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The stone fruit market size is projected to increase by USD 18.05 billion and the market size is estimated to grow at a CAGR of 3.77% between 2023 and 2028.
The report offers extensive research analysis on the Stone Fruit Market, with a categorization based on Distribution Channel, including offline and online. It further segments the market by Type, encompassing peaches and nectarines, plums, mangoes, cherries, and others. Additionally, the report provides Geographical segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
One of the key factors driving the stone fruit market growth is the growing organized retail sector for stone fruit. The growth of organized retailing across the world is a significant factor that will fuel the growth of the global stone fruit market. In addition, to generate more sales volumes and revenue, market players are continuously focusing on strengthening their distribution networks through organized retailing. Moreover, organized retailing has grown with the establishment of several supermarkets, hypermarkets, and specialty stores. In addition, hypermarkets and supermarkets are the two major offline distribution channels for stone fruits. Furthermore, organized retailing is an integral part of the offline distribution channel, which facilitates the purchasing process for consumers and enables them to choose from a diverse range of fruits. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
The Stone Fruit Market shows an accelerated CAGR during the forecast period.
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A key factor shaping the stone fruit market growth is the growing demand for lychee. Lychee contains a lot of potassium which is good for heart health. In addition, these are rich in vitamin C and also good for boosting the immune system. Furthermore, due to its high fiber content, digestive problems can be prevented to some extent by eating lychees.
Moreover, lychee contains iron, which is good for pregnant women and lactating mothers. In addition, the consumption of lychee fruit during pregnancy is good for the health of the baby and the mother. Therefore, due to these benefits and the approval of certification, the demand for lychee has been growing. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Shortage of labor for farming is one of the key challenges hindering the stone fruit market growth. There is a significant need for human involvement at each step of farming as it is a highly labor-intensive activity. In addition, labor costs worldwide are on the rise, and there is a shortage of skilled workers. Furthermore, farmers across various parts of the globe, such as North America and others, are struggling to find laborers.
Moreover, many farmers in the US have been bringing labor from other countries due to a shortage of labor. In addition, the Indian agriculture sector has experienced a downturn in the availability of labor during the last decade despite making a significant contribution to the overall growth of the Indian economy. As a result, this is expected to increase the production cost of farmers significantly in the short as well as long term. Hence, such factors are hindering the market growth during the forecast period.
The increasing import and export of peaches and nectarines segment will fuel the market growth. Peaches are mainly characterized by the fuzz on the skin. However, nectarines are characterized by the absence of this fuzz on the skin. In addition, the growth in peaches and nectarines shows a gradual shift from traditional importing countries to new destinations. Moreover, European countries have traditionally been major importers of peaches and nectarines. In addition, Germany is the largest importer, followed by France and Spain. Furthermore, Australia's export of peaches and nectarines, led by the State of Victoria, grew by 50% between 2017 and 2018 and reached USD50 million. Therefore, the rising import and export of peaches and nectarines will fuel the growth of this segment which in turn drives the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel includes hypermarkets, supermarkets, department stores, and convenience stores. In addition, the offline segment is an integral part of organized retailing, ease the purchasing process for consumers, and enables them to choose from a diverse range of stone fruits. Furthermore, Tesco Plc (Tesco) and Walmart Inc. (Walmart) are among the major hypermarkets and supermarkets that offer a plethora of stone fruit varieties.
The offline segment was the largest segment and was valued at USD 64.09 billion in 2018.
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Moreover, an increase in the number of retailers offering stone fruits under their brands is fuelling the growth of this segment. In addition, Tesco, a multinational grocery and general merchandise retailer, offers different types of stone fruits, such as peaches, plums, and berries, under its brand, Tesco. Furthermore, US-based Walmart, a multinational retail corporation that operates a chain of supermarkets, hypermarkets, and departmental and grocery stores, offers a wide variety of stone fruits. In addition, some traditional retail stores have focused on expansions, offering varieties of fresh stone fruits which is fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Europe is estimated to contribute 31% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC region plays a major role in the global stone fruit market. In addition, with its vast expanse and diverse range of countries, the region is a key producer, importer, and consumer of stone fruits. Moreover, in recent years, the demand for stone fruits has been steadily increasing, fuelled by factors such as rising health consciousness, changing dietary patterns, and growing interest in exotic fruits. In addition, one of the major producers of stone fruits in the APAC region is China. For instance, the country is the world's largest producer and exporter of stone fruits, accounting for over 90% of the global market share. Furthermore, the Chinese fruit industry is dominated by the Bing variety, which is known for its large size and sweet taste. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The stone fruit market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The stone fruit market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Stone Fruit Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.77% |
Market Growth 2024-2028 |
USD 18.05 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.24 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 31% |
Key countries |
US, China, India, Spain, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Driscolls Inc., Dulcinea Farms, Family Tree Farms, Fruit World Co. Inc., Gargiulo Produce, Giumarra Vineyards Corp., HORTGRO Pty Ltd., Hortifrut SA, Mount Adams Fruit, Naturipe Farms LLC, Oneonta Starr Ranch Growers, Prima Wawona, PSB PRODUCCION VEGETAL SL, Sahyadri Farms Post Harvest Care Ltd., Salix Fruits, SAT Plus Berries, Stemilt Growers LLC, Sun World International LLC, Titan Farms LLC, and Dole plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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