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Dried Apricots Market - Forecasts from 2022 to 2027 - Forecasts from 2022 to 2027

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  • 145 Pages
  • December 2022
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5716790

Quick Summary:

Enter the thriving world of the dried apricots market, where increasing awareness about health benefits and rising health consciousness is stimulating significant growth. With dried apricots popular for their fiber, vitamins, minerals and vital phytochemicals, they are fast becoming the go-to nut snack for health-savvy consumers around the globe. Their versatility as organic snacks, ready-to-cook ingredients or nutritious additions to breakfast, means their demand is steadily rising; this alongside shifting lifestyles and growing customer knowledge generates a strong case for market investment.

Furthermore, the prevalence of health concerns such as CVDs, anemia, and cancer continues to drive market expansion, with dried apricots credited with boosting hemoglobin levels and reducing cholesterol levels. The role of dried apricots in aiding heart health and high blood pressure prevention is also gaining traction, leading to a promising shift in consumer demand towards organic dried apricots. The popularity of quality brands such as Organic Turkish apricots further solidifies this trend and demonstrates the potential for growth within this market.

The dried apricots market is projected to grow at a CAGR of 4.69%, reaching a market size of US$1,040.996 million by 2027, from US$755.381 million in 2020.

The growing popularity of apricots as nut snacks due to their nutritious makeup, which includes fiber, vitamins, minerals, and vital phytochemicals, is likely to boost the market expansion. Rising health consciousness and the availability of easy snacking choices incorporating dried apricot are expected to push the market further. They are organic and high in vitamins, fiber, and minerals, making them suitable snacks and ingredients in ready-to-cook items. Dried apricots are a functional food because they are high in physiologically active phytochemicals and have been used as traditional medicine for centuries. Furthermore, dry fruits like apricots used as nighttime snacks or morning breakfast are increasing, which will immediately boost the consumption of dried apricots as snacks due to their good taste and lively flavor. On the other hand, factors such as shifting lifestyles and increased consumer knowledge about the benefits of eating well are driving up demand for healthy snacks. Therefore, all these factors will positively contribute to the market’s increasing growth in the coming years.

The rising health concern in addition to the initiatives taken by companies will boost the market growth

According to World Health Organization research, more than 17 million people die because of CVDs. Similarly, industrialized countries such as the United States report millions of cancer cases each year. Additionally, the World Health Organization estimates that the global incidence of anemia was 29.9% in 2019. Thus, the high prevalence of anemia along with other health concerns, together with the advantages of apricot intake in boosting hemoglobin levels, is one of the primary drivers driving market expansion. Dried apricots include pectin and dietary fiber that can help lower cholesterol levels. This element is expected to boost the market growth. Furthermore, rising health concerns among adults about diabetes, gastroesophageal reflux disease (GERD), and colon and prostate cancer are expected to increase product demand during the forecast period.

Rising worries about hazardous compounds like sulfite are pushing the organic dried apricots industry. The increased popularity of quality brands such as Organic Turkish apricots due to their significant potassium content, which aids in heart health and the prevention of high blood pressure levels, is predicted to continue in the near future. Hence, due to the rising benefits of dried apricots, there is a shift in consumer demand that has been lucrative for the development of the market.

North America and the Middle East are anticipated to hold a significant amount of the market share

Due to the extensive product launches the dried apricots market in the North American region is anticipated to grow in the coming years. Several companies have launched and expanded their operations which has positively influenced the market trend. For instance, in July 2019, Skin-on Superfruit is a new range of dry fruit snacks created by Rind Snacks, LLC. California Kiwi, Orchard (persimmon, peach, apple), and Tropical are three chewy and tangy tastes in this new product category (organic pineapple, bittersweet orange, kiwi). These products are available in 3-ounce re-sealable, and 1.5-ounce single-serve packages and feature slices of dried fruits cultivated in the United States.

Furthermore, the Middle Eastern region has also gained significant momentum with the increasing sales of dried apricots. For instance, Turkey's dried apricot exports have surged in recent months as the coronavirus outbreak has prompted individuals to consume nutritionally dense foods to fortify their immune systems. According to the Association of Aegean Dried Fruits and Products Exporters, the nation shipped 76,000 tonnes of dried apricots between August 2019 and March 30, 2020. It stated that dried apricot exports from all sections of the nation had increased by 4% year on year, noting that 26,000 tonnes of dried apricots were sold from the Aegean region alone, generating $78 million in foreign currency inflows in eight months.

Market Developments

The demand for dried apricots is anticipated to shoot up in the coming years on account of rapid disposable income and increasing awareness regarding their health benefits. Furthermore, the increasing production and availability of organic verities of these products are further anticipated to upscale this demand in the years to come. As a result, large corporations have expanded their product portfolio to improve their market share in the upcoming years:

  • In May 2022, Heinrich Brüning, Germany's leading supplier and packer of dried fruit and nuts has been acquired by Cefetra Group, a branch of the BayWa Group.
  • In April 2022, Chuza, a Mexican business, introduced dried apricots flavored with chili powder.

Market Segmentation:

By Type

  • Chopped
  • Whole

By Distribution Channel

  • Online
  • Offline

By Geography

  • North America
  • USA
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Türkiye
  • Others
  • Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Others
Frequently Asked Questions about the Dried Apricots Market

What is the estimated value of the Dried Apricots Market?

The Dried Apricots Market was estimated to be valued at $755.38 million in 2020.

What is the growth rate of the Dried Apricots Market?

The growth rate of the Dried Apricots Market is 4.6%, with an estimated value of $1041 million by 2027.

What is the forecasted size of the Dried Apricots Market?

The Dried Apricots Market is estimated to be worth $1041 million by 2027.

Who are the key companies in the Dried Apricots Market?

Key companies in the Dried Apricots Market include Arimex, Angas Park, SUNSWEET, H.B.S. Foods Ltd., National Raisin Company, Fairfield Cheese Company, Ziba Foods, Durham Ellis Pecan Company, Yamanlar Company and Red River Foods.

Table of Contents

1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

2.1. Research Data
2.2. Assumptions

3.1. Research Highlights

4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5.1. Introduction
5.2. Chopped
5.3. Whole

6.1. Introduction
6.2. Online
6.3. Offline

7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. United Kingdom
7.4.4. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Türkiye
7.5.4. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. Japan
7.6.3. South Korea
7.6.4. India
7.6.5. Others

8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9.1. Arimex
9.2. Angas Park
9.4. H.B.S. Foods Ltd.
9.5. National Raisin Company
9.6. Fairfield Cheese Company
9.7. Ziba Foods
9.8. Durham Ellis Pecan Company
9.9. Yamanlar Company
9.10. Red River Foods

Companies Mentioned

  • Arimex
  • Angas Park
  • H.B.S. Foods Ltd.
  • National Raisin Company
  • Fairfield Cheese Company
  • Ziba Foods
  • Durham Ellis Pecan Company
  • Yamanlar Company
  • Red River Foods