PUBLISHER: The Business Research Company | PRODUCT CODE: 1643994
PUBLISHER: The Business Research Company | PRODUCT CODE: 1643994
Cherries are a type of fruit derived from trees belonging to the genus Prunus, primarily cultivated for their small, round and juicy drupes with a central pit. These fruits are highly prized for their sweet or tart flavor profiles, vibrant red-to-dark purple hues and their versatility in culinary and beverage applications.
The cherries market consists of sales of cherries by entities (organizations, sole traders or partnerships) involved primarily in its production for various applications. Cherries are widely consumed across the globe, enjoyed fresh or used as ingredients in a variety of food and drink products. They are popular among individuals of all age groups, with demand stemming from both domestic households and the commercial food and beverage industries.
The global cherries market was valued at $46,393.23 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.00%.
Increased Consumption Of Bakery And Dairy Products
The increased consumption of bakery and dairy products propelled the growth of the cherries market during the historic period. Cherries gained popularity in bakery and dairy products such as cakes, pies, ice creams and yogurts as customer tastes evolved toward high-end foods. The demand for fresh, dried and processed cherries was driven by their adaptability and health advantages, including antioxidants. A wider range of consumers were drawn to fruit-filled pastries, toppings and flavored beverages as a result of the market's expansion due to the development of health-conscious consumers and the popularity of artisanal goods. For instance, in February 2023, according to the Union Finance Minister, in the fiscal year 2022-23, India's milk production increased by 4% to 230.58 million tons, marking a 58% rise over the past nine years. Uttar Pradesh led with a 15.7% share, followed by Rajasthan (14.44%) and Madhya Pradesh (8.73%). Karnataka achieved the highest annual growth rate at 8.76%, followed closely by West Bengal at 8.65% and Uttar Pradesh at 6.99%. This growth highlights the expanding dairy sector in the country. Additionally, in November 2023, Agriculture and Agri-Food Canada (AAFC), a Canada-based government department, announced that in 2022, the UK had secured its position as the world's second-largest market for baked goods, importing goods valued at $3.6 billion (7.8% market share) and totaling 1.1 billion kilograms, demonstrating a notable increase of 8.3% from $2.4 billion (880.8 million kilograms) recorded in 2017. Therefore, the increased consumption of bakery and dairy products drove growth in the cherries market.
Revolutionizing Fruit Sorting With AI Solutions To Achieve Unmatched Grading Accuracy And Quality
Major companies in the cherry market are leveraging artificial intelligence (AI) for precise fruit sorting, ensuring consistent grading accuracy and quality. AI technologies improve efficiency by assessing size, color and defects, reducing human error and accelerating processing. This innovation enhances yield management, reduces waste and supports growers in meeting consumer demand for premium produce. For instance, in February 2024, TOMRA, an Norway-based recycling company focused on manufacturing collection and sorting products, launched the AI-driven LUCAi platform to enhance cherry sorting and grading precision for the California and New Zealand markets. Powered by TOMRA's deep learning technology, LUCAi optimizes pack-out, improves yield and ensures top-quality cherries with unmatched accuracy in defect detection. The platform features a user-friendly interface, simplifying operations and boosting efficiency and profitability in cherry packing. LUCAi integrates pre-trained models to process complex data, offering unparalleled grading precision in the industry.
The global cherries market is highly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 2.47% of the total market in 2023.
Cherries Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global cherries market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for cherries? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The cherries market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider cherries market; and compares it with other markets.