Dried Apricots Market Size, Share & Trends Analysis Report By Product (Organic, Conventional), By Form (Powdered, Whole Dried, Diced), By Distribution Channel, By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global dried apricots market size was valued at USD 703.9 million in 2018 and is projected to register a CAGR of 4.9% during the forecast period. The rising importance of apricots as nut snacks on account of their nutritional composition with elements such as fiber, vitamins, minerals, and essential phytochemicals is expected to drive the growth of the market. Rising health consciousness and availability of convenient snacking options containing dried apricot is anticipated to further drive the market.

Dried apricots contain pectin and dietary fibers, which is capable of reducing cholesterol level. This factor is anticipated to bode well for market growth. Furthermore, increasing health concerns over diabetes, Gastroesophageal Reflux Disease (GERD), and colon and prostate cancer among adults are projected to drive the product demand in near future.

Dried apricots are a rich source of iron which makes them useful for the treatment of anemia. Daily intake of these fruits results in increased hemoglobin production. As per the report of the World Health Statistics, around 24.8% of the global population suffers from anemia. Furthermore, more than 47% of preschool children suffer from low hemoglobin levels.

Being a rich source of vitamin C, dry apricots find applications in cosmetics and skincare products. A large number of people in Western European countries use dried apricots for homemade skin treatments such as scrubs and face washes. These products are used as face masks for removing dead skin cells. The introduction of advanced skincare products with dried apricot as the major ingredient is anticipated to bode well for market growth. For instance, the U.S.-based MakingCosmetics Inc. offers apricot fruit extract which can be used for facial masks, creams, and lotions.

Product Insights

Conventional products were the largest segment, accounting for a market share of more than 90% in terms of volume in 2018. Easy availability in supermarkets and convenience stores along with low prices of these products are expected to drive the segment growth over the forecast period.

The organic segment is expected to expand at the fastest CAGR of 6.2% from 2019 to 2025. Rising concerns about the harmful chemicals such as sulfite are attributed to driving the organic dried apricots market. The rising popularity of premium products such as Organic Turkish apricots due to their high potassium content which helps maintain heart health and prevent high blood pressure levels is expected to remain a key trend in near future.

Form Insights

The powdered form category accounted for the largest market share of more than 60% in terms of revenue in 2018. A high ease of incorporation of powder formulations in manufacturing a wide range of food and beverage and personal care products is expected to propel the segment growth.

The diced category is expected to witness the fastest CAGR of 6.3% in terms of revenue from 2019 to 2025. Rising adoption of these products in oatmeal, salads, snack bars, muffins, cookies, scones, and other such food products due to their naturally sweet taste is projected to fuel the growth.

Distribution Channel Insights

The online distribution channel segment is expected to expand at the fastest CAGR of 6.0% in terms of revenue from 2019 to 2025. Amazon, Flipkart, and AliExpress are some of the major e-commerce portals offering a wide range of these products. Rising demand for healthy snacks, especially among the young population coupled with rising usage of smartphones and tablets for is projected to drive the growth of the segment.

Offline distribution channel accounted for the largest market share of more than 80% in terms of revenue in 2018. Growth in offline sales is driven by consumer preference for accessing products physically and price negotiations. Moreover, screening through different products through stores with access for bargaining from retail sectors is expected to propel the offline distribution channel segment over the forecast period.

Regional Insights

The Middle East and Africa were one of the key markets, accounting for exceeding 30% of the global volume in 2018. Turkey held the largest regional share with the consumption of 16.5-kilo tons in the same year. Besides consumption, the country is also the production hub of apricots as it export around 80% of the total global production. U.S. and Russia have imported around 14% and 6% of dried apricots from Turkey in 2018. Furthermore, increasing the purchasing power of the urban population in countries including Saudi Arabia, UAE, and Iran is expected to promote buyer access over the next few years.

Asia Pacific is projected to foresee the fastest CAGR of 7.5% in terms of revenue from 2019 to 2025. Changing consumer behavior and growing disposable income especially in developing countries such as China and India is expected to boost the regional market growth. China is one of the largest regional consumers. The country also exports more than 80% of the domestically produced dried apricots to Central Asian countries.

Dried Apricots Market Share Insights

The market is competitive with the presence of major companies such as King Apricot, Chi Tree, BATA FOOD, KENKKO CORPORATION, NationalRaisin Company, Dag Food, Quirkeycots, Anatolia A.Åž., ZIBA FOODS, and Kayisicioglu Apricot. Companies from different industries are acquiring small vendors. For instance, in September 2017, Texas-based software company Personify, acquired Canada based Wild Apricot Inc. Food and beverage manufacturers are also launching new products to gain greater market share. For instance, in May 2016, Del Monte Foods, Inc. introduced packaged Dried Apricots snacks.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Grand View Research has segmented the global dried apricots market report based on the product, form, distribution channel, and region:

• Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)

  • Organic

  • Conventional

• Form Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)

  • Powdered

  • Whole dried

  • Diced

• Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)

  • Online

  • Offline

• Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2015 - 2025)

  • North America

    • The U.S.

  • Europe

    • U.K.

    • France

  • Asia Pacific

    • India

    • China

  • Central & South America

  • Middle East & Africa

    • Turkey

    • Iran