The dried figs market is projected to grow at a CAGR of 5.42%, reaching a market size of US$787.405 million by 2027, from US$544.246 million in 2020.
Ficus Carica, often known as the common fig, is an Asian flowering plant. Due to growing disposable income and improved availability throughout the world, demand for dried figs is predicted to surge in the future years. Figs are one of the sweetest fruits, with a chewy texture that sets them apart. Antioxidants, phytochemicals, enzymes, and vitamins are abundant in figs. These are available in a range of sizes and can be bought fresh or dried. Furthermore, the fruit has no fat, which aids in the prevention of heart disease, as well as various forms of cancer and stroke. In the future years, revenue growth in the worldwide dried figs market is predicted to be driven by population growth and increased disposable income.
Additionally, technical advances in the manufacture of high-quality dried fig products are projected to boost the dried figs market's rise in the coming years. Furthermore, rising demand for healthy food items, as well as increased usage of dried figs in the food sector, including desserts, snacks and bars, bakery goods, confectioneries, cereals, and dairy products, are likely to boost the dried figs market. Rising urbanization, increased consumer health consciousness, and a rise in the number of groceries, superstores, and retail outlets are some of the major factors driving the market's expansion throughout the projection period. Therefore, all these factors will positively contribute to the market’s development and expansion.
Over the projected period, the rising medical benefits of dried figs will boost the market sales
Ficus carica fruit is utilised as a medicinal component in formulations, most notably in the Unani system of medicine, but its therapeutic applications have also been described in folk and traditional European herbal medicines, as well as Iranian traditional medicine. Due to the rising demand from consumers for health benefits, the market for dried figs is anticipated to increase during the projected period. Moreover, Caricae Fructus USP's medicinal applications and qualities are reported in the corresponding first edition of the Dispensatory of the United States of America. Consuming dried figs raises blood haemoglobin levels by boosting iron balance in the bloodstream. Iron is a vital element that helps haemoglobin flow throughout the human body. As a result, dried figs may aid in the treatment of iron-deficient anaemia. Figs, whether fresh or dried, contain potent antioxidants that help your body fight disease by neutralising free radicals. They also provide enough levels of dietary fibre, which helps to regulate the digestive tract and may aid in weight management. The American Diabetes Association suggests figs as a high-fibre treatment aids those with diabetes functional management. Fig leaves lessen the quantity of insulin required by diabetes people who must undergo insulin injections on a regular basis. Therefore, the prevalence of such health concerns will simultaneously surge the market demand.
The Middle East region is anticipated to rise
According to the American Botanical Council, Turkey is by far the world's top producer and exporter of figs, having shipped almost 85,000 metric tonnes in 2019. In 2019, the United States bought 15,049 metric tonnes of figs and fig products, primarily from Turkey. In southern Kandahar and the adjoining Helmand and Zabul provinces, figs are commonly cultivated. The fruit is widely utilised in homoeopathic stores throughout the war-torn country and is primarily used as medicine in traditional medical treatment among Afghans. According to the Ministry of Economy, 7.155 tonnes of figs were exported in 2021. According to the same source, Afghanistan exported figs worth $35 million USD in the previous year. Mehmet Ali I?k, President of the Aegean Dried Fruits and Products Exporters' Association, describes dried figs as a prestige product and points out that Turkey alone accounts for 60% of global dried fig exports.
|Market size value in 2018||US$571.449 million|
|Market size value in 2024||US$784.825 million|
|Growth Rate||CAGR of 5.43% from 2018 to 2024|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Murray River Organics, Bergin Fruit and Nut Company, VKC NUTS PVT. LTD., Traina Foods, Bella Viva Orchards, HCH Global Trade|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the dried figs market size by 2024?
A1. The dried figs market is projected to reach a market size of US$784.825 million in 2024.
Q2. What is the size of the global dried figs market?
A2. Dried Figs market was valued at US$571.449 million in 2018.
Q3. What are the growth prospects for the dried figs market?
A3. The dried figs market is projected to grow at a CAGR of 5.43% over the forecast period.
Q4. How is the global dried figs market segmented?
A4. The dried figs market has been segmented based on type, distribution channel, and geography.
Q5. What factors are anticipated to drive the dried figs market growth?
A5. The demand for dried figs around the world is estimated to shoot up in the coming years on account of rising disposable income and their increasing availability around the world.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. DRIED FIGS MARKET ANALYSIS, BY TYPE
6. DRIED FIGS MARKET ANALYSIS, BY DISTRIBUTION CHANNEL
7. DRIED FIGS MARKET ANALYSIS, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Valley Fig Growers
9.2. Negin Elixir Foods Company
9.3. Compass Food Sales Company
9.4. Traina Foods
9.5. Bella Viva Orchards
9.6. FRUITS OF TURKEY company
9.7. Cardassilaris Family
9.8. Rasha Pistachio Co.
9.9. Sahra Apricots
Valley Fig Growers
Negin Elixir Foods Company
Compass Food Sales Company
Bella Viva Orchards
FRUITS OF TURKEY company
Rasha Pistachio Co.
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