Impact of COVID-19 on Dried Fruits Market : Implications on Business
Transparency Market Research has published a new report on the global dried fruits market. According to the research report, the dried fruits market is expected to grow at rate of 5.9% CAGR for the period of 2018 to 2026. In 2018, the valuation of the global market was recorded at US$7,255.
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The competitive landscape of the global dried fruits market is a fragmented one because of the presence of numerous well known and established players. The companies in the market are constantly trying to bolster their product portfolio and scale up their brand position. More importantly, these companies are trying to expand their geographical territories as well. Some of the prominent brands in the global dried foods market include names such as Sunbeam Foods Pty Ltd., Red River Foods Incorporated, Sun-Maid Growers of California, Kiantama Oy, Traina Foods Inc., Bergin Fruit and Nut Company Inc., Dole Food Company Inc., and Lion Raisins Inc. among others.
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Asia Pacific to Dominate Global Market
In terms of geographical segmentation, the global dried fruits market has five key regions in North America, Europe, Latin America, Middle East and Africa, and Asia Pacific. Of these, the global market is currently dominated by the Asia Pacific region. The region is also expected to continue its domination over the course of the given forecast period of 2018 to 2026. The dominance of the regional segment is primarily due to the increasing consumption of dried fruits in the region. The overall contribution of Asia Pacific is projected to grow to nearly 41.3% in the coming few years. This growth of the market is because of the increasing use of dried fruits in production of baked goods, confectionaries, and other food products in the region.
There are several factors that are responsible for driving the growth of the global dried fruits market. One of the primary driving factors is the growing demand for minerals and vitamins rich food products across the globe. Some of the other important growth factors are changing consumer preference and increasing health awareness among people. In addition to this, the growing demand for dried fruits from the confectionary, dairy, and bakery industries is also a compelling reason behind the growth of the global dried fruits markets.
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Organic Dried Fruits to Emerge as Leading Market Segment
Depending upon the nature of the dried fruits market, the segment of organic dried fruits is expected to achieve higher growth in the coming few years. This growth of the segment is due to the fact there has been a growing demand for organic food products from the end users. Moreover, increasing health consciousness among the consumers is also helping the market segment to grow. The segment of organic dried fruits is expected exhibit a CAGR of 6.1% for the given forecast period.
Market Segmentation is as follows:
- Tropical & Exotic Fruits
- Slices and Granulates
- Whole Dried Fruits
- Food Service Providers
- Food Processing Industry
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