With
a large pool of fresh cherries vendors operating across the world,
the global
fresh cherries market is demonstrating a highly competitive
business landscape, finds a new study by Transparency Market Research
(TMR). The continuous entry of new players into this market is
expected to intensify the competition in the years to come. Leelanau
Fruit, Rainier Fruit, Vitin Fruits, Dell's Marachino Cherries, Alacam
Tarim, The Global Green Company, Smelterz Orchard, Hood River Cherry,
and Bel'Export are some of the most prominent vendors of fresh
cherries across the world, states the research report.
Increasing
Preference for Fresh Fruits Reflect Positively on Demand for Fresh
Cherries
“The
rising awareness among consumers regarding the harmful effects of
chemicals and preservatives, used for food preservation, has surfaced
as the key factor behind the significant growth of the global market
for fresh cherries,” says a TMR analyst. People, nowadays, are
preferring fresh fruits and vegetables for consumption, which is
influencing the demand for fresh cherries, considerably. The market’s
opportunity is expected to increase to US$3.9 bn by 2017. Researchers
expect this market to continue registering a high rise, expanding at
a CAGR of 5.50% during the period from 2017 to 2022 and reaching
US$5.2 bn by the end of the forecast period.
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Over
the coming years, the increasing consumption of cherries in emerging
countries, such as China and India, will create lucrative
opportunities for the growth of this market. The surge in consumers’
purchasing power and the increasing export demand for fresh cherries
are likely to boost this market in the years to come, notes the
research study.
Advent
of China as Prominent Consumer to Boost APEJ Market for Fresh
Cherries
According
to the research report, APEJ market for fresh cherries is leading the
global market, thanks to the emergence of China as a prominent
consumer of fresh cherries across the world. Researchers at TMR
anticipate this regional market to remain on the top in the near
future, rising at a CAGR of 5.90% and reporting immense increase over
the period of the forecast. With the augmenting demand for cherries
in China and several other Asian countries, fueled by the rising
trend of urbanization and the surging influence of western culture on
food habits, the APEJ fresh cherry market is projected to register
high growth in the near future.
The
demand for sweet cherries is much higher demand than the sour ones,
owing to which, the sweet cherries segment is estimated to hold more
than 60% of the overall market by 2017. Analysts anticipated this
segment to continue witnessing strong demand over the next few years.
The traditional grocery stores and convenience stores have emerged
the most prominent sales channels for fresh cherries across the world
and this trend is projected to remain so over the next few years.
However, online channels and direct sales are also expected to
experience a rise in cherry sales from these sales channel over the
forthcoming years, reports the research study.
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