Published: Dec, 2018
The global fresh cherries market depicts the presence of an intensely competitive vendor landscape, notes Transparency Market Research on the basis of a newly published report. This is mainly due to the existence of innumerable players in the sector, primarily as a result of low entry barriers. Most players are attempting improvement in their products, expand geographical reach, and regulate product prices. Some of the key players operating in the global fresh cherries market are Leelanau Fruit Co., Rainier Fruit Co., Dell's Marachino Cherries, Vitin Fruits, Alacam Tarim, and The Global Green Co. Ltd., among several others. Companies are also focusing on increasing the yield of organic cherry varieties to promote sustainable cultivation. With the number of players expected to increase in the next few years, the competition is likely to further intensify.
According to expert analysts, the global fresh cherries market is anticipated to earn revenue worth US$5.22 bn by the end of 2022. This is a decent growth considering initial revenue worth US$3.99 bn that was registered by the market in 2017. Such an increase is prophesized to occur at a healthy CAGR of 5.50% during the forecast period ranging from 2017 to 2022. In terms of sales channel, better convenience offered by traditional grocery and convenience stores makes it a leading segment. Geography wise, Asia Pacific holds the topmost position owing to high cherry production rate in the region.
A Surge in Health Consciousness among People Boosts Growth
Rising awareness among consumers to avoid consuming processed foods that are mixed with preservatives is primarily driving the global fresh cherries market. This preference mainly exists as fresh cherries are produced through natural means without dependence on artificial additions such as preservatives. Such preservatives might have several harmful effects on people, especially ingested on a regular basis. With rising disposable income, the buying frequency of cherries has increased among consumers too, thereby driving the global fresh cherries market from a financial perspective.
Moreover, a rising consumption of cherries as an important constituent of desserts is also propelling the global fresh cherries market extensively. With a surge in health consciousness occurring among people, the demand for fresh foods such as cherries is increasing. This exists as a notable impetus pushing the market’s expansion. The rising export demand for fresh cherries is also anticipated drive growth in the market.
High Processing Costs May Stunt Progress
However, it might be fairly expensive to maintain the growth of fresh cherries considering preservatives could be absent in the products. Moreover, fresh cherries might not be available in many regions around the world. These are two crucial factors hindering growth in the global fresh cherries market. In addition, the shelf life of fresh cherries might be lesser than the processes and frozen cherries. This makes them highly vulnerable to perish in unsuitable and harsh climatic conditions. Such uncertainty regarding the resistance of fresh cherries in terms of long-term storage also acts an important factor restraining growth in the global fresh cherries market. Nonetheless, many players are expected to regulate costs of production of fresh cherries during the upcoming years. This could certainly reduce effects of restraint affecting the global fresh cherries market.
The review is based on a report by Transparency Market Research (TMR), titled “Fresh Cherries Market (Taste - Sweet and Sour; Sales Channel - Modern Trade, Traditional Grocery stores, Convenience Stores, Online Channels, Direct Sales, and Other Retail Formats; Application - Direct Consumption, Bakery, Tarts, Jams, Jellies, Ice Creams, Salads, Dairy Beverages, and Alcoholic Beverages) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2022.”
Key segments of the fresh cherries market:
Global Fresh Cherries Market: By Taste
Global Fresh cherries Market: By Sales Channel
- Modern Trade
- Traditional Grocery Stores
- Convenience Stores
- Online Channels
- Direct Sales
- Other Retail Formats
Global Fresh cherries Market: By Application
- Direct Consumption
- Ice Creams Salads
- Dairy Beverages
- Alcoholic Beverages
Global Fresh cherries Market: Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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