Fresh Apricot Market Size, Share, Opportunities, And Trends By Type (Yellow Apricot, Orange Apricot, Red-Purple Apricot, Others), By Nature (Organic, Conventional), And By Geography - Forecasts From 2023 To 2028

Fresh apricot is a type of stone fruit that is small in size, juicy and predominantly yellow in color with a tarty taste. Apricots are packed with nutrients and make a wonderful addition to a balanced diet. They are grown in places with a temperate climate such as the Mediterranean region. The fruit is also frequently used as a flavoring agent in liqueurs and is extensively processed into jam.

The high popularity of fresh apricots is attributed to the growing demand for healthy and convenient snacking solutions, especially amongst the younger generation. Nowadays, consumers prioritize their health and wellness and favor snacks and meals that will improve their well-being and give them a balanced diet. Moreover, the growing demand for organic, natural and preservative-free products is also spurring the growth of fresh apricots among consumers. According to a study conducted by the CITFL, 98 percent of respondents like consuming fresh apricot because they are perfectly convenient and ready-to-eat snacks on the go. Fresh apricots are used in a wide variety of desserts, beverages, and snacks such as pies, cakes, pastries, puddings, ice creams, etc. Fresh apricots are rich in natural sugar and are a strong source of vitamin A which is contributing to its high demand.

While the global market for fresh apricots is expected to grow during the projection period, high and volatile prices, stringent export and import laws as well a lack of knowledge will inhibit growth.

During the anticipation period, various health benefits and growing demand for healthy food products will support the growth of the global fresh apricots market.

The vitamins and minerals found in apricots are important to the health of our bodies. They are particularly abundant in dietary fibre, potassium, and vitamins A and C. One serving of apricots might be satisfactory and could provide close to 25 percent of a person's daily potassium requirements. Consumption of apricots help prevent cardiovascular disorders, improves digestion, lower blood sugar level, help in disposing of cellular waste and improves eyesight.

Busy lifestyles, demanding work schedules, and changing consumer dietary preferences have increased consumers' propensity for healthy snacking options, particularly among millennials, and changed their food preferences to plant-based foods that can offer both health and flavor which is driving the global market demand.

Organically sourced fresh apricots are high in demand.

Growing demand for organic, natural, nutritional and pesticide-free products is driving the growth of this market. Consumer shift towards organic agriculture is also propelling the demand for organic fresh apricots.  According to the latest FAO estimates, organic farming is conducted in 187 countries globally, and at least 3.1 million farmers used organic practices to manage 72.3 million hectares of agricultural land. Globally, organic food and drink accounted for more than 106 billion euros in 2019.

During the forecast period, North America is anticipated to hold a significant share of the global fresh apricot market.

North American region is anticipated to hold a substantial market share in fresh apricot. This region will experience rapid expansion throughout the projection period due to the growing demand for healthy and convenient snacking solutions. According to the Food and Health survey conducted by the IFIC, studies show that one-third of Americans indulge in snacking at least once every day, and almost a quarter claim to do so numerous times each day. This region's market is also expanding as a result of the high demand for health, nutritional, and natural food products and beverages along with the growing millennial population. According to the NASS data in 2021, there were 41,740 tonnes of apricots produced in the United States, worth US$37 million. From 2020 to 2021, the tonnage increased by 10,330 tonnes. Fresh apricots were worth $27.6 million. Exports of fresh apricots from the United States in 2021 totalled 13.9 million pounds and were worth US$13 million. In 2021, Canada remained the top export destination for fresh apricots, paying approximately US$8,256. Mexico came in second with US$2,577. They are becoming more popular among people in this region as a result of rising health awareness of the fresh apricots machines thereby fueling regional market expansion. In addition, the prevalence of key market players such as Dole Food, Ardo, Crop’s nv, Earthbound Farm, and others also spur the growth of fresh apricots in this region.

Market Key Developments

• In September 2022, the Indian Ministry of Commerce and Industry is working with stakeholders in the apricot value chain to increase export from Ladakh under the brand "Ladakh Apricot" in an effort to increase the export of agricultural and food goods from Ladakh. This initiative is being carried out through APEDA, the ministry's export promotion organization. It is anticipated that the region's growth would benefit from APEDA's efforts to promote the export of apricots and other agricultural goods.

Segmentation:

• By Type
  • Yellow Apricot
  • Orange Apricot
  • Red-Purple Apricot
  • Others
• By Nature
  • Organic
  • Conventional
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others