According to the latest report, the demand for dry fruits has finally reached the pre-Covid levels. Currently, the banking sector, pharmaceuticals and logistics departments are the major buyers. The retail demand for these edible snacks soars before major holidays, like Christmas and New Year’s. Nevertheless, there is a lot of interest to purchase these goods this year. Dry fruits such as almonds, cashews and pistachios are mostly purchased during the season of festivities. Following the Taliban takeover of Afghanistan in August, there was apprehension that prices of dry fruits would surge and in turn, impact festive season demand. Fortunately, this did not happen in the current scenario.
For a brief period of time, prices went up 10-15%. Nevertheless, when the supply side normalised subsequently, prices corrected and remained stable. In fact, chocolate makers said that since local restrictions are not there, corporates are reaching out to their clients in every corner of the country. Traders said retail demand has gone up also because some people have made money in the equity markets. For more than a year and a half, people have fought with Covid and related anxiety. So, they want to celebrate this festive season in a big way. They have liquid money in hand and are therefore spending on dry fruits and chocolates.
The global dried fruits market is expected to grow from $6.34 billion in 2020 to $7.05 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%. The market is expected to reach $9.50 billion in 2025 at a CAGR of 7.8%.
The main types of dried fruits are apricots, dates, raisins, figs, berries, and others. Apricots, sometimes known as Armenian plums, are a type of stone fruit. Dried apricots are used to improve bone mineral density and help in promoting eye health. The different categories include conventional, organic and are used in confectioneries, dairy products, bakery products, snacks and bars, desserts, cereals, others. Asia Pacific was the largest region in the dried fruits market in 2020. North America was the second-largest region in the dried fruits market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The launch of new flavoured dried fruits has emerged as a key trend in the dried fruits market. Major players operating in the dried fruits sector are focused on introducing new flavoured dried fruits into the market to strengthen their position. For instance, in April 2019, Traina, a US-based company that produces dried fruits launched two new flavours such as Natural Cherry and the Summer Blend for summer. Natural Cherry is made with cherries, whereas Summer Blend is made with dried peaches, nectarines, and plums.
Article by: Hari Yellina (Orchard Tech)