USD 59.61 billion
Cherry Market Size, Share, Growth Analysis, By Type(Sweet and Sour), By Colour(Red and Black), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30H2143 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
59
|Figures:
77
Cherry Market Insights
Global Cherry Market size was valued at USD 59.61 billion in 2022 and is poised to grow from USD 64.08 billion in 2023 to USD 114.29 billion by 2031, growing at a CAGR of 7.50% during the forecast period (2024-2031).
The significant shift in consumer preference for fresh sweet cherries from soft and sour kinds that are sensitive to weather changes and storage conditions might be ascribed to an increase in demand for larger, sweeter, and imported cherries like "cherry grand" and "cheery treat." According to the Food and Agriculture Organisation (FAO), Turkey, the United States, Chile, Uzbekistan, and Iran are the top five countries in the world for producing fresh cherries, each contributing 689,834 metric tonnes. In the following years, these countries will contribute 343,190, 325,048.6, 21,600, and 156,134.13 metric tonnes respectively, that are vulnerable to changes in the weather and storage conditions.
Overall demand for fresh cherries has increased as a result of rising health consciousness and an increase in the use of fresh drinks like smoothies. The average price of a tonne of cherries in Marseille and Paris, France, grew to USD 3607.94, which is completely attributable to the increase in the cultivation of premium-quality sweet cherries and novel types, supporting this further. The Chilean cherry planting area has traditionally increased year over year, according to the United States Department of Agriculture (USDA) study.
According to the research, the planted area will set a new record in 2021–2022, covering 44,000 hectares. The predicted production of FAS Santiago in 2021–2022 increased by only 3% despite the significant area growth, with a forecasted production of 395,000 metric tonnes. The forecasted gains in the region will be countered by lower yields. The possibility of frost damage and ongoing drought have compelled farmers to alter their tactics for preserving fruit size and quality. In order to maintain consistency in the size and quality of the fruit harvested, producers are currently increasing the amount of trimming done to trees as well as thinning blooms and fruit. Despite the weather, the fruit is larger and of higher quality, but the yields per hectare of the planted area are lower.
US Cherry Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Sweet
Fastest Growth
Sweet
Growth Rate
7.50% CAGR
Global Cherry Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Cherry Market Segmental Analysis
Global Cherry Market is segmented on the basis of product, end user and region. By product, the market is segmented into synthetic, steel, cotton, others. By end user, market is segmented into residential, commercial, industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
In 2022, the Sweet Cherries segment had the most market share 97%. The sweet cherry segment is the dominant segment of the global cherry market. This is attributed to the high demand for sweet cherries in the food and beverage industry, as they are used in a variety of products, such as juices, jams, jellies, and pies. These cultivars are known for their excellent taste, large size, and attractive appearance. The popularity of premium sweet cherries with unique flavor profiles is driving the growth of this segment.
The sour cherry segment is expected to grow at a faster rate during the forecast period. This is attributed to the increasing demand for sour cherries in the confectionery industry, as they are used in the preparation of a variety of products, such as candies, chocolates, and ice cream.
Analysis by Color
The red segment is the dominant segment of the global cherry market, accounting for a major share of the market. This is attributed to the high demand for red cherries in the food and beverage industry. Red cherries are used in a variety of products. The growing knowledge of cherry' health advantages is one of the main causes of the spike in demand.
The black cherry segment is expected to grow at a faster rate during the forecast period. This is attributed to the increasing demand for black cherries in the confectionery industry. Black cherries are used in the preparation of a variety of products, such as candies, chocolates, and ice cream.
Global Cherry market By Type
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Cherry Market Regional Insights
The Asia Pacific region will rule the global fresh cherry market. The Asia Pacific region led the market share in 2022. as a result of the massive expansion of industrialization and the increasing demand for fresh cherries in baked goods in developing nations like China and India. Due to the development of agricultural technologies and the region's rising need for healthy beverage items, China produces the most fruit products of any country. The Asia Pacific market is anticipated to increase as a result of factors such as rapid growth and changing customer preferences for food and beverages.
In 2022, North America had a larger market share. due to the high demand for fresh cherries in the region from nations like the United States and Canada. Because people in the area are becoming more and more aware of the health advantages of various fresh fruits and vegetables.
