Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Dried Fruits Market Overview:
Market Research Future (MRFR) reveals in its new extensive study that the Dried Fruits Market can gain a decent growth rate of 4.41% from 2020 to 2026 (appraisal period). The study also says that the market size can touch USD 9,081.70 Million by the year 2026.
Future Market Growth Factors:
Growing preference among consumers for nutritious and healthy food products, in view of the increasing cases of obesity as well as the expanding elderly population foster the market growth for dried fruits. Also, rising willingness of people to spend on healthy packaged food along with the extensive application range of dried fruits in bakery, dairy, confectionery and snack industries also bolster the demand worldwide.
Dried fruits are also experiencing huge demand due to the soaring number of studies that show the health benefits of dried fruits including disease prevention, weight management, to name a few. A number of research studies say that a few types of dried fruits can help reduce the risk of certain cancers. This factor is encouraging people to opt for dried fruits and can translate into substantial market growth over the following period.
Surging importance and popularity of e-commerce platforms in view of appealing benefits including huge discounts as well as cash-on-delivery features could present lucrative opportunities to the leading manufacturers who aim to boost their reach among more consumers.
Developments Post COVID-19 Outbreak
The COVID-19 pandemic and the subsequent lockdown has had a brutal effect on the dried fruits market, with manufacturing facilities shutting down and consumer demand for non-essential products going down. Players are facing revenue losses because of SARS-CoV-2 due to travel bans as well as the economic downfall across the world.
However, with the lockdown now being lifted up, players are now able to continue with their business and also concentrate on strengthening their supply chains. Also, the prominence of the e-commerce sector, especially food delivery services, will also help the frozen desserts market recovery faster despite the escalating cases of novel coronavirus worldwide.
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Key Players Locking Horns:
The competitive landscape of the dried fruits industry is quite intense with players primarily focusing on bolstering their positions by expanding their product ranges and launching new flavors. Strategic mergers, divestments and acquisitions as well as agreements remain the top favored marketing tactics among the major manufacturers striving to foster their customer base. Expansion of production capacity via acquisition and partnership remains another key competitive strategy usually undertaken by the companies to further establish themselves in the market.
- Lion Raisins Inc (US)
- Bergin Fruit and Nut Company Inc. (US)
- Red River Foods Incorporated (US)
- Sunbeam Foods Pty LTD (Australia)
- National Raisin Company (US)
- Sun-Maid Growers of California (US)
- Traina Foods (US)
- Paradise Fruits (Germany)
- Kiantama Oy (Finland)
- Dole Food Company Inc (US)
Market Segmentation:
Dried fruits industry can be distributed with respect to type, category and application.
The different types of dried fruits are figs, berries, apricots, raisins, dates, and others. Raisins form the top segment in the global market, since these dried fruits are produced in almost every region of the world and can be consumed raw or can be included in several dishes. Moreover, the fact that dried raisins boost digestion, foster iron level, and strengthen bones also raises their demand among consumers. But the fastest growth will be witnessed by the berries segment in the years ahead.
The primary categories listed in the report include organic as well as conventional. Conventional dried fruits are the leading segment since 2019. On the other hand, organic dried fruits can gain traction at the highest rate over the projected timeframe.
Sweet and savory snacks, dairy and frozen desserts, bakery and confectionery, beverages, breakfast cereals, and others are the top applications of dried fruits. The highest applications of dried fruits are found to be in the bakery and confectionery segment while sweet and savory snacks also use significant volumes of dried fruits. However, the breakfast cereals segment can project the fastest growth in the next few years.
Browse In-depth Market Research Report (110 pages) on Dried Fruits: https://www.marketresearchfuture.com/reports/dried-fruit-market-4492
Regional Status:
Dried Fruits industry has been regionally split into Europe, North America, Asia Pacific/APAC, and RoW/the Rest of the World.
Rest of the World was identified as the most lucrative market in 2019, with the Middle East emerging as the top consumer of dried fruits. Meanwhile, Rest of Europe can be another strong market for dried fruits owing to the soaring preference for healthier food items and the declining intake of artificial sweeteners among consumers. Also, the high consumption rate of instant beverages like tea and coffee in various European nations also add to the market value.
APAC can procure a CAGR of 4.63% over the ensuing period, since consumers are increasingly growing aware of the health advantages of dried fruits and the resultant surge in the product demand. The market growth is also the result of the surging prevalence of diets that include a lot of almonds, prunes, figs, apricots and raisins. Dried fruits are witnessing higher demand compared to fresh fruits owing to their nutrition rich constituents, particularly in countries that have cold climates. Consumption of dried fruits is especially high among the growing middle-class population while the mounting health consciousness and rising preference for packaged nutrition rich food items could also bolster revenue growth in the following years.
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Latest Developments
In January 2021, General Mills introduced Sesame Street Cereal; a new line of cereals that consists of two flavors, namely berry and cinnamon. The box’s back is similar to a book, which features two languages, Spanish and English with short stories catering to children.
In July 2020, Goldthread Plant-Based Tonics announced its expansion plan for its health boosting range of functional tonics, with the launch of Berry Power. Berry Power helps reduce stress, boosts resilience and recovery, and enhances endurance and energy levels. Similar to all the tonics in the existing company line, Berry Power has about 14,000 milligrams of berries and herbs in each bottle.
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