and eventually aiding the aforementioned market in so many ways.
Spiraling health awareness among people with surging chronic illnesses is expected to boost market demand.
In recent years, the attitudes of people toward health have completely changed. People have turned more proactive toward their health rather than being reactive as chronic illnesses are roaming around the world. Even words like cancer and heart attack fill them with terror as these two illnesses have emerged as a leading cause of death across the globe. According to a World Health Organization report, more than 17 million people fall victim to CVDs and lose their lives. Similarly, developed countries like the U.S. are recording millions of cancer cases each year. Last year the U.S. recorded 1.9 million cancer cases and nearly 608,570 deaths. The numbers are likely to spike in the near future as the geriatric population is increasing at a relentless pace. It is being anticipated that number of geriatrics is soon to cross the 2 billion mark.
Dried Apricots Market Challenges
The demand and supply gap and staggering inflation are anticipated to hamper market growth.
The hampered production activities because of problems ensued by coronavirus surges like employee shortage, raw material shortage, lessened demand, and others have posed a severe challenge in front of the dried apricot market. Moreover, rising crude oil prices because of the Russia-Ukraine war has prompted a wave of inflation across the globe. In March 2022, crude oil prices touched $140 per barrel after the 2008 crisis. Therefore, with growing oil prices transportation has become costly which has ultimately expanded the prices of commodities in developed and developing countries.
Dried Apricots Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market.
Dried Apricots market top 10 companies include-
- BATA FOOD
- Anatolia A.S.
- ApricotKing
- Fruits of Turkey
- Bergin Fruit and Nut Company
- Sun-Maid Growers of California
- Purcell Mountain Farms
- Chi Tree
- Kayisicioglu Apricot
- Kenkko Corporation
Recent Developments
- On November 15, 2021, Brooklyn, New York-based company “ILG International Trading (a firm known for its top-quality food imports) recalled some imported dried apricots from the market as they were found to hold an enormously high level of sulfites. Sulfites are known for their adverse impact on health through life-threatening reactions; therefore, the move comes in the view of ensuring consumer health.
- On July 21, 2021, Michigan, United States-based company “Lipari Foods” recalled dried apricot because of the presence of sulfites and the absence of a label on the packaging that shows the presence of certain ingredients that the product contains. FDA said that the company has recalled around 86 cases from different states across the country.
- On March 31, 2021, California, United States-based privately owned co-operative “Sun-Maid Growers” announced the successful acquisition of “Organic Plum” from New Jersey, United States-based processed food and snack firm “Campbell Soup Company.” The financials of the transaction were not revealed by the company.
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