Global Fresh Cherries Market: Snapshot
Of late, the global fresh cherries market has been witnessing a steady rise. With the increasing awareness regarding the harmful effect of preservatives, consumers across the world are preferring fresh fruits and vegetables, which is also reflecting on the demand for fresh cherries greatly. The increasing consumption of fresh cherries in emerging economies, fueled by the rise in the purchasing power of consumers, is likely to add significantly to the growth of this market in the near future.
The worldwide market for fresh cherries is expected to present an opportunity worth US$3.99 bn by 2017. Further, the market is projected to rise at a robust CAGR of 5.50% during the period from 2017 to 2022 and reach US$5.22 bn by the end of 2022. The rising export demand for fresh cherries is anticipated to boost this market substantially in the years to come.
Sweet Fresh Cherries to Continue Being Most Preferred
Primarily, the global market for fresh cherries is examined on the basis of the taste, sales channel, and the application. Based on the taste, the market is classified into sweet and sour. Sweet cherries are witnessing a much higher demand than sour cherries. The segment is expected to hold more than 60% of the overall market by 2017 and is expected to remain dominant over the next few years.
By the sales channel, the market is categorized into modern trade, traditional grocery stores, convenience stores, online channels, direct sales, and various other retail formats. Traditional grocery stores and convenience stores are the prime sales channels for the trading of fresh cherries and this scenario is expected to remain so over the forthcoming years. Online channels and direct sales are also gaining momentum in this market.
Direct consumption, dairy beverages, ice creams, jellies, salads, and alcoholic beverages have surfaced as the key application areas for fresh cherries across the world. Among these, the consumption of cherries is more into tarts, bakery, jams, and jellies compared to other application areas.
APEJ to Dominate Global Fresh Cherries Market
The worldwide market for fresh cherries is also classified on the basis of its regional spread. North America, Europe, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Japan, and Latin America are considered as the key regional markets for fresh cherries across the world. With the advent of China as a prominent consumer of fresh cherries, Asia Pacific excluding Japan has emerged as the leading regional market for fresh cherries and is anticipated to continue its growth streak at a CAGR of 5.90% during the period from 2017 to 2022.
China offers good opportunities for market’s growth due to the rising consumption of cherries, triggered by the continued urbanization and the increasing adoption of western culture. The augmenting disposable incomes of consumers are also projected to contribute to the increased demand for cherries in this country. This, as a result, is anticipated to propel the market for fresh cherries in the APEJ region in the years to come. The markets in Europe and North America will also witness steady growth in the near future, thanks to Turkey and the U.S. emerging as the leading producers of cherries across the world.
Leelanau Fruit Co., Rainier Fruit Co., Dell's Marachino Cherries, Vitin Fruits, Alacam Tarim, The Global Green Co. Ltd., Smelterz Orchard Co., Hood River Cherry Co., and BEL'EXPORT NV are some the key vendors of fresh cherries across the world.
Global Fresh Cherries Market: Overview
Thanks to the increasing preference of fresh fruits and vegetables among consumers, the worldwide market for fresh cherries is witnessing a continuous rise in its value and is expected to remain doing so over the next few years.
This analytical study on the global fresh cherries market is a combination of primary and secondary research. The primary research is the bulk of TMR researchers’ efforts, together with the information gathered via telephonic interviews and interactions through e-mails. The secondary research involved study of the websites, press releases, annual reports of the leading companies as well as a thorough examination of the stock analysis presentations, and various regional and international databases. Considering the macro and micro environmental factors, the report provides the data about the size of the market in terms of US$ Mn for each of the segments over the period from 2017 to 2022.
The estimations of the size of the market involves a detailed study of the product features and functions of different types of fresh cherries. In addition to this, various important factors related to this market, such as the increasing preference for superior quality feed, innovation in products, rising consumption of fish in various geographies, and the historical year-on-year growth have been considered while estimating the size of the overall market.
Global Fresh Cherries Market: Segmentation
The global market for fresh cherries is broadly assed on the basis of the taste, sales channel, application, and the regional reach of the market. Based on the taste, the market is classified into sweet and sour. By the sales channel, the market is bifurcated into modern trade, traditional grocery stores, convenience stores, online channels, direct sales, and various other retail formats. In terms of application, direct consumption, bakery, tarts, jams, jellies, ice creams, salads, dairy beverages, and alcoholic beverages are considered as the key segments of this market.
In terms of its regional reach, the worldwide market for fresh cherries is segmented into North America (Canada and the U.S.), Latin America (Argentina, Mexico, and Brazil), the Middle East and Africa (Israel, South Africa, Turkey, and GCC countries), Asia Pacific excluding Japan (India, South Korea, China, Australia, Indonesia, and Singapore), Europe (the U.K., Germany, Italy, Spain, France, and Nordic countries), and Japan. The cumulative average growth rates for each of the segment within the global fresh cherries market have been identified after a detailed assessment of the prominent trends, future potentials, demographics, developments in technologies, and regulatory requirements.
An in-depth qualitative assessment of factors that are responsible for driving and limiting the growth of this market and for its future opportunities has been presented in the market overview section. This section of the research report also includes an analysis of the market attractiveness that provides a thorough evaluation of the overall competitive scenario in the overall market. The market revenue in terms of US$ Mn for the period between 2017 and 2022, coupled with the compound annual growth rate (CAGR %) from 2017 to 2022 have also been provided for all the segments.
Companies Mentioned in the Report
The report also reviews the profiles of the leading players operational in the global market for fresh cherries on the basis of various attributes, such as the overview of the financial, brand, and business performance of the companies, their key business strategies, offerings, and the recent developments. The leading companies reviewed in this research report are Leelanau Fruit Co., Rainier Fruit Co., Dell's Marachino Cherries, Vitin Fruits, Alacam Tarim, The Global Green Co. Ltd., Smelterz Orchard Co., Hood River Cherry Co., and BEL'EXPORT NV.