Global Cherry Market By Region
- Largest
- Fastest
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Cherry Market Dynamics
Drivers
Global Trade and Export Opportunities
- The cherry market has benefited from the growth of international trade and export opportunities. Cherry-producing regions, such as North America, Europe, and Chile, have capitalized on exporting their cherries to countries with limited or off-season cherry production. Export opportunities have allowed cherry growers to expand their customer base and cater to the demand in different parts of the world, thereby driving market growth.
Product Innovation and Marketing
- Product innovation and effective marketing strategies have played a crucial role in driving the demand for cherries. Efforts to introduce new cherry varieties, develop cherry-based products, and promote cherries through advertising campaigns, social media, and culinary events have created awareness and heightened consumer interest. Innovative packaging solutions, such as convenient grab-and-go formats, have also contributed to the market growth by making cherries more appealing and convenient for consumers.
Restraints
Climate Sensitivity and Production Risks
- Cherry cultivation is highly dependent on suitable climate conditions, including specific temperature ranges and weather patterns. Adverse weather conditions such as frost, hail, excessive rain, or heat waves can impact cherry crops, leading to yield losses or reduced fruit quality. Climate change and unpredictable weather patterns pose risks to cherry production, making it vulnerable to crop failures and affecting market stability.
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Cherry Market Competitive Landscape
Details about each competitor are provided in the competitive landscape for cherries. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, product launch, product breadth and depth, and application domination
Top Player’s Company Profiles
- Stemilt Growers (United States)
- Northwest Cherry Growers (United States)
- Domex Superfresh Growers (United States)
- CMI Orchards (United States)
- Washington Fruit & Produce Co. (United States)
- Zirkle Fruit Company (United States)
- Rainier Fruit Company (United States)
- Chelan Fresh (United States)
- Gebbers Farms (United States)
- Monarch Fruit Company (United States)
- Columbia Fruit Packers (United States)
- Dole Food Company (United States)
- Del Monte Foods (United States)
- The Wonderful Company (United States)
- Naturipe Farms (United States)
- Driscoll's (United States)
- Unifrutti Group (Chile)
- San Miguel Corporation (Philippines)
- Sutherland S.A.C. (Peru)
- CherryHill Orchards (Australia)
- Borton Fruit (United States)
- Valley Fresh Produce (United States)
Recent Developments
- In March 2023, The United States Department of Agriculture (USDA) announced that the country's cherry crop is expected to be down 15% from last year, due to cold weather and frost.
- In February 2023, The Chilean cherry industry announced that it is expecting a record-breaking crop this year, thanks to favorable weather conditions.
- In January 2023, The Turkish cherry industry announced that it is expecting a bumper crop this year, thanks to increased investment in the sector.
- In December 2022, The Canadian cherry industry announced that it is expecting a smaller crop this year, due to a late frost.
- In November 2022, The Oregon cherry industry announced that it is expecting a larger crop this year, thanks to favorable weather conditions.
Cherry Key Market Trends
- Growing Preference for Local and Heirloom Varieties : There is a rising interest in local and heirloom cherry varieties, driven by factors such as nostalgia, unique Flavors, and support for local agriculture. Consumers appreciate the distinct characteristics and regional significance of these cherries, which often have a limited production and are associated with specific growing regions. Local and heirloom cherries offer consumers a sense of connection to their heritage and promote sustainability through local sourcing.
Cherry Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global cherry market has experienced significant growth in recent years and is expected to continue expanding in the coming years. Cherries are highly sought-after fruits known for their distinctive flavour, vibrant colours, and potential health benefits. The global cherry market has been steadily growing, driven by increasing consumer demand, expanding cultivation areas, and growing international trade. The market size is influenced by factors such as production volumes, consumption patterns, and export-import dynamics. While precise market size figures vary, the global cherry market is valued in the billions of dollars. The global cherry market is expected to witness continued growth in the forecast period. Factors such as increasing consumer awareness of cherries' health benefits, expanding cultivation areas, advancements in production technologies, and the rising popularity of premium varieties are anticipated to drive the market forward. The market will also be influenced by evolving consumer preferences, trade dynamics, and regulatory factors.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 59.61 billion |
| Market size value in 2031 | USD 114.29 billion |
| Growth Rate | 7.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cherry Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cherry Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cherry Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cherry Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cherry Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cherry Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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