Market Overview
The dried apricots market is poised for significant growth, projected to achieve a high CAGR during the forecast period of 2024-2031. Dried apricots, traditional dried fruits treated with SO2 for preservation, offer concentrated nutritional value and numerous health benefits, making them increasingly popular among consumers. The market is witnessing substantial growth driven by rising health consciousness, busy lifestyles, and the preference for plant-based products, particularly among vegan consumers.
Market Dynamics and Trends
Rising awareness of the health benefits associated with dried apricots, coupled with a growing snacking culture and higher disposable incomes, is driving market growth. Consumers, especially millennials, prioritize health and wellness, opting for nutritious snacking options like dried apricots. The market sees increased production capacities, with companies like Dedere Deutsch Deere gmbH expanding operations to meet growing demand. However, potential side effects and the availability of substitutes pose challenges to market growth.
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Market Segment Analysis
Organic dried apricots command the highest revenue share, reflecting consumer preferences for organic and chemical-free food products. Online channels dominate sales, offering convenient access and various discount offers. Manufacturers focus on expanding online availability and introducing innovative dried apricot snacks, such as roasted and salted varieties, to attract consumers and drive market growth.
Geographical Share
Europe dominates the dried apricots market, driven by extensive apricot production in Eastern Europe and changing dietary habits favoring nutritious foods. The region experiences significant demand for dried apricots, with countries like the United Kingdom and France leading imports. Increasing awareness of health benefits and versatile applications of dried apricots contribute to market growth in Europe.
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Companies and Competitive Landscape
The global dried apricots market features a competitive landscape, with key players including Kenkko Corporation, ApricotKing, and BATA FOOD. Market competitiveness is expected to rise, with players focusing on agreements and product innovation to cater to various applications and consumer preferences. Strategic acquisitions, such as Sun-Maid Growers of California acquiring Plum Organics, indicate efforts to expand product offerings and market presence.
Key Developments
In March 2021, Sun-Maid Growers of California acquired Plum Organics, underscoring the industry's focus on expanding into premium organic food segments and meeting evolving consumer demands.
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