The Global Dried Fruits Market is expected to Expand at a CAGR of 5.9% in Terms of Revenue Over 2018-2026, Owing to Switching Consumer Preference for High Fiber Food across the Globe
Albany, NY -- (SBWIRE) -- 12/12/2018 -- Increased market penetration in developing and developed economies makes the dried fruits market a highly competitive one, thereby resulting in consistent launch and expansion of products by the key market players of dried fruits. Players in the market such as Dole Food Company, Inc. and JAB Dried Fruit Products (Pty) Ltd are well-known for their premium quality of dried fruits. These companies spend appreciably on promoting their brands online as well as other distribution channels, and hence, have wide visibility and premium product placement on retail shelves. Thus, consumers show more interest in buying branded dried fruits as a sign of premium quality.
Driving factors such as the increasing demand for vitamin and mineral rich foods, consumer preference for healthy snack, and growing health consciousness contribute to the emerging growth of the dried fruits market. Dried fruits are highly consumed in the Asia Pacific region, expected to contribute for around 41.3% share during the forecast period, owing to the highest processing and consumption of dried fruits in confectionaries and baked goods in the region.
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High Preference for Organic Dried Fruits
The growing consumer health consciousness regarding natural food products over the years has been a major driver that has fuelled the demand for dried fruits market. Organic dried fruits are expected to have a high preference as compared to conventional dried fruits during the forecast. By nature segment, the organic dried fruits segment is anticipated to witness the highest compound annual growth rate of 6.1% during the forecast period. However, the organic dried fruits segment has a minimal market share at present, due to the market being huge for conventional dried fruits at affordable prices.
Rising Demand for Dried Fruits from Food Manufacturers such as Bakery and Confectionery
There is an increased demand for dried fruits from various bakery and confectionary industries, in order to enhance the flavor as well as seasoning of the products. The increasing demand for dried fruits from the dairy industry has also boosted the demand in the global dried fruits market.
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The Asia Pacific Market is Anticipated to Witness Predominant Growth
As a developing economy with an increased number of food processing industries, Asia Pacific has the highest market share of dried fruits market as compared to other regions, due to the highest consumption of dried fruits in various food products including fiber-rich breakfast flakes, baked goods, and others. Factors such as favorable government policies on natural food additives, and inclining application of dried fruits in confectionaries and desserts. It is anticipated that the Asia Pacific region would witness a high growth rate of the dried fruits market 7.4% growth during the forecast period.