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.
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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.
Key Players
- King Apricot
- Chi Tree
- Bata Food
- Ziba Foods
- Kayisicioglu Apricot
- Kenko Corporation
- National Raisin Company
- Dag Food
- Quirkeycots
- Anatolia A.
Table of Contents: https://www.custommarketinsights.com/report/apricot-market/#table-of-contents
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