The global apricots market has the potential to grow by USD 918.45 million during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by product (conventional apricot and organic apricot) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors including ApricotKing, B & R Farms LLC, Dag Food Agricultural Products Co & Ltd., Fruits of Turkey, Agricultural Food Export, Kayisicioglu Apricot, Melissa's/World Variety Produce Inc., Purcell Mountain Farms, Sunbeam Foods, Sun-Maid Growers of California, and Traina Dried Fruit Inc.
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The apricots market is currently moderately fragmented, and the degree of fragmentation will increase during the forecast period. The growing awareness about the health benefits of apricots will boost the demand for apricot-based products and create several growth opportunities for market vendors. ApricotKing, B & R Farms LLC, and Dag Food Agricultural Products Co & Ltd. are a few of the major market participants. Although the health benefits of apricots will offer immense growth opportunities, the impact of adverse climatic conditions on apricot production will challenge the growth of the market participants. To increase their apricots market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this apricots market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this apricots market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading apricot manufacturers, including:
MEA was the largest market for apricots in 2019, and the region will continue to offer the maximum growth opportunities to market vendors during the forecast period. Factors such as increased allocation of space for organic products, rising production of apricots, and the growing number of expatriate populations are contributing to the apricots market growth in this region.
Over 50% of the market’s growth will originate from MEA during the forecast period. Turkey is a crucial market for apricots in MEA. Market growth in this region will be faster than the growth of the market in other geographies.
Conventional apricots are more popular than organic apricots because of their low cost, especially among budget-conscious consumers. The increasing application of apricot in the production of various food and beverages, rising awareness about the health benefits of apricots, and increasing production of apricots are a few of the factors driving the growth of the market in this segment.
However, market growth in this segment will be slower than the growth of the market in the organic apricot segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the apricots market size.
Apricots Market: Key Drivers and Trends
The health benefits of apricots is one of the crucial factors driving the growth of the apricots market. Apricots are good sources of vitamin A, vitamin C, and vitamin E. They are also rich in calories, antioxidants, potassium, fiber, and iron. Vitamin A in apricots helps in preventing night blindness and reducing acne and other skin problems. Apricots also help in boosting the health of the eye, skin, and gut.
Moreover, the high concentration of soluble fiber in apricots helps in maintaining healthy blood sugar and cholesterol levels. The growing awareness among consumers about these health benefits is expected to boost the demand for apricots over the forecast period. Leveraging these factors, food, skincare, nutraceutical, and other companies have started making apricot-based products, which has also increased sales of apricots.
The increasing popularity of plant-based food products has been identified as one of the critical apricots market trends contributing to market growth.
The health and food safety concerns associated with animal-based food products have driven health-conscious consumers to shift to a plant-based diet.
Plant-based diets are rich in folate, magnesium, potassium, vitamin A, vitamin C, and vitamin E, which help in minimizing the risks of cardiovascular diseases and other metabolic disorders.
The growing consumer inclination toward a plant-based diet has increased the vegan population in various countries, such as the US and UK.
The growing vegan population and increasing promotion of plant-based diets by various government agencies will further boost the demand for plant-based food products, such as apricots.
During 2020-2024, the apricots market will grow at a CAGR of almost 4%.