Cherry Market Size, Share, Growth Analysis, By Type(Sweet and Sour), By Colour(Red and Black), By Region - Industry Forecast 2024-2031

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.