Dried Fruit Market - Forecasts from 2022 to 2027

The dried fruit market is projected to surge at a CAGR of 4.94% from a market value of US$36.762 billion in 2020 to attain a market value of US$51.523 billion by the end of 2027.

Dried fruits are consumed worldwide due to their health benefits. Also, these are utilized in the form of food inclusions. Hence, the growing food inclusion 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 fresh fruits. Therefore, they serve as handy snacks, especially for long journeys, and there is no need for refrigeration as well. Thus, the ability of dried fruit to prolong the shelf life of a product is widely accepted and is fueling 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. At the same time, 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, fibre, and vitamins. For example, raisins may help in lowering blood pressure and improvement in blood sugar control as it has a 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, so, with the growing adoption of a busy lifestyle, individuals prefer portable foods without compromise in nutrition, favouring the strong growth prospects of the global dried fruit market during 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, based on the World Bank Atlas method. The countries with GNI of 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 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. In comparison, the major countries listed under low-income economies with GNI per capita of USD1,045 or less include Afghanistan, Burkina Faso, Kenya, and Zimbabwe.

The growing concerns regarding the 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 was 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 projected to rise to 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 world food prices are quite stable. In March 2020, the Food Price Index was deduced by the UN Food and Agriculture Organization. FAO revealed that despite 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.

Key Developments in the Market:

• In April 2022, a South African raisin processor and distributor, Redsun Dried Fruit and Nuts, received an US$8 million investment from Norfund. The firm is to use the received investment to expand its operations with two innovative and modern facilities, aiming to solidify its position in the snacks market.
• In March 2022, Soul Fruit, an innovative snack brand, launched three new series of tropical dried fruit offerings - Jackfruits chips, soft dried keo mango chips, and soft dried keo mango. Brimming with antioxidants, the three new snacks are low in fat and calories.
• In April 2021, Manuzzi-based in Italy sold the majority of its stakes to Hyle Capital partners, a Mylan-based local private equity firm. The latter purchased the stock using its Finance for Food One fund. It is the first purchase made by the fund.

COVID-19 Insights:

The COVID-19 pandemic had a negative impact on the global dried fruits market. As per the Committee on World Food Security's High-Level Experts Panel for food security and nutrition, it was explained that the pandemic crisis had affected the food systems through a direct impact on supply and demand. Also, indirectly, the decreasing purchasing power, in addition to the decreasing capacity to produce food leading to a reduction in distribution and intensification of care activities, strongly affected the individuals, especially the poor people of the society. Hence, in this case, the limited production of food on farms due to labour shortages affected the production of dried fruits as well. This is mainly due to the shift in the production and supply of essential food products during the crisis scenario. Furthermore, dried fruits also serve as essential ingredients for various hotels and restaurants in many of their cuisines. However, due to the shutdown of many public gathering places, including hotels, restaurants, and cafes, the market experienced a slight decline in 2020.

Segmentation:

• By Type

Walnuts

Almonds

Raisins

Apricots

Cashews

Others

• By Application

Confectionaries

Bakery Products

Dairy Products

Desserts & Sweets

Breakfast Cereals

Others

• By Distribution Channel

Online

Offline

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• UK
• Germany
• France
• Spain
• Italy
• Others

Middle East and Africa

• UAE
• Israel
• Saudi Arabia
• Others

Asia Pacific

• Japan
• China
• India
• Australia
• Indonesia
• Thailand
• Taiwan
• Others