Acquisition is the key strategy adopted by many companies to increase the production and packaging of dried fruit and nuts to fulfill the global demand and increase market competition.
WiseGuyReports published new report, titled “Global Dry Fruits Market Outlook”.
Dry fruits are a segment of processed food which has wide consumption across the world. As per International Nut and Dried Fruit Council (INC), in Reus, dry fruits are an important source of nutrients which has raised the demand of dried fruits and nuts globally.
For instance, in 2017, Whitworths a UK based fruit and seed snack brand is acquired by a Turkish wholesale group Anatolia to enhance their production and packaging of dried fruit, nut and seed.
However, due to lack of knowledge about food supply chain and limited investment in food processing and storage leads to loss of quality food products every year. As per the study performed by Food and Agriculture Organization (FAO), every year nearly 1.3 billion metric tons of food which accounts for 30% of production not able to reach from farm to table.
To overcome such loss, in 2017, Azuri Health Ltd. introduced a drying facility in Kenya which can produce around 12 -30 metric tons of dried fruit and flour annually.
The company utilize solar energy for fruit drying at a cost of USD 0.097 million. This is significantly reduces the post harvest lost in East African region and increases the production.
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The Global Dry Fruits Market can be segmented on following basis:
- Based on Product Type
o Dried Fruits
§ Dried Grapes
§ Dried Apricots
§ Dried Figs
o Edible Nuts
§ Others( Peanuts, Pecans)
- Based on Application
o Dairy Products
o Bakery Products
o Others(Desserts, Cereals)
Market Size and Forecast
High obesity rate and rising acceptance towards dry fruits and including it into healthy diets is propelling the dry fruits market around the world. In 2015, nearly 2.7 million metric tons of dry fruits were produced globally and the value is expected to reach over 72.0 million metric tons by the end of 2024.
The global dry fruits market is estimated to grow at a CAGR of 5.5% over the forecast period i.e. 2016-2024.
Asia-Pacific is the largest region for dry fruits market in 2016 and is expected to dominate the market during the forecast period. Rising consumer awareness and largest consumption of dried fruits in emerging economies such as India and China is expected to boost the dry fruits market in the region.
Asia-Pacific dry fruits market is expected to reach USD 17.24 billion in 2024 and is projected to grow at a CAGR of 7% during the time period of 2016 to 2024. Latin America and Middle East & Africa is the fastest growing region in dry fruits market, owing to the growing willingness to spend on consumption of dry fruits in order to have a healthy lifestyle.
Middle East and Africa captures 50% share of dried grapes, dried figs and dates market in 2016.
Europe and North America expected to witness steady growth in dry fruits market. United States produces 1.1 million metric tons of dried fruits in 2015 and Spain dried fruits production is increased by 6% in past few years.
Growing production of dry fruits in Europe and North America region is likely to impel the dry fruits business opportunities. Europe and North America together held 43% revenue share global dry fruits market.
Market Drivers and Challenges
Increasing personal disposable income, growing urbanization and rising health awareness is driving the consumption of dry fruits across the globe. Increasing use dry fruits and nuts in chocolates and dairy products is boosting the demand of dry fruits.
Introduction of exotic and unusual fruits and growing demand of snacks, bakery products with dry fruits as premium ingredients is fuelling the dry fruits market across the world. Rising middle class population and inclination towards healthy diets is bolstering the dry fruits market mainly in developing economies.
Rising processing and packaging of dry fruits is the major factor which is obstructing the growth of dry fruits market across the globe. Detection of pesticides and toxins in dry fruits and its products is limiting the adopting rate dry fruits.
Moreover, side effects of excessive intake of dry fruits such as weight gain, constipation and bloating are disrupting the market of dry fruits.
Key Market Players
- Mariani Packing Co. Inc.
Ø Business Strategy
Ø Product Portfolio
Ø SWOT Analysis
• Papagan Dried Fruits Co.
• National Raisin Company
• Ocean Spray Cranberries Inc.
• Sun-Maid Growers of California
• Sunbeam Foods Pty Ltd
• Arimex Ltd.
• Olam International Ltd.
The Global Processed Meat Marketis segmented as follows:
• By Product Types (Market Size, Demand Analysis and Growth Analysis)
• By Application Types (Market Size, Demand Analysis and Growth Analysis)
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