Published: Oct, 2017
With a large pool of fresh cherries vendors operating across the world, the global fresh cherries market is demonstrating a highly competitive business landscape, finds a new study by Transparency Market Research (TMR). The continuous entry of new players into this market is expected to intensify the competition in the years to come. Leelanau Fruit, Rainier Fruit, Vitin Fruits, Dell's Marachino Cherries, Alacam Tarim, The Global Green Company, Smelterz Orchard, Hood River Cherry, and Bel'Export are some of the most prominent vendors of fresh cherries across the world, states the research report.
Increasing Preference for Fresh Fruits Reflect Positively on Demand for Fresh Cherries
“The rising awareness among consumers regarding the harmful effects of chemicals and preservatives, used for food preservation, has surfaced as the key factor behind the significant growth of the global market for fresh cherries,” says a TMR analyst. People, nowadays, are preferring fresh fruits and vegetables for consumption, which is influencing the demand for fresh cherries, considerably. The market’s opportunity is expected to increase to US$3.9 bn by 2017. Researchers expect this market to continue registering a high rise, expanding at a CAGR of 5.50% during the period from 2017 to 2022 and reaching US$5.2 bn by the end of the forecast period.
Over the coming years, the increasing consumption of cherries in emerging countries, such as China and India, will create lucrative opportunities for the growth of this market. The surge in consumers’ purchasing power and the increasing export demand for fresh cherries are likely to boost this market in the years to come, notes the research study.
Advent of China as Prominent Consumer to Boost APEJ Market for Fresh Cherries
According to the research report, APEJ market for fresh cherries is leading the global market, thanks to the emergence of China as a prominent consumer of fresh cherries across the world. Researchers at TMR anticipate this regional market to remain on the top in the near future, rising at a CAGR of 5.90% and reporting immense increase over the period of the forecast. With the augmenting demand for cherries in China and several other Asian countries, fueled by the rising trend of urbanization and the surging influence of western culture on food habits, the APEJ fresh cherry market is projected to register high growth in the near future.
The demand for sweet cherries is much higher demand than the sour ones, owing to which, the sweet cherries segment is estimated to hold more than 60% of the overall market by 2017. Analysts anticipated this segment to continue witnessing strong demand over the next few years. The traditional grocery stores and convenience stores have emerged the most prominent sales channels for fresh cherries across the world and this trend is projected to remain so over the next few years. However, online channels and direct sales are also expected to experience a rise in cherry sales from these sales channel over the forthcoming years, reports the research study.
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.”