Asparagus Market to Grow at a CAGR of 3.1 % by 2027
Posted: May 08, 2017
Asparagus is preferred as an ingredient in soups and fresh food products
Asparagus is actively sought by major companies as a key ingredient in soups on account of its nutritive properties and palatable taste. Asparagus is widely predicted to become the primary choice in the soup manufacturing industry as many companies already make soup with asparagus and this is only expected to grow in the future. As a vegetable, asparagus is quite popular to prepare ready-to-eat foods, and asparagus is grated and mixed with other food products such as mixed vegetables and chicken to concoct truly delicious preparations. An increasing demand for asparagus in fresh food products such as brine and pickled asparagus, soups and sauces is likely to give a good boost to the revenue growth of the fresh segment by type in the global asparagus market.
Rising demand for organic asparagus in the global asparagus market
The number of organic growers of asparagus in the global asparagus market is rising every year because of the high demand for organic asparagus. Asparagus growers are striving to increase the yield they can obtain and this can largely be attributed to the thriving global asparagus export market. Consumers have become extremely health-conscious worldwide and this has spurred demand for both the production and consumption of organic asparagus. Organic asparagus is particularly consumed in North America and Europe, and import there has grown by leaps and bounds. In the U.S state of Kentucky for example, growing organic asparagus has become something of a recent trend. The produce is exported to those countries where demand is high and Kentucky has the maximum asparagus produced organically when compared to any other region in the world.
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Fresh asparagus is the most widely consumed in the global asparagus market
Fresh asparagus is highly preferred over its canned and frozen counterparts in the global asparagus market. Future Market Insights estimates the fresh segment of the global asparagus market to account for nearly 74% market share by the end of the year 2017 and this segment is likely to remain the dominant segment by type in the global asparagus market, showcasing a gain of 170 BPS by 2027 over 2017. The shelf life of fresh asparagus can be extended by pickling the asparagus, adding preservatives or even keeping it in brine. It is very easy to store asparagus products in any of these forms and they can even be enjoyed for the entire year. In the global asparagus market, pickled and brine asparagus is widely available in glass jars, cans or bottles.
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Market opportunity in excess of US$ 20 Bn in the fresh asparagus market
The growing popularity of fresh asparagus is evident from the increasing demand by consumers globally and as a result, the fresh segment is estimated to account for a Y-o-Y growth of 2% in value terms in the year 2017, which is expected to rise to 3.1% by the end of the forecast period. The fresh segment is estimated to record a market revenue of more than US$ 20 Bn in the year 2017 and this is likely to reach a market valuation almost close to US$ 30 Bn by 2027, registering a good CAGR of 3.3% in terms of value during the forecast period – the highest among all the type segments of the global asparagus market. This gain in terms of value of the fresh asparagus segment will largely be at the expense of both canned and frozen asparagus segments in the global asparagus market. The fresh segment created absolute dollar opportunity of over US$ 550 Mn in 2016 over 2015; while an incremental opportunity of approximately US$ 8 Bn can be safely assumed between 2017 and 2027.
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