The dried fruit market is projected to surge at a CAGR of 4.90% from a market value of USD40.116 billion in 2019 to attain a market value of USD53.439 billion by the end of 2025. Dried fruits are consumed worldwide due to its health benefits, also these are utilized in the form of food inclusions, hence, the growing food inclusions market will have a positive impact on the growth of the global dried fruits market in the forecast period. These fruits can be preserved for a longer duration in comparison to the fresh fruits, hence, they serve as handy snacks, especially for long journeys, and there is no need for refrigeration as well. Hence, the ability of dried fruit to prolong the shelf life of a product is widely accepted and is fueling the market demand as well. Dry fruit is formed through drying methods where almost all the water content of fresh fruit is removed and this shrinks the food product resulting in small, dense-dried fruit. The common varieties of dry fruits involve raisins, dates, prunes, figs, and apricots, while the other varieties of dried fruits are also available in the form of sugar-coated candied form. This comprises dried mangoes, cranberries, apples, and many more. Studies have suggested that dried fruits are a source of nutrients including antioxidants, fiber, and vitamins. For example, raisins may help in lowering blood pressure, improvement in blood sugar control as it has low-to-medium glycemic index value, and a low insulin index. Also, research studies suggest that raisins are known to decrease inflammatory markers and reduce blood cholesterol levels. Dried fruits are also known for providing a feeling of fullness, hence, these may work as a substitute for regular food, particularly, in the case of long journeys or at the time of consumption of fast food when busy, hence, with the growing adoption of busy lifestyle individuals prefer portable foods without compromise in nutrition, favouring the strong growth prospects of the global dried fruit market during the course of the forecast period. Additionally, the global prevalence of chronic diseases will promote the consumption of dried fruits along with other fruits and vegetables.
According to the International Nut & Dried Fruit Council (INC), World Tree Nut Production from 2007/2008 to estimated 2018/2019 was reported in six major countries namely the USA, Turkey, China, India, Cote Ivoire, and Iran. The global dried fruit/tree nut consumption from 2006 to 2016, on the basis of geography, was categorized according to the per capita gross national income, GNI on the basis of the World Bank Atlas method. The countries with GNI USD12,746 or more were classified under high-income economies and major countries include, Australia, Chile, Europe, and the United States. The middle-income economies comprising lower-middle-income economies and upper-middle-income economies include China, Cote d’Ivoire, India, and South Africa as major countries with GNI between USD1,046 to USD12,746. While, the major countries listed under low-income economies with GNI per capita USD1,045 or less include Afghanistan, Burkina Faso, Kenya, and Zimbabwe.
The growing concerns regarding current COVID-19 impact on global food production and distribution comprising fresh and dried fruits and vegetables, threatening food security is projected to impede the market growth in 2020.
Following the COVID-19 pandemic, the United Nations assessed the relationship between novel coronavirus and global food security. Food Security, according to the United Nations’ Committee on the World Food Security defined as “all people, at all times, have physical, social, and economic access to sufficient, safe, and nutritious food that meets their food preferences and dietary needs for an active and healthy life”.
On 21st April, 2020 it is estimated by the United Nations that due to the novel coronavirus pandemic, there are numerous individuals suffering from food insecurity issues at the international level. This is further projected to rise to a double to achieve a value of 265 million population size. Also, this resulted in total job losses in the United States which grew to around 26 million, further forcing millions of people to suffer due to food insecurity. However, it is further estimated that the world food prices are quite stable, in March 2020, the Food Price Index deduced by the UN Food and Agriculture Organization, FAO revealed that in spite of the growth in panic buying among individuals in many nations of the world, the global price in actual terms fell by 4.3% since February 2020. The downfall is attributed to the novel COVID-19 pandemic impact leading to the shrink in demand owing to lockdown and self-quarantine measures.
As per the analysis discussed by the Center for Strategic and International Studies (CSIS), the global COVID pandemic will definitely lead to cause a direct and indirect impact on food security worldwide. This is due to the fact that as per the Committee on World Food Security’s High-Level Experts Panel, for food security and nutrition, it was recently explained that the pandemic crisis has affected the food systems through the direct impact on the supply and demand. Also, in an indirect manner, the decreasing purchasing power, in addition to the decreasing capacity to produce food leading to a reduction in distribution, and intensification of care activities is strongly affecting the individuals, especially the poor people of the society. Hence, in this case, the limited production of food on farms due to labour shortages will affect the production of dried fruits as well. However, at present, there is an adequate food quantity available, but due to the continuation of the pandemic crisis, it is further projected to create negative impacts leading to the production of essential staple food only and avoiding dried and other processed food production. This will affect the production of dried fruits, lowering its market growth in the forecast period due to the shortage of its sufficient or no production currently. This is mainly due to shift in the production and supply of essential food products during the crisis scenario. Furthermore, dried fruits also serve as essential ingredients for a variety of hotels and restaurants in many of their cuisines, however, due to the shut-down of many public gathering places (because of novel coronavirus infection scenario) including hotels, restaurants, and café, the market is projected to experience a slight decline in the current year.