Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global dry fruits market size is expected to reach USD 8.30 billion by 2028, exhibiting a CAGR of 4.1% during the forecast period. The market size stood at USD 6.10 billion in 2020 and reached USD 6.28 billion in 2021. The growing popularity of ready-to-eat healthy foods coupled with surging awareness among millennials will have a tremendous impact on the industry growth in the forthcoming years, states Fortune Business Insights™ in its report, titled “Dry Fruits Market, 2021-2028.”
The rising popularity of ready-to-eat food products is expected to bolster the demand for the product. The evolving consumer preferences for a healthy diet and the preference for ready-to-eat products may augment the demand for dry fruits. Furthermore, the rising awareness regarding the product’s health benefits among the consumers is expected to bolster market development. These factors are likely to fuel market growth in the upcoming years.
COVID-19 Impact:
Supply Chain Disruption to Limit Business amid Coronavirus
The COVID-19 pandemic has enormously disputed the supply chain of the food and beverage industry. The pause in production, distribution, and sales has hindered the growth of the market. Nonetheless, the changing consumer patterns coupled with increased demand for food due to the lockdown have facilitated the market's development. The inclination towards healthy, organic, and plant-based snacking options will uplift the Dry Fruits Market share during the forecast period. Also, shifting consumer preference coupled with health awareness will create opportunities in the forthcoming years.
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List of Key Players Profiled in the Dry Fruits Market Report:
- Manassen Foods Australia Pty Ltd. (New South Wales, Australia)
- Olam International Limited (Singapore)
- Ocean Spray Cranberries, Inc. (Massachusetts, U.S.)
- Bergin Fruit and Nut Company, Inc. (Minnesota, U.S.)
- Sunsweet Growers, Inc. (California, U.S.)
- National Raisin Company (California, U.S.)
- Sun-Maid Growers of California (California, U.S.)
- Angus Park Fruit Company Pty Ltd (North SA, Australia)
- Graceland Fruit, Inc. (Michigan, U.S.)
- Murray River Organics (Victoria, Australia)
Segmentation:
By type, the global market is classified into, table dates, dried grapes, dried figs, dried apricots, prunes, and dried cranberries. Based on application, the industry is divided into bakery, confectioneries, breakfast cereal, snacks, and others. Geographically, it is clubbed into North America, Asia Pacific, the Middle East and Africa, and Latin America.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints:
Surging Demand for Organic Snacking Options to Encourage Industry Growth
The increasing popularity of natural and minimally processed organic food products is expected to foster the market's healthy growth. The excessive demand for small-sized mixed dried fruit packs, snack bars, and breakfast bars infused with whole or minimally processed dried fruits will accelerate the growth of the dry fruit industry. Moreover, the surging sales of breakfast cereals like muesli and granola that utilize organic dried fruits as key ingredients will further spur opportunities for the market. The increasing knowledge about the nutritional benefits of clean-label and organic dried fruit will incite the market's development. Besides, the increasing focus for improved food safety and quality control through refined technologies such as freeze-drying will bode well for the market. Hence, the need for freeze-dried fruits in the production of breakfast cereal and bakery items can significantly foster the dry fuit market growth.
Regional Insights:
Rising Demand for Confectionery and Snacks to Aid Market in Europe
Asia Pacific is expected to hold a significant share during the forecast period due to consumers' increased discretionary income levels. The increasing spending capacity of consumers will further benefit the industry in the forthcoming years. Moreover, the growing awareness regarding the health benefits of dried fruits will aid the expansion of the market in China, India, and Vietnam. Europe is expected to hold the lion’s share during the forecast period due to the growing demand for dried grapes, table dates, and dried apricots in European countries. North America is expected to expand gradually in the forthcoming years due to the need for healthy baked goods, confectionery, and snacks in the region. The Middle East and Africa is expected to rise exponentially during the forecast period due to the growing production of dried fruits in Saudi Arabia and Iran.
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Market Segmentation Includes (By Type, By Application, By Geography):
By Type
- Table Dates
- Dried Grapes
- Dried Figs
- Dried Apricots
- Prunes
- Dried Cranberries
By Application
- Bakery
- Confectioneries
- Breakfast Cereal
- Snacks
- Others
By Geography
Competitive Landscape
Business Expansion Strategies of Prominent Companies to Strengthen Industry
Graceland Fruit, Inc., a major leader in dry fruit company, focuses on expanding its dry fruit processing activities to fortify its presence in the market. For instance, in April 2018, Graceland Fruit, a dried fruit producer, expanded its production and processed dried cranberry with the purchase of Wisconsin-based Cranberry Growers Cooperative. Moreover, the global dried fruit market is highly competitive, with numerous companies operating in the industry. Companies such as Olam International, Manassen Foods Australia Pty Ltd., and The Bergin Fruit and Nut Company are also focused on product developments, mergers, and acquisitions, to remain at the forefront. The emergence of small and niche players in the market will further intensify competition in the forthcoming years.
Key Industry Development:
- October 2019: North Bay Produce, Inc. launched a line of dry fruit with no added sugar. The new product line will allow companies to capitalize on the growing trend of healthy snacking in the country.
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Dried Fruit Ingredients Market Size, Share And Global Trend By Fruit Type (Raisins, Berries, Tropical Dried Fruits), By Application (Baked Goods, Ready Meals, Breakfast Cereals, Confectioneries, Beverages), And Geography Forecast Till 2022-2029
Dried Fruits and Nuts Market Size, Share & Industry Analysis, By Type (Dried Fruits [Raisins, Dried Apricots, Dried Berries, Others (Dates, Dried Figs)], Nuts [Almonds, Peanuts, Pistachios, Pecans] Others), By Category (Organic, Conventional), By Application (Bakery, Dairy, Snacks, Confectionery, Cereals) and Regional Forecast, 2022-2029
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