Specialty crops refer to those plants that are cultivated intensively. Many of those plants are that are cultivated but are collected from wild plantations are considered specialty crops. Despite being utilized for the same purpose as cultivated plants, wild plants are regarded as specialty crops. Specialty crops need to be managed or cultivated and then utilized by people for aesthetic gratification, medicinal purposes, and for food. Wide scope of use is likely to emerge as growth factor for the global specialty crops market over the timeframe of projection, from 2020 to 2030.
There are several issues pertaining to farming and cropping, which have been plaguing the farmers across the globe. It often happen that production or total output often turns out to be much less than what it was estimated. Main production sources often face difficulty due to the presence of adverse climatic conditions, such as excessive rainfall, freezing, and drought during the planting season or harvest. Risk to production might also arise from damage to crops caused by pets despite implementation of pest control measures. It might also arise from failure of various agricultural machines and equipment, such as irrigation pumps. All these factors play an important role in the development of the global specialty crops market over the projection period, from 2020 to 2030.
The global specialty crops market has been classified based on four different parameters, which comprise nature, type, end use, and region. Such segmentation offers better insight into the market.
The global specialty crops market has come across some futuristic developments, which is expected to change the future course of the market in the next few years. Many of the major players in the global specialty crops market are engaged with relentless research and development activities to come up with novel innovations in the said field.
Some of the prominent companies in the global specialty crops market are mentioned below:
The global specialty crops market is characterized by the prevalence of the following challenges, market drivers, and promising opportunities.
Emergence of New Format of Retail Formats is Estimated to Accentuate Demand in the Market
As contemporary retail formats makes its entry, specialty stores and food courts come into existence in large formats across various malls. This new formats, specialty stores and food courts give consumers hassle-free access to beverages and food items at the time of shopping or visiting movie theatres. It also offers a wide array of choices for the customers through detailed product catalogue. Several international brands are also covered in those catalogues. Riding on the back of booming business of new retail formats, the global specialty crops market is likely to observe development in the years to come.
Emergence of free trade has facilitated incorporation of supply chain, thereby resulting in the augmented trade volume and trade activities between different countries. Availability of high quality goods at a much lower price has been facilitated by free trade. Free trade has benefitted the business of specialty crops, which is now gaining access to various countries, such as Latin America.
Latin America is expected to emerge as one of the leading regions in the global specialty crops market. The region is a large producer of specialty crops, which is likely to augur well for the market. People in the region are more inclined toward natural food items with lesser amount of additives and chemicals, which is likely to drive growth of the regional market in the years to come.