Fresh Fruits Market 2028: What Will Be Changes In Investment Ratio With Opportunity Analysis??

Posted by Mrudula Karmarkar on December 9th, 2022

The global fresh fruits market size is expected to reach USD 708.1 billion by 2028, registering a CAGR of 3.6% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing food industry and increasing spending on fresh food products are expected to promote market growth over the forecast period. Moreover, increasing awareness about the benefits of fresh fruits among consumers is further propelling market growth.

Factors such as rising middle-class population, rising disposable income, rapid urbanization, changing consumer lifestyles, and the rise of vegetarianism are some factors likely to increase the growth of this target market. Key trends observed in this market include health benefits, rise of brands, advancements in technology and the emergence of online grocery shopping. However, growth in this emerging market has been limited by challenges such as price volatility, adverse weather conditions and quality issues.

One of the key factors driving the growth of the market is the growing popularity of healthy eating habits. The prevalence and incidence of various lifestyle diseases such as diabetes, obesity, cardiovascular disease, osteoporosis, and gastrointestinal diseases have increased significantly globally. Diabetes can lead to serious complications such as cardiovascular disease, high blood pressure, stroke and kidney failure. Eating healthy foods can help control and prevent this lifestyle disorder in an individual.

Nutrient deficiencies can lead to a variety of health problems, such as skin diseases, digestive problems, defective bone growth, and dementia. Some common deficiencies are calcium, vitamin A, iron, iodine, vitamin B12 and magnesium. This deficiency leads to weakened immunity and a higher risk of infection. Therefore, in order to reduce the chances of these diseases, people are increasingly adopting healthy eating habits. Fresh vegetables and fruits are rich in antioxidants and vitamins, which are important for boosting immunity and improving health.

A lockdown observed during the COVID 19 pandemic, which has negatively impacted market due to the suspended or delayed supply of fruits. However, it significantly impacts on export and import of the market. Moreover, the increasing demand for fruits and their products after the COVID pandemic will create opportunities for the market players.

The apples and pears segment is expected to register the highest CAGR of 4.3% from 2022 to 2028. The increasing popularity of fresh food has projected market growth in the forecast period. The rising consumption of fresh fruits as these products are convenient and quick source of energy and nutrition are major driving forces of this segment. Furthermore, apples & pears as convenient nutritious food made available for consumers through retail channels is driving the growth of the market. The demand for organic food is gaining traction among consumers due to the increasing focus on health and wellness. Demand for fresh fruits and vegetables is growing due to higher disposable incomes which have led consumers to switch from carbohydrate-based staples to nutrient-rich diets. Additionally, growing health awareness among population, especially millennials, is driving them to move towards organic products. To meet this demand, major organic farms have launched new organic products.

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The online retail segment is expected to witness the highest CAGR of 4.2% from 2022 to 2028. Online platforms are gaining popularity among millennials due to the various benefits offered by e-commerce portals such as easy shopping, price visibility, 24/7 access, home delivery, etc. This is another factor expected to support the growth of this target segment during the forecast period. In addition, shifting consumer preferences from offline to online, improved logistics services provided by companies and smartphone penetration among younger shoppers are all expected to drive the growth of the online stores.

The outbreak of COVID-19 has immensely influenced the manufacturing operations of food industry players. Shortages of labor and planting materials have affected production due to lockdown restrictions around the world. In addition, the outbreak has disrupted transportation, resulting in short-term disruptions in the supply of fruits, with a significant impact on import and export activities in the global fresh fruit market. Reduced and limited access to regular grocery shopping formats has resulted in the consumption of fewer fresh products. Since the start of the COVID-19 crisis, consumers have changed their eating habits and switched to healthier products, consisting mainly of fresh fruits and vegetables.

Fresh Fruits Market Report Highlights

  • Asia Pacific is expected to register the largest market share of more than 40.0% in the 2021 owing to increasing per capita consumption
  • The apples and pears segment is expected to foresee the fastest CAGR of 4.3% during 2022 to 2028 due to rising consumer preference for nutritious and healthy food products
  • The offline channel segment held the largest revenue share of more than 80.0% in 2021 due to consumers are preferring offline for purchasing consumer goods, grocery as well as fruits
  • In Europe, the market is expected to register the fastest CAGR of 4.2% from 2022 to 2028 due to the increasing number of health-conscious consumers

As per the Food and Health Survey commissioned by the International Food Information Council, about half of the respondents have some concerns about eating food prepared outside the home. The rising population growth coupled with growing urbanization across the globe is anticipating the demand of the global market. In addition to this, increasing disposable income coupled with economic growth in developing nations is propelling industry growth. Furthermore, the market is driven by the trend of convenience food in developed regions. Additionally, increasing the use of chemicals to clean and sanitize to limit the growth of the microbial population is expected to fuel growth in terms of revenue.

The increase in the trading of fresh fruits along with production is accelerating the growth of the market. Technological advancement and innovation in the supply chain, from production to consumption to improve the quality and output will create revenue opportunities for the market over the forecast period. In addition, innovation in packaging techniques such as modified atmosphere packaging, edible coating, etc., for maintaining freshness or improving the shelf life of the product will drive the market in the coming years. However, stringent government rules and regulations regarding export and import and the high cost associated with fresh fruits are hindering the market growth.

Consumers, especially the younger age group, are becoming increasingly health-conscious and are focusing on improving their health. In addition, the increasing incidence of obesity and other related diseases is driving consumers to choose healthy diets. Furthermore, the shift from traditional shopping stores to online shopping platforms can provide lucrative growth opportunities for the market. Seasonal dependency on harvesting and procurement of fresh fruits is a major factor driving price volatility and stifling industry expansion as these are the most vulnerable to price fluctuations.

The growing awareness regarding the benefits of fresh products along with affordable pricing and convenient availability has largely influenced the growth of the market globally. The increasing demand for fresh fruits after the COVID pandemic will create opportunities for the market players. Thus, the market is expected to witness a healthy market growth rate in the upcoming years. In addition, the growing demand for products bearing the organic label represents an unprecedented opportunity for farmers and food manufacturing companies. Consumers are increasingly preferring organic food because it contains antioxidants and has a positive effect on overall health, as proven by many scientific studies. In addition, the government is actively supporting organic farming to reduce the pollution amount, which may motivate farmers to operate in organic culture.

List of Key Players of Fresh Fruits Market

  • Dole Food Company, Inc.
  • Berry Gardens
  • Keelings
  • BelOrta
  • Driscoll
  • Mirak Group
  • Goknur Gida
  • Fresgarrido
  • Fruitable Fresh Sdn Bhd.
  • Global Fresh Trading FZE

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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