Global Dried Fruits Market forecast:
Global Dried Fruits Market Size is estimated to be valued at USD 9,081.70 Million by 2026, registering a CAGR of 4.41% during the forecast period. The increasing demand for superfruit powder is supporting the growth of the global Dried Fruits Market Size. Growing health concerns and the shifting lifestyle of the consumers are the significant factors responsible for the growth of functional beverages, both in developed and developing economies. Furthermore, dried fruits find application in various industries, including bakery and confectionery, dairy and frozen desserts, beverages, sweet and savory snacks, and breakfast cereals, with bakery and confectionery being the largest application industry.
The Rest of the World was the largest market for dried fruits in 2019, and the region is expected to continue the dominate the global Dried Fruits Market Size during the review period. The Middle East was the largest country-level market with a share of 82.36% in 2019. However, South America is projected to witness a substantial growth rate during the study period. The dominance of dry fruit production and consumption has been the key factor behind the dominance of the region. Furthermore, the dominance of some of the key industries, such as beverages, bakery, confectionery, and sweet and savory snacks, is further anticipated to proliferate the market growth of the Rest of the World during the review period.
Key Players of Dried Fruits Market Size
Market Research Future recognizes National Raisin Company (US), Kiantama Oy (Finland), Red River Foods Incorporated (US), Tarina Foods (US), Sunbeam Foods Pty Ltd (Australia), Dole Food Company Inc (US), Sun-Maid Growers of California (US), Lion Raisins Inc (US), Paradise Fruits (Germany), and Bergin Fruit and Nut Company Inc. (US) as the Key Players in the Global Dried Fruits Market Size.
The global Dried Fruits Market Size is expected to register a notable growth rate during the forecast period. Increasing demand for superfruit powder is anticipated to impact the growth of the global Dried Fruits Market Size positively. Furthermore, the growing application of dried fruits in various industries is supporting the growth of the global Dried Fruits Market Size. Increasing demand for clean label products is creating profitable opportunities for the manufacturers. Furthermore, the rising demand for organic and natural ingredients is expected to create an opportunity for dried fruit manufacturers. However, agro-climatic conditions are expected to hinder the growth of the global Dried Fruits Market Size.
Segmental Analysis
Global Dried Fruits Market Size has been segmented based on Type, Category, Application, and Region.
By type, the market has been divided into apricots, figs, dates, raisins, berries, and others. The raisins segment accounted for the largest market share in 2019. Raisins are manufactured in many regions of the world and can eat raw or used in cooking, baking, and brewing. Dried raisins aid digestion, boost iron levels, and keeps bones strong. However, the berries segment is projected to be the fastest-growing segment during the forecast period.
Based on the category, the market has been segmented into conventional and organic. The conventional segment accounted for a larger market share in 2019. However, the organic segment is projected to be the fastest-growing segment during the forecast period.
Based on application, the market has been segmented into bakery and confectionery, dairy and frozen desserts, breakfast cereals, beverages, sweet and savory snacks, and others. The bakery and confectionery segment accounted for the largest market share in 2019. Sweet and savory snacks play a significant role in the global Dried Fruits Market Size. However, the breakfast cereals segment is projected to exhibit a higher growth rate during the review period.
Regional Analysis
Geographically, the Global Dried Fruits Market Size has been segregated into North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, the Rest of the World accounted for the dominant share of the global market in 2019, with the Middle East being the major consumer of dried fruits. Moreover, it is expected to be the most lucrative regional market for dried fruit manufacturers during the review period. The market in Europe also accounted for a significant share in 2019. The Rest of Europe is a key contributor to the growth of the region's Dried Fruits Market Size. The main factor attributing towards the growth of the market is a shift in consumer consumption patterns, including rising demand for healthier snacking options coupled with a decrease in consumption of artificial sweeteners. Additionally, the growth in the consumption of instant beverages such as coffee and tea in Europe is further adding to the growth of the Dried Fruits Market Size. The Asia Pacific is projected to register a CAGR of 4.63% during the forecast period.
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Key Findings of the Study
- The Global Dried Fruits Market Size is expected to register a growth rate of 4.41% from 2020 to 2026.
- The berries segment is estimated to register the highest growth rate during the forecast period.
- Based on application, the bakery and confectionery segment is expected to hold a larger market share during the forecast period.
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