Global Apricot Market Share Likely to Grows at a CAGR of 6.7% By 2033

According to Custom Market Insights (CMI), The Global Apricot Market Size was valued at USD 955 million in 2021 and is estimated to reach USD 1254 million by the end of 2030 at a CAGR of approximately 6.7% during the forecast period 2022-2030.

The global Apricot market is expected to grow at a compound annual growth rate of 4.9% during the forecast. The apricot market is expected to grow well in the coming years as there has been an increase in the concern about diabetes, prostate, and colon cancer. In addition, an increase in the cases of gastroesophageal reflux disease will also lead to increased consumption of app records. The high amount of dietary fiber and pectin in apricots will make them the best option for different conditions. As it happens to be a Healthy option for snacking, the market is expected to grow well in the coming years.

 Browse the full “Apricot Market Size, Trends and Insights By Product (Organic, Conventional), By Form (Powdered, Whole dried, Diced), By Distribution Channel (Online, Offline), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/apricots-market/

Market Dynamics

Drivers

One of the most important factors helping in the growth of the African market is the health benefits associated with its consumption. Apricots are considered to be the best sources of vitamin E, C, and vitamin A period they provide a large number of antioxidants, iron, fiber, and calories. Night blindness can be prevented with the consumption of apricots as they have a higher amount of vitamin A period apricots are also helpful in reducing skin acne and other skin issues. Gut health is also promoted due to the consumption of apricots.

Skin and eye health are also maintained due to the consumption of apricots, and all of these factors will help in the market’s growth in the coming years. in recent years, the popularity of plant-based food products has increased. Food and health safety concerns are other reasons why the market is expected to grow well in the coming years. As folic is available in large quantities in plant-based products, the market is expected to grow well. The high amount of potassium and magnesium will also lead to market growth in the coming years.

Restraints 

Some of the major restraints in the growth of the apricot market are the strict safety norms laid down by the various government of various nations. Also, the setup cost associated with processing apricot for multiple usages in different industries is exceptionally high, due to which the market growth will be hampered in the coming years.

Opportunities

The availability of apricot-only online platforms will provide significant opportunities for the growth of the market in the coming years. the commerce platforms have boomed in recent years, mainly due to the outbreak of the COVID pandemic, and the market is expected to grow well in the coming years due to a large number of sales generated through the online forms. In addition, increasing awareness about health and the growing popularity of vegan diets will promote the consumption of apricots to a great extent in the coming years.

Challenges

The high cost of organic apricots is expected to be a significant challenge in the market’s growth. Apricots are not produced on a vast scale, which is expensive. In addition, political unrest and war between Ukraine and Russia have created inflation. As a result, crude oil has become costly, hampering transportation facilities. As transportation costs increase, the price of various commodities is also expected to increase.

Report Highlights

The conventional product segment is expected to have a more significant market share, which is expected to be about 90%. As these products are available in various convenience stores and supermarkets and they’re offered at lower prices, the demand is expected to grow, and this segment is expected to grow in the coming years. Period apart from the conventional component, the organic segment is also expected to grow well in the coming years due to the increased awareness about the usage of harmful chemicals that are extremely bad for health. 

The demand for organic products has increased, and they are incredibly high in potassium. Turkish apricots of organic nature will have good demand in the market in the coming years as it helps in preventing unstable blood pressure and it helps in maintaining the health of the heart beard.

The market for apricots in the powdered Form will have the largest market share in the coming years. Apricot, in the form of powder, is used in beverages, the food industry, and personal care items. Apart from the growth of the powdered category, the demand for diced apricot is also expected to grow well in the coming year. Chopped apricots are consumed on a large scale as they are used in cookies, snack bars, salads, muffins, oatmeal, and many other food items. Furthermore, as apricots are naturally sweet, they are used on a large scale in the food and beverages industry.

Apricots are expected to be distributed on a large scale through the online segment. Availability of these products on Flipkart, Amazon, and other such e-commerce platforms will help in the market’s growth in the coming years; the availability of smartphones and Internet connectivity will play an essential role in the development of the market in the coming years.

Regional Snapshots

The Asia Pacific region is expected to grow at the highest compound annual growth rate in the coming years, which is expected to be about.

Report Scope

Key Players 

• King Apricot
• Chi Tree
• Bata Food
• Ziba Foods
• Kayisicioglu Apricot
• Kenko Corporation
• National Raisin Company
• Dag Food
• Quirkeycots
• Anatolia A.

Recent Developments

• ILG international trading, a company based in New York, recalled some of the dried apricots imported from various markets as they were tested to have high amounts of sulfites. They are capable of causing some reactions that could be life-threatening, due to which the Products were recalled in the year 2021.

Segments covered in the report

By Product 

• Organic
• Conventional

By Form

• Powdered
• Whole dried
• Diced

By Distribution Channel

• Online
• Offline

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America