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CAGR of dry fruit market in Asia-Pacific 5.3%; CAGR of nut market 6.5%
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Wednesday, 09 April, 2014, 08 : 00 AM [IST]
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fiogf49gjkf0d Asia-Pacific represents the largest- and fastest-growing market worldwide with a compound annual growth rate (CAGR) of 5.3 per cent and 6.5 per cent for dried fruits and edible nuts, respectively. This was stated by a report titled, ‘Dried Fruit and Edible Nuts: A Global Strategic Business Report’, by Global Industry Analysts Inc.
It provided a compressive review of market trends, drivers, issues, challenges, and mergers, acquisitions and other strategic industry activities of major companies worldwide.
The report provided market estimates and projections for dried fruits and Edible Nuts, across all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, the United Kingdom, Spain, Russia, and the rest of Europe), Latin America and the rest of the world.
It analysed the global and regional markets for dried fruit and edible nuts independently in terms of volume consumption.
The report also analysed the global and US market for dried fruit by the following product segments - dried grapes, prunes, dried apricots, dried figs and dates.
It provided market estimates and projections for edible nuts by the following product segments - peanuts and tree nuts (almonds, cashews, walnuts, hazelnuts, pecans, pistachios and others).
Consumption in the region is mainly driven by the growing affluence of the middle-class population, rising health consciousness among consumers and the growing acceptance of newer packaged food formats made from nutritious ingredients.
In order to meet domestic consumption demands, countries such as India and China are importing large quantities of dried fruit and edible nuts.
Peanuts represent the largest segment in the global edible nut market, while tree nuts are projected to spearhead growth in the market.
Key players covered in the report included Arimex Ltd, Mariani Packing Co Inc, National Raisin Company, Ocean Spray Cranberries Inc, Olam International Ltd, Papagan Dried Fruit Co, Paradise Inc, Peyman Kuruyemis Sanayi ve Ticaret AS, S&W Fine Foods Inc, Sunbeam Foods Pty Ltd, Sun-Maid Growers of California and Sunsweet Growers Inc.
The global consumption of dried fruit and edible nuts is steadily increasing, driven by changing lifestyles and rising health consciousness as reflected by the increase in number of enrollments at gyms, spas and yoga centres, and the growing focus on preventive healthcare against the backdrop of rising healthcare expenditures.
A variety of dry fruit and edible nuts such as prunes, almonds, Brazil nut, raisins, pine nuts, walnuts, hazelnuts, dried figs and apricots, pecans and peanuts, among others, are consumed regularly.
Apart from the plethora of health and energy benefits offered, dried fruit and edible nuts also offer the convenience of a quick, easy snack, a key factor cited for increasing consumer preference.
The ease of storage, long shelf-life, portability, minimal seasonality issues, lower costs and natural resistance to spoilage are making dried fruit and edible nuts a popular snacking alternative.
The removal of water content during the drying process makes dried fruit less perishable, easier-to-handle and cheaper to transport. Moreover, these naturally sweet and flavoured foods can either be consumed directly or used in cooking without any loss in texture or form.
Dried fruit are especially popular as effective and nutritionally-rich alternatives in countries with cold weather conditions where fresh fruits are not easily available.
With studies indicating that a vast majority of the population eats much less than the recommended amount of fruit, dried fruit is increasingly being considered as a natural means to increase consumption of fruit to reduce the gap between the actual and recommended fruit intake.
Dried fruit and edible nuts are also increasingly being used in the production of healthy processed foods. Acceptance of nuts and dried fruit as true health foods is encouraging food processing companies to include nuts into their product recipes.
Chocolate manufacturers, for instance, have been the first to include dried fruit in chocolate recipes, largely due to their flavour-enhancing ability and perceived health benefits.
Gourmet chocolate covered in dried fruit is poised to witness strong demand in the coming years. Dried fruit popularly used in chocolates include cranberries, blueberries, blackberries, cherries, dried figs and freeze-dried raspberries, among others.
The inclusion of dried fruit and nuts, in addition to classic ingredients, helps build the healthy image of food products and meet the taste and nutrition needs of consumers.
Rising consumer awareness over the benefits offered have been instrumental in boosting demand for nuts and dried fruits.
Presently, dried fruit and nuts are serving as marketing strategies to refine the appeal of food products to highly-focussed consumer categories.
For instance, companies are increasingly using nuts and dried foods as key ingredients in premium food ranges.
Retailers are also innovating on the placement of dried fruit and nut products on the aisles in supermarkets and grocery stores.
Dried fruit and nut are being positioned as snacks, and are being placed in snack aisles, rather than the aisles they were traditionally placed in.
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