Asparagus Market Analysis
Asparagus Market, By Color (White, Green), By Type (Canned, Fresh, Frozen), By Region (North America, Europe, Asia Pacific, Latin America, MEA) - Size, Share, Outlook, and Opportunity Analysis, 2018 - 2026
Asparagus is a green leafy vegetable with long and pointy spears and are basically grilled, roasted and steamed. It is a springtime vegetables and is predominantly grown in Michigan, California, and Washington State. It is more expensive than other vegetables as it is a seasonal crop. The biggest producers of asparagus are Peru, China, Germany, and the U.S and they flourish in the temperate climatic condition where the ground it freezes. Moreover, asparagus is harvested once they touch 6-8 inches in length. Its consumption support in lowering the blood pressure and also assist in proper digestion.
The global asparagus market was valued at US$ 28,000 Mn in terms of revenue and was pegged at 8,400 KT in terms of volume in 2018
Growing awareness regarding the health benefits of asparagus among the consumer as it is rich in fiber, folate and vitamin K is expected to propel the market growth of asparagus. Moreover, it enhances the immunity and function of the brain and also promotes healthy digestion, thereby fueling their demand, which in turn boosting the market growth. Furthermore, it is highly rich in antioxidants that promote healthy and glowing skin. This factor is also projected to foster the market growth of the asparagus.
Growing consumption of asparagus as pickle since its shelf-life can be extended by adding preservative or by keeping asparagus in brine is expected to foster market growth. Asparagus products are preserved by using preservative and can be consumed throughout year. Brine and pickled asparagus are available in cans, bottles, or glass jars in the market. Hence, this factor is expected to propel the demand for asparagus, which in turn fueling the market growth.
Among region, Europe dominated the global asparagus market in 2018, accounting for 35% share in terms of volume, followed by Asia Pacific and North America, respectively
Figure 1. Global Asparagus Market Share (%), By Region, 2018
Asparagus has been sold by using direct marketing strategy and some farmer set up stalls at villages to encourage the sale of organic products, direct marketing is less profitable as they sell the product at cheaper rates, this factor is expected to hamper the market growth of Asparagus. Moreover, the distribution of product through direct marketing is relatively weaker in the emerging region as compared to a developed region, hence, direct marketing is expected to hamper the market growth of asparagus over the forecast period.
Increasing launch of organically farmed asparagus products is projected to offer immense growth opportunities to the market of asparagus. For instance, in September 2017, Desert Farms has announced that it will launch an organic green asparagus product for the upcoming season. The Californian/Mexican based asparagus grower will grow the new product line alongside their existing operations in the Sonora region in Mexico and the harvest is expected to last between January and April 2018.
Figure 2. Global Asparagus Market – Opportunity Analysis
Increasing partnerships between major producers in the market are projected to propel the market growth over the forecast period. For instance, in April 2019, Applewood Fresh Growers LLC partnered with New Era’s American Asparagus offer fresh Michigan asparagus in addition to its apples. Michigan is now the largest asparagus growing region in the United States. Therefore, the rising number of a partnership among key producers is projected to offer immense growth opportunities to the market over the forecast period.
Among type, fresh segment accounted for largest market volume share of 73% in 2018, in the global asparagus market.
Figure 3- Global Asparagus Market Share (%), By Type, 2018
Increasing year-round production of asparagus is projected to boost market growth. Traditionally, asparagus was a seasonal crop, but now it is a grown year-round and is available in the market any time of the year. In addition, increasing visibility and availability, at a cheaper cost is expected to fuel the demand and also the growth of the global asparagus market over the forecast period.
Figure 4 – Global Asparagus Market - Value Chain Analysis
Players active in the market are Altar Produce LLC, Sociedad Agrícola Virú, DanPer Trujillo S.A.C., Limgroup B.V., TEBOZA BV, ILIOS - The Greek Asparagus Company, BEJO SEEDS LTD., Spargelhof Elsholz Gbr, Cutter Asparagus Seed, JERSEY ASPARAGUS FARMS, INC., Consorzio Associazione Produttori Ortofrutticoli Foggia, Mazzoni Vivai, and California Asparagus Seed and Transplants, Inc.
Few Recent DevelopmentsStrategy:
Altar Produce LLC
Sociedad Agricola Viru S.A.
DanPer Trujillo S.A.C.
Asparagus is a green leafy vegetable which can be consumed in raw or cooked form, and can be used in dishes such as stews, soups, salads etc. The nutrients present in asparagus supports bone and heart health, and the folate & iron content that is beneficial during pregnancy.
Key players in the market are adopting various business strategies such as new product development, in order to expand their product portfolio and strengthen their market presence at global level. For instance, in October 2019, Global Plant Genetics launched Guelph Equinox asparagus variety in European region. The new variety has been developed at University of Guelph, Ontario (Canada) and seed production will be handled by Fox Seeds. Global Plant Genetics will have the exclusive seed distribution rights of the new variety in Europe and Russia.
Rising demand for organic asparagus due to growing consumer preferences for organic food is expected to augment the market growth in the next few years. For instance, in June 2019, Organto Foods Inc., an integrated provider of value-added organic vegetables and fruits announced that it has started expanding the distribution of organic asparagus to European markets, leveraging its year-round supply chain that has been developed and refined over the past number of months. Such initiatives are expected to fuel the market growth of asparagus products to prevent microbial contamination of medicines and food & beverages.
Increasing application of asparagus in the soup is expected to propel the market growth. Asparagus is widely used by a major manufacturer in the preparation of soups as it has a lot of nutritive factors and great taste. Asparagus is expected to become the primary choice for the soup manufacturing industry in the next few years. For instance, Nestlé, in October 2016, launched Maggi asparagus soup in the market in Germany, owing to the relatively robust popularity of asparagus products among consumers in the country. Hence, this factor is expected to foster the demand for asparagus.
Discomfort associated with the consumption of asparagus such as gas and a smell to the urine is a major factor expected to hinder the market growth of asparagus. Moreover, it is also possible to have an asparagus allergy to some people. Symptoms of asparagus allergy is hives, runny nose, breathing difficulty and puffiness or swelling around the mouth and lips. Therefore, such side-effects associated with the consumption of asparagus are expected to hamper the market growth.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.