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The jicama market is estimated to grow at a CAGR of 8.05% between 2022 and 2027. The size of the market is forecast to increase by USD 3,067.18 million. The growth of the market depends on serval factors, including the health benefits of jicama, the increasing production of jicama, and the increasing global vegan population.
This report extensively covers market segmentation by product (conventional and organic), distribution channel (offline and online), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global jicama market as a part of the global packaged foods and meats market under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meats market covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and extend shelf life. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing production of jicama is notably driving the market growth, although factors such as the fluctuating price of jicama may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Jicama Market Driver
Increasing production of jicama is a key factor driving the growth of the market. The increasing production of jicama globally is another growth driver of the global jicama market. The growing awareness among consumers about the health benefits of jicama is increasing the demand for the product globally. The players in the market have responded by increasing the production of jicama. In Africa, Nigeria, Ghana, Ivory Coast, Benin, and Togo are the major producers of jicama. The average global production volume of jicama has increased significantly over the past few years. The production of jicama is expected to remain high during the forecast period.
The export and import of jicama are also increasing globally. The US was the largest importer of jicama, followed by Japan. The major importers of jicama in 2020 were the US, Japan, the Netherlands, Germany, and France. The increasing production and trade of jicama globally are expected to help in the growth of the global jicama market during the forecast period.
Significant Jicama Market Trend
Increasing demand for organic jicama is the primary trend in the market growth. The increasing demand for organic jicama is one of the positive trends that can influence the growth of the global jicama market during the forecast period. The growing perception among consumers that organic jicama is healthier than conventional jicama is boosting the demand for the organic variant of jicama. The vendors in the market are also coming up with organic jicama products to cater to the demand from consumers. The cultivation phase of organic products does not involve the use of pesticides and insecticides, and thus, the products do not contain harmful chemical residues.
Therefore, they are perceived to be safer and healthier than products cultivated using conventional methods. The promotion of organic food products by various government agencies and the increasing health consciousness among consumers will also help in increasing the demand for organic jicama during the forecast period. Thus, the growing demand for organic jicama is expected to help in the growth of the global jicama market during the forecast period.
Major Jicama MarketChallenge
The fluctuating price of jicama is a major challenge to the growth of the market. One of the challenges to the growth of the global jicama market is the fluctuating price of jicama. The prices of the product could fluctuate due to various reasons such as natural calamities, hoarding by the players, surplus production, and others. The price fluctuation of jicama can affect the end products made from jicama as well. Therefore, this fluctuation can negatively influence the growth of the market during the forecast period.
The prices of jicama fluctuate across countries such as the US, Canada, Nigeria, India, and others. As a result, the market is expected to have restrained growth during the forecast period.
Key Jicama Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Jicama Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
asiaseeds.com - The company offers jicama. Also, this segment focuses on developing and selling radish seeds, cabbage seeds, pepper seeds, cucumber seeds, melon seeds, and other products
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the conventional segment will be significant during the forecast period. In this segment, the increasing instances of pesticide and insecticide residues in the products that are cultivated using conventional means will hamper the growth of the market. These residues will be passed on to the end product and can negatively influence the demand for the product. These will lead to a decrease in the demand for products containing jicama and can also create mistrust among consumers. The growing demand for the organic variant of jicama can challenge the growth of the segment during the forecast period.
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The conventional segment was valued at USD 2,952.52 million in 2017 and continue to grow by 2021. The demand for jicama is increasing due to the health benefits associated with its consumption and is expected to rise further during the forecast period. The launch of new products containing jicama as an ingredient will also increase its demand during the forecast period. The growing production, export, and import of jicama will help in the growth of the segment during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The demand for jicama is increasing in North America due to the growing awareness among consumers about the health benefits of jicama. Consumers are becoming health conscious and are demanding natural products. The import of jicama to North America is increasing, and the US is the largest importer of jicama globally. The launch of new products made using jicama is increasing in North America, particularly in the US and Canada. This will help in the growth of the market in the region during the forecast period.
The COVID-19 outbreak in 2020 significantly changed the fundamentals of the jicama market in North America, including customer behavior, business revenues, and numerous aspects of corporate operations. However, with the initiation of vaccination drives in the US in December 2020, almost 46% of the population was vaccinated by June 15, 2021. This has resulted in the lifting of lockdowns and other restrictions, which has led to the resumption of supply chain activities of jicama. Such factors is expected to support the growth of the jicama market in the region during the forecast period. Due to the resumption of normal business activities and the lifting of lockdown restrictions, the sales of jicama are expected to rise in North America, and the regional jicama market will grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Jicama Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.05% |
Market growth 2023-2027 |
USD 3,067.18 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.94 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, Japan, Germany, France, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Asia Seeds, Asian Veggies Inc., Eurofrutta Ltd., Fine Food Specialist Ltd., Friedas Inc., GOODBYNATURE Pvt. Ltd., Green Harvest Organic Gardening Supplies, John Vena Inc., Kitazawa Seed Co., Koerner Agro Export Center Co. Ltd., La Huerta Imports, Local Seeds, Specialty Produce, Succeed Heirlooms, The Seed Collection Pty Ltd., Valli Produce Inc., Vega produce LLC, VOLCANO KIMCHI, Whitwam Organics LLC, Wiffens, and Zenxin Agri Organic Food Pte Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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