Increasing Consumption of Dried Apricots to Boost the Global Dried Apricot Market at a CAGR of 5.3% from 2018-2026
According to the latest report of Transparency Market Research, the global dried apricots market is majorly driven by some of the prominent players in the game. The report has profiled major companies that are influencing the trends and culture of the dried apricot market. Some of the major players are; Fruits of Turkey, Purcell Mountain Farms, B & R Farms, LLC, King Apricot, JAB Dried Fruit Products (Pty) Ltd, Bergin Fruit and Nut Company Inc., and Sun-Maid Growers of California. The players are expanding their turfs by acquiring various regional players.
The businesses are incorporating these steps in order to gain an edge over their competitors and gain maximum benefits from the opportunities offered by the global dried apricots market. The players are also focusing on new innovations and developments that taking place in the market so as to expand and boost their regional production and sales.
Currently, the global dried apricots market stand strong at an astonishing USD $ 537.7 Mn. The market is projected to hit astonishing pints by the end of 2026. The growth will be attributed to the CAGR hike of 5.3% in the period from 2018 to 2026.
Consumers can avail the dried apricot from either a standalone vendor or through online retail stores. However, online retail segment of the global dried apricots market is likely to lead other segments in the forecast period. As a result of the easy and swift home delivery option, e-commerce business for dried apricots are attracting a huge number of customers recently. Also, the producers of dried apricots are getting inclined towards these e-commerce businesses to increase their sales and profit margin in the global dried apricot market.
The report also provides a regional analysis of the global dried apricots market. According to TMR report, European region shall lead the market in terms of growth and revenue in the forecast period. Currently, the region holds a major share in consumption of dried apricots. It is accounted for 33.4% of the total share of the growth of the global dried apricots market during the forecast period. Also, the increasing number of health awareness initiatives in the region is promoting the region to be on the top of the dried apricots market in the forecast period.
Higher Shelf-Life to Drive the Growth of Global Dried Apricots Market
The market of Apricots flourishes throughout the year. This is attributed to the taste and nutritive value they possess and deliver when consumed. As a result of a high concentration of Vitamin A, C, K, and B complex, apricots are considered as the healthiest food in the food chain. In order to maximize the shelf life, the apricots are dehydrated and dried. This results in smooth and convenient storage and transportation.
The hiked up applications of dried apricots in bakeries is also a major growth contributing factor for global dried apricots market. The growth of the market is also attributed to the rise of e-commerce and online retail industry. These industries allow the market players to directly get in touch with the consumers of dried apricots market. With the rise of the e-commerce platform recently, the global dried apricots market tends to show a remarkable growth in the projected forecast period.
Limitation of Supply Chain Management to Hamper the Growth of the Market
Since the application of dried apricots has grown exponentially in recent time, it is getting difficult for producers to meet the demand. This may result in hampering of the market growth in the forecast period. The growth can also be influenced adversely with the excessive influx of many newcomers in the global dried apricots market in the forecast period.
However, as, a result of, rising of healthy foods by the consumers, producers of dried apricots can have tremendous growth by passing the roadblocks and resulting in improved profit quotient of the business. This eventually helps the global dried apricots market to grow substantially in the forecast period.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Dried Apricots Market (Nature - Organic, Conventional; Form - Powdered, Whole Dried, Diced/ Granular; End User – B2B, B2C; Distribution Channel - Store Based Retailing, Online Retailing) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
Global dried is segmented into;
- Whole Dried
- Diced/ Granular
- Whole Dried
- Diced/ Granular
- End User
- Distribution Channel
- Store Based Retailing
- Online Retailing
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