Global Fresh Cherries Market: Continual Venturing of New Players to Increase Competition, Says TMR.
Albany, NY -- (SBWIRE) -- 02/09/2018 -- Global Fresh Cherries Market: Snapshot
Of late, the global fresh cherries market has been witnessing a steady rise. With the increasing awareness regarding the harmful effect of preservatives, consumers across the world are preferring fresh fruits and vegetables, which is also reflecting on the demand for fresh cherries greatly. The increasing consumption of fresh cherries in emerging economies, fueled by the rise in the purchasing power of consumers, is likely to add significantly to the growth of this market in the near future.
The worldwide market for fresh cherries is expected to present an opportunity worth US$3.99 bn by 2017. Further, the market is projected to rise at a robust CAGR of 5.50% during the period from 2017 to 2022 and reach US$5.22 bn by the end of 2022. The rising export demand for fresh cherries is anticipated to boost this market substantially in the years to come.
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Sweet Fresh Cherries to Continue Being Most Preferred
Primarily, the global market for fresh cherries is examined on the basis of the taste, sales channel, and the application. Based on the taste, the market is classified into sweet and sour. Sweet cherries are witnessing a much higher demand than sour cherries. The segment is expected to hold more than 60% of the overall market by 2017 and is expected to remain dominant over the next few years.
By the sales channel, the market is categorized into modern trade, traditional grocery stores, convenience stores, online channels, direct sales, and various other retail formats. Traditional grocery stores and convenience stores are the prime sales channels for the trading of fresh cherries and this scenario is expected to remain so over the forthcoming years. Online channels and direct sales are also gaining momentum in this market.
Direct consumption, dairy beverages, ice creams, jellies, salads, and alcoholic beverages have surfaced as the key application areas for fresh cherries across the world. Among these, the consumption of cherries is more into tarts, bakery, jams, and jellies compared to other application areas.
APEJ to Dominate Global Fresh Cherries Market
The worldwide market for fresh cherries is also classified on the basis of its regional spread. North America, Europe, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Japan, and Latin America are considered as the key regional markets for fresh cherries across the world. With the advent of China as a prominent consumer of fresh cherries, Asia Pacific excluding Japan has emerged as the leading regional market for fresh cherries and is anticipated to continue its growth streak at a CAGR of 5.90% during the period from 2017 to 2022.
China offers good opportunities for market's growth due to the rising consumption of cherries, triggered by the continued urbanization and the increasing adoption of western culture. The augmenting disposable incomes of consumers are also projected to contribute to the increased demand for cherries in this country. This, as a result, is anticipated to propel the market for fresh cherries in the APEJ region in the years to come. The markets in Europe and North America will also witness steady growth in the near future, thanks to Turkey and the U.S. emerging as the leading producers of cherries across the world.
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Leelanau Fruit Co., Rainier Fruit Co., Dell's Marachino Cherries, Vitin Fruits, Alacam Tarim, The Global Green Co. Ltd., Smelterz Orchard Co., Hood River Cherry Co., and BEL'EXPORT NV are some the key vendors of fresh cherries across the world